Markets

TSX Suffers Bigger Losses at Midday, Sheds 159 Points, As Miners Lead Broad Decline Plunging 6%

The TSX entered midday crumbling 159 points, or 1.1%, hit hard by economic news abroad that negatively impacted copper and oil prices . The benchmark index was at 14,434.53, near a session low of 14,389.10.

The selloff in copper and oil continued as investors worry about China's economic health, given the continuous slide in Chinese stocks. And further adding pressure to oil prices, Iran is seeking to sign a nuclear deal with global powers, which will bring its production capacity back to normal, further increasing global oil supply.

Meanwhile, investors are concerned whether Greek Prime Minister Alexis Tsipras' proposals at the emergency euro zone summit in Brussels would be enough to convince the already speculative creditors and ultimately prevent his country from getting kicked out of the euro zone.

All major sectors except utilities were in the red. Miners tumbled 6.32% and were followed by financials, which retreated 1.26%. The energy group dropped 0.72%. Utilities were up by a measly 0.15%.

Total volume traded so far stood at 163.6 million shares. Fission Uranium (FCU.TO) was the most heavily 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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