TSX in the Red Again Amid Choppy Trade, Down 35 Points Mid-Afternoon; Resources Offset Gains in Healthcare, Financials
The TSX was back again in the negative territory in the mid-afternoon session, seen shedding 35 points, as energy and mining stocks take a hit from falling commodity prices.
Gold, copper, and oil were still down, hurt by a firming U.S. dollar that got a lift from the anticipation of a rate increase in December by the Federal Reserve. The currency even touched its highest level in seven months. At last check, Brent crude was falling 2.02% to US$43.66/barrel, while gold slipped 1.30% to US$1,069.50/ounce. Copper dropped 0.68% to US$2.111/lb.
Valeant Pharmaceuticals (VRX.TO), which was under fire over pricing issues, was last down nearly 3%, having received lower target price and earnings estimates from Morgan Stanley.
The mining group turned to a hefty loss of 1.31% to lead the decliners. It was followed by energy, which retreated 0.91%. On the positive side, financials were up 0.63%, while healthcare edged up 0.12%.
Total volume traded already exceeded 194 million shares. Bombardier (BBD-B.TO) was the most actively traded stock.
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