Financials, materials lift TSX to another gain
The main TSX index closed higher for the fourth consecutive session Tuesday as materials, healthcare and financials gained, erasing the small losses for the other 7 sectors.
Wall Street also closed higher along with Europe while Asian markets were mixed.
Analysts are expecting oil stockpiles data this week to show a large drop and with the agreed production cuts just two weeks away, oil prices gained with the international benchmark Brent rising almost 1 per cent and US crude showing a smaller gain.
Gold prices closed the session lower as the stronger US dollar impacted.
The S&P/TSX Composite Index closed up 23.11 (0.15 per cent)
The Dow Jones closed up 91.56 (0.46 per cent)
Oil is trending higher (Brent $55.45, WTI $52.22 at 4.40pm)
Gold is trending lower (1134.00 at 4.40pm)
The loonie is valued at U$0.7481
Wholesale sales rebound
Canada’s wholesale trade was up 1.1 per cent in October, rebounding from a 1.5 per cent decrease in September.
Statistics Canada reported the gains were led by building material and supplies, motor vehicles and parts, and food. In volume terms, there was a 0.9 per cent rise.
Five of the seven subsectors increased, representing 84 per cent of wholesale sales and four provinces saw increases.
Toronto bank note maker buying into Britain
CCL Industries Inc. is acquiring a British rival for $1.3 billion. The Toronto-based polymer banknote manufacturer will buy Innovia which has facilities in Australia and Mexico as well as its UK base. The combination will help CCL grow in a fast-moving sector.
Saskatchewan leads gains for employment insurance
EI beneficiaries increased in Saskatchewan by 6 per cent in October, outpacing the gains in Alberta (3 per cent), BC (2.1 per cent), Newfoundland and Labrador (1.9 per cent) and Nova Scotia (1.9 per cent).
Overall, EI beneficiaries were little changed from September (0.5 per cent) and up 5.8 per cent from a year earlier.