TSX steady on quiet trading day
Financials gained, energy stocks lost but the Toronto Stock Exchange had a largely uneventful day Monday. Many of the world’s major stock markets were closed for holidays including New York, London, Hong Kong and Frankfurt. Asian markets closed mostly higher with Tokyo and Shanghai hitting new multi-year highs; the latter boosted by China’s pledge for 1,000 infrastructure projects which will be open for tender by the private sector. The European markets that were open closed lower with concern over a potential Greek exit from the Eurozone rising again.
The S&P/TSX Composite Index closed down 13.36 (0.09 per cent)
The NYSE was closed for Memorial Day.
Oil is trending higher (Brent $65.90, WTI $59.82 at 4.15pm)
Gold is trending higher
The loonie is valued at $0.8120 (at 4.15pm)
Northwest Territories could have 200 billion barrels of shale
There could be 200 billion barrels of shale oil under the Northwest Territories according to official estimates. Although the figures may overstate the proportion of the reserves that could actually be accessible according to the National Energy Board and the Northwest Territories Geological Survey, it is an indication that many billions of barrels will be recoverable in the region.
Slower pace for housing starts into 2016
The Canada Mortgage and Housing Corporation released its outlook for the housing market Monday. The report forecasts that there will be a slower pace for housing starts for the rest of this year and through 2016. Although the lower end of the agency’s outlook is higher now than it was in the first quarter, the top estimations are lower; between 166,540 and 188,580 this year and between 162,840 and 190,930 next year. Previously the top figures were 201,000 for 2015 and 203,000 for 2016.
Driverless trucks proposed from Manitoba to Mexico
The long haul of freight from Canada through the US to Mexico and back could be undertaken by unmanned trucks. A group called the Central North American Trade Corridor Association says it is working hard to make the idea a reality. The plan would utilise Route 83 from Texas right through to Manitoba and would be more efficient by using driverless technology similar to that being used in Google’s cars.
Hydro One criticized by regulators for poor customer service
Massive errors in billing affecting 100,000 customers and more than 10,000 complaints have prompted the Ontario ombudsman to call Hydro One’s customer service a “disaster”. The company was accused of deliberately misleading customers over billing mistakes and the ombudsman also warned that it would lose control of the oversight of Hydro One if the planned privatisation of 60 per cent is completed.