Markets

TSX Sheds 293 Points Mid-Afternoon As Miners, Health Care Further Decline

The TSX was deeper in the negative territory by mid-afternoon, with mining and health care stocks driving the widespread decline. The benchmark index plunged 293 points or a little over 2%, closer to a 52-week low of 12,705.17.

Disappointing data out of China pressured oil, copper, and gold prices on Monday, as reports said profit from industrial companies in the country fell in August, further adding to concerns over its economic health. Brent crude was down 2.4% to US$47.43/barrel, while copper fell 1.45% to US$2.2505/pound.

Also a negative influence was Valeant Pharmaceuticals (VRX.TO), which tumbled by 15% after reports said that the Democrats in the U.S. House asked to subpoena the company for documents relating to drug price increases.

By mid-afternoon, mining and health care were down 8.35% and 8.71%, respectively. Financials retreated 1.05%, and energy lost 1.97%. Telecoms bucked the trend, gaining a modest 0.30%.

Total volume traded so far reached 189.7 million shares. First Quantum Minerals (FM.TO) was the most actively traded stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More