Markets

TSX Slips for Fourth Straight Day, Down 33 Points at Midday; Miners Weakest, Telecom Sole Gainer

The benchmark Canadian index was down by 33 points at midday on Friday, weighed down by the weakness in commodity prices. The commodity-sensitive index, which is in its four-day losing streak, reached 14555.56.

The bullion dropped 1% to US$1,242.70 an ounce, sending mining stocks falling by 1.4%. Crude oil prices , down 0.8% to US$102.75 a barrel, also drove losses in energy stocks, which were lower by 0.04%. CMC Markets Analyst Colin Cieszynski reportedly said: "I expect it (the TSX) to be fairly choppy through the summer, along with other markets."

Investors were also worried that Canada's economic growth slowed more than expected in Q1, with the GDP growing only 1.2% compared to the 1.8% analyst expectation.

Meanwhile, healthcare was the second weakest sector, down 0.6%, with Valeant Pharmaceuticals (VRX.TO) edging off by 1%. The heavyweight financials lost 0.3%.

Only the telecom sector was in the green, up 0.4%.

More than 105 million shares have changed hands so far. There were 545 advancers and 807 decliners.

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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