Banks help TSX gain after French vote
The French presidential election first round has given equities a boost Monday as the centrist candidate leads the vote into the second round.
The result was welcomed by global financial institutions, including Canada’s big banks, and the financial sector was one of those gaining on the main TSX index. Healthcare led seven sectors higher.
Materials was the chief laggard of the session as investors regained their risk appetite and pulled back from gold. Oil was also down as output fears continue.
Wall Street closed higher with the three main indexes all up more than 1 per cent and the Nasdaq hitting a new record. European indexes were sharply higher while most Asian markets were also positive.
The S&P/TSX Composite Index closed up 97.98 (0.63 per cent)
The Dow Jones closed 216.1 (1.05 per cent)
Oil is trending lower (Brent $51.54, WTI $49.209 at 4.35pm)
Gold is trending lower (1277.40 at 4.25pm)
The loonie is valued at U$0.7399
Home Capital announces leadership changes
There will be several changes to the board and management of Home Capital, the lender has announced.
The founder of the firm Gerald Soloway will retire when a suitable replacement can be found; and Robert Blowes will become interim CFO following the Q1 filing. He was previously CFO from 2012 until retiring in 2014 but was elected to the board in May 2015.
Meanwhile, the Bank of Nova Scotia is to resume sales of Home Trust deposit products today, subject to a $100,000 per-client cap.
“These are important steps in rebuilding confidence and putting the focus back on our profitable underlying business and its solid performance,” said Kevin Smith, chair of the board of Home Capital.
Basic income trial for Ontario
Four thousand Ontarians will be handed cash from the government in a pilot basic income program.
A single person is likely to receive almost $17,000 while a couple would receive $24,000 which should cover their basic needs including food and housing.
The recipients will be randomly chosen from those that are unemployed, working poor and homeless, and will all be from Hamilton.
Canadian firms among top targets for global M&A
Canada is a top five destination for acquisitions according to new analysis from Ernst & Young (EY).
The firm says that most of the 2,300 executives across 43 countries that responded to its survey said that they expect the M&A market to improve or remain stable over the next year; 56 per cent are intending to actively pursue deals.
Canada is fifth among the top targets, following the US, China, UK and Germany.