TSX Recovers, Up 26 Points at Midday As Miners Narrow Loss, Info Tech Drives Gains
The Canadian main stock index reversed its earlier downward trend and rose 26 points at midday to 14760.77, driven by gains in info tech stocks. Miners also narrowed their earlier loss, with higher gold prices .
The rally for the TSX was limited by disappointing jobs data from the U.S,. showing fewer-than-expected workers were hired in May. Northland Wealth Management Portfolio Manager David Cockfield reportedly said: "The market is looking a little tired. We've gone too long without a correction."
Most of the major sectors were higher, with info tech, up 1.2%, leading the way. Industrials were a distant second, up 0.5%, with WestJet (WJA.TO) climbing 2% after reporting increased passenger traffic for May 2014. Energy gained 0.2%, as crude oil rise 0.1% to US$102.76 a barrel. The heavyweight financials were 0.4% higher.
Healthcare was the weakest sector, down 0.6%. Mining followed, down 0.5%.
More than 140 million shares have changed hands so far. There were 707 advancers and 694 decliners.
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