TSX Tumbles 136 Points at Midday with Resources, Telecom
The TSX retreated by 136 points at midday, as the continued drop in commodity prices further added damage to sentiments.
While investors very much welcomed the Fed's decision of finally raising key rates, the move supported the dollar and, thus, taking a toll on commodity prices. At last check, gold was down by as much as 2.2% at US$1,052.70/ounce, while global benchmark Brent crude slipped 0.4% to US$37.26/barrel.
Also hurting sentiments was Shaw Communications' (SJR-B.TO) proposed acquisition of Wind Mobile, which the market believes would intensify wireless competition. The stock was last down 8.2%.
Telecoms led the decline, shedding 3.77%, and were closely followed by miners, which plummeted 3.11%. Energy fell 1.31%. Info tech and industrials remained resilient and gained 0.78% and 0.38%, respectively.
Total volume traded so far reached 168.9 million shares. Telus (T.TO) was the most actively traded stock.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.