TSX Slips 8 Points Mid-Afternoon As Energy, Financials Continue to Offset Miners
The TSX was still flat by mid-afternoon, down by just 8 points, as the slide in energy and financial stocks continued to cancel out gains in miners.
Brent prices were lower in the afternoon, with traders still in a profit-taking mode following a multi-day winning streak. Sentiments were boosted by reports that said the PIRA Energy Group expects prices to reach $70/barrel by the end of next year. This comes after the U.S. Energy Information Administration's bullish forecast on global oil demand for 2016.
Investors also absorbed economic data at home showing 12,000 additional jobs, a slower growth than what RBC Capital had expected, and a higher unemployment rate. The report follows a dovish statement from the U.S. Federal Reserve that helped gold prices to rise more than 1% to US$1,156/ounce recently.
By mid-afternoon, the mining group was up 4.15%, and health care advanced 2.27%. Big drags energy and financials shed 0.97% and 0.70%, respectively.
Total volume traded already exceeded 281 million shares. Penn West Petroleum (PWT.TO) was the most actively traded stock.
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