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TSX Sheds 76 Points at Midday As Resources, Info Tech Tumble; Financials, Telecom Bucking The Trend

The TSX was down by 76 points at midday as energy and mining stocks continued to drop with commodity prices, offsetting modest gains in financial and telecom shares.

Oil prices tumbled again on Thursday as traders focus their attention on the supply glut even after reports of strong U.S. gasoline demand. The U.S. EIA also released its short term energy predictions, saying Canadian production is expected to increase despite lower prices. At last glance, Brent was down 2% at US$33.74/barrel, while the WTI fell 2.6% to US$31.33/barrel.

Also in the news, TD Bank (TD.TO) and CIBC (CM.TO) reported their Q1 earnings, lifting both their stocks. TD Bank revealed a slight miss in Q1 income, while CIBC posted a better-than-expected profit and an increase in dividend.

The mining and energy groups slid 3% and 2.1%, respectively, while info tech shed 1%. On the positive side, financials gained 0.2%, while telecom edged up 0.1%.

Total volume traded so far stood at 198.1 million shares. Enbridge (ENB.TO) was the most actively traded stock.

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

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