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.
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