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.
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