Markets

TSX Plummets 144 Points at Midday; Miners, Energy Biggest Drag

The TSX lost a whopping 144 points at midday, putting it just above a session low of 14,496.81, as the strength in the U.S. dollar continued to pound commodity prices and, ultimately, resource stocks.

Reports said the greenback has been getting a lift from expectations of a rate hike this year by the U.S. Federal Reserve. As a result, gold was down more than 2% at US$1,108.70 an ounce, while Brent crude oil tanked to US$56.81 a barrel. Also hurting gold prices was the selloff in China, the biggest consumer of the metal.

Investors also looked into the data on Canada's wholesale trade for May, which showed a decline of 1%, further adding to concerns the country may slip into a recession.

The mining and energy groups were down 2.05% and 1.93%, respectively. Financials tumbled 0.55%. On the positive side, healthcare gained a modest 0.08%, while info tech edged up 0.02%.

Total volume traded so far reached 130.6 million shares. Barrick Gold (ABX.TO) was the most actively traded stock.

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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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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