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TSX Pares Early Losses to 29 Points Mid-Afternoon As Financials, Telecoms Further Gain

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The TSX was still in the red by mid-afternoon but losses were reduced to 29 points after financial and telecoms stocks further advanced. Resource stocks were still the main drag.

Both TD Bank (TD.TO) and CIBC (CM.TO) were in the positive territory as investors cheer their dividend increases. However, quarterly results were mixed, with TD Bank slightly missing estimates and CIBC posting a better-than-expected profit.

Meanwhile, Brent and the WTI were going in opposite directions by mid-afternoon. Reports said data showed strong U.S. gasoline demand, while the U.S. EIA expects an increase in Canadian production despite lower prices. Brent was last down 0.03% at US$34.40/barrel, while the WTI edged up 0.1% to US$32.18/barrel.

The mining and energy groups were down 1.4% and 1%, respectively, while info tech slipped 0.7%. On the other hand, financials and telecom gained 0.4% and 0.3%, respectively.

Total volume traded already exceeded 281 million shares. Enbridge (ENB.TO) was the most actively traded stock.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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