TSX Turns Negative, Sheds 2 Points at Midday; Energy Weakest Sector As Oil Weighs, Miners Leading Gainers
The Canadian main stock index has shed more than 2 points at midday, reversing its earlier upward trend, to reach 14654.01.
The weakness in oil prices continued to pound the commodity-sensitive TSX, sending energy issues falling. CMC Markets Canada Senior Analyst Colin Cieszynski reportedly said: "Commodities are going to be choppy in the short term, but in the longer term the prospects for commodities and the TSX are pretty good."
The energy sector was the main loser at midday, down near 1%, with crude oil and natural gas prices falling 0.7% and 2.9%, respectively. Healthcare was also in the red, down 0.4%, with Valeant Pharmaceuticals (VRX.TO) slipping 0.7%.
In the positive territory, miners were in the lead, up 1.3%, with copper prices rising a little more than 1%. Industrials and telecom came in second, both up 0.6%. The heavyweight financial sector gained 0.3%.
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