TSX Plummets 162 Points at Midday As Miners Plunge Nearly 7%; Telecom Bucks the Trend
The TSX continued to decline and was down by as much as 162 points at midday, led lower by mining and energy shares.
Commodity prices opened the week with sharp losses as the greenback gained more footing ahead of the much-awaited U.S. Federal Reserve policy meeting. The two-day meeting starts December 15, and the bank is widely expected to raise key rates after almost a decade of near-zero rates. Oil prices were also driven lower by intensifying fears over market supply. At last check, Brent crude was slightly changed at US$38.11/barrel, while gold fell 0.76% to US$1,067.50/ounce.
The mining and energy groups plunged 6.79% and 2.37%, respectively, while financials shed 0.99%. Only telecoms remained resilient, gaining 0.53%.
Total volume traded so far reached 178.7 million shares. Encana (ECA.TO) was the most actively traded stock.
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