TSX Sheds 118 Points Mid-Afternoon; Miners, Energy Continue to Lead Decline
The TSX clung to its triple-digit losses and was down by 118 points in the mid-afternoon session, with energy and mining still leading the decline.
Commodity prices opened the week with sharp losses as the greenback gained more footing ahead of the much-awaited U.S. Federal Reserve policy meeting. The two-day meeting starts December 15, and the bank is widely expected to raise key rates after almost a decade of near-zero rates. Oil prices were also driven lower by intensifying fears over market supply. Brent crude was still below US$38/barrel levels, while gold plunged 1.1% to US$1,064/ounce.
The mining and energy sectors shed 6.5% and 1.9%, respectively, while financials edged off 0.53%. Telecoms continued to buck the trend and gained 0.78%.
Total volume traded already exceeded 262 million shares. Mart Resources (MMT.TO) was the most actively traded stock.
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