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TSX Turns to Loss of 82 Points Mid-Afternoon As CP Railway Weighs on Industrials, Resources Cut Gains

The TSX swung to a loss of 82 points in the mid-afternoon session, hit by notable declines in the telecom and financial sectors. Buying momentum in energy and mining shares also slowed down.

Gold and crude oil prices were trending downward but were steadier compared to the previous session, when a sharp selloff was seen in China on top of a strengthening U.S. dollar. But with the greenback down for the first time in a week, prices for the yellow metal were down only by 0.44% at US$1,101.90 an ounce, while Brent crude edged off 0.14% to US$56.57 a barrel.

Another big drag, particularly on the industrial sector, was Canadian Pacific Railway (CP.TO), which tumbled 5.83% recently, having reported softer-than-expected quarterly results and reduced 2015 revenue guidance.

Miners were up 1.06%, while energy producers gained 0.53%. On the other side, industrials led the downward movers dropping 1.59% and was followed by telecoms, which retreated 1.25%. Financials lost 0.86%.

Total volume traded so far stood at 179.6 million shares. B2Gold (BTO.TO) was the most actively traded stock.

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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