TSX Sheds 189 Points at Midday As Resources, Healthcare Lead Slump
The TSX tumbled 189 points at midday, dragged down mostly by resource and healthcare stocks, in reaction to the surprising victory of the "leave" vote in Britain's much talked-about referendum.
Despite Premier David Cameron's plea to Brits to choose staying in the European Union, "Brexit" still prevailed over "Bremain," with 51.9% of the votes casted in favor of leaving the currency bloc. Analysts, however, believe that the move might cause the region to slip back into recession and the neighboring nations might also withdraw from the EU. Cameron was prompted to resign following the results.
As a result, oil and copper prices slid, with Brent falling further below US$50/barrel and copper dropping 2%.
Materials and healthcare were the hardest hit, down 4.9% and 2.8%, respectively, while energy retreated 2.8%. Utilities bucked the trend and gained a modest 0.3%.
Total volume traded so far stood at 254.3 million shares. B2Gold (BTO.TO) was the most actively traded stock.
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