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TSX Slightly Improves, Down 87 Points Mid-Afternoon, As Miners, Info Tech Continue Climb; Telecom Still The Biggest Loser

The TSX was down by 87 points in mid-afternoon trading, slightly narrowing its midday loss, after mining and info tech shares continued their rally. Telecom issues were still the main driver of losses due to reports of a spectrum auction by the Canadian government that will be mostly set aside for newer players.

The telecom sector was down 1.19%, following media reports of a spectrum auction by the Canadian government, with more than half the airwaves reserved to smaller carriers, in a move to encourage competition among telecom companies and push a fourth major competitor that would go head-to-head with the three leaders Rogers Communications (RCI-B.TO), BCE (BCE.TO), and Telus (T.TO). Energy was down 1.11%, along with crude oil prices . Financials lost 0.37%.

Meanwhile, miners gained 1.39% despite a 0.17% drop in the price of the bullion. Info tech was up 0.83%.

More than 167 million shares have changed hands so far. BlackBerry (BB.TO) was the most actively traded.

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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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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