TSX Sharply Narrows Loss Mid-Afternoon As Energy, Financials Advance Further
The TSX sharply narrowed its early losses to less than a point in mid-afternoon trading, helped by climbing energy and financial stocks. The benchmark index managed to limit its losses, with positive U.S. jobless claims data reducing the impact of disappointing economic reports from China and the Euro zone.
The TSX was at 15,561.08 mid-afternoon, near a session high of 15,563.43.
Data showed a higher-than-expected drop in the number of Americans filing applications for unemployment claims. On the other hand, surveys suggested a slowdown in businesses in China and the Euro zone.
In equities, the heavyweight financials rose 0.72%, while energy advanced 0.41%, along with crude oil and natural gas prices .
Meanwhile, miners tumbled 1.45% after the Fed's decision of slashing another $10 billion off its bond-buying program took a toll on gold prices . Healthcare lost 0.73%, with shares in Valeant Pharmaceuticals (VRX.TO) slipping 0.13%.
So far, more than 197 million shares have changed hands. Western Forest Products (WEF.TO) was the most actively traded stock.
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