Daily Wrap-up: Brexit, oil in focus as TSX closes flat

Daily Wrap-up: Brexit, oil in focus as TSX closes flat

Daily Wrap-up: Brexit, oil in focus as TSX closes flat Brexit, oil in focus as TSX closes flat
By the time Thursday’s session of the TSX gets underway, Britain will have been voting for almost 8 hours on whether it will remain or leave in the EU but the markets are leaning towards remain.

That, along with hope that official US data on the oil stockpile draw would be in line with that from the American Petroleum Institute, meant a stronger start for markets Wednesday. However, the oil draw was smaller than API had estimated and prices have slipped.

The main index of the TSX gained as financials strengthened but the weaker oil prices later tempered the rise.

Wall Street closed lower while most Asian and European indexes ended their sessions higher.
The S&P/TSX Composite Index closed down 8.51 (0.06 per cent)
The Dow Jones closed down 48.90 (0.27 per cent)
Oil is trending lower (Brent $49.83, WTI $49.07 at 4.25pm)
Gold is trending lower (1269.40 at 4.25pm)
The loonie is valued at U$0.7793
Canadian retailers bounced back in April
There was a 0.9 per cent rise in retail sales in April, reversing a 0.8 per cent drop in March. Statistics Canada reported that sales were higher in 7 of 11 subsectors, totalling $44.3 billion.

However, the data is skewed by higher gasoline prices and with that element removed sales were up 0.4 per cent. In volume terms, there was little change.

Gasoline prices at the pumps increased 6 per cent while furniture and home furnishings stores advanced 6.1 per cent following a 4 per cent drop in March.
Blackberry is determined to make money from handsets
Blackberry CEO John Chen told investors Wednesday that the “number one objective” in the next 12 months was making the firm’s handsets profitable.

While he did not give firm details, there was a suggestion that there will be some further Android devices but at lower price points than the Priv, which has not had a large impact.

Blackberry will be reporting its latest earnings results Thursday.