TSX Pushes Higher, Up 149 Points Mid-Afternoon; Info Tech, Utilities Lead Climb
The TSX climbed higher in the mid-afternoon session, advancing 149 points, helped by the continuous rally in info tech and utility stocks.
Investors cheered that Canada has recovered from recession in Q3 after GDP rose 2.3% as expected. GDP in September, however, fell 0.5% from the previous month, which is a miss compared to the 0% forecast. Year over year, GDP in September was flat, also a miss versus the 0.4% expected increase.
Oil prices were still steady but remained in a downward trend, ahead of the much-awaited OPEC meeting this Friday. Markets are not expecting to hear major changes in the cartel's output policy. At last check, Brent was down 0.54% at US$44.37/barrel, while the WTI crude fell 0.14% at US$41.59/barrel.
The utility and info tech groups surged 1.50% and 1.36%, respectively, while energy advanced 1.32%. Financials were ahead 1.10%. On the opposite side was healthcare still in the lead, shedding 2.81%. Miners retreated 0.27%.
Total volume traded so far exceeded 210 million shares. ProMetic Life Sciences (PLI.TO) was the most actively traded stock.
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