Markets

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.

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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