Gold producers suffer as equities gain
Equities and oil gained Wednesday, helping energy and financial stocks but dealing a blow to gold producers as investors opted for riskier options.
The main TSX index hit its highest point for almost a year but closed basically flat.
On Wall Street the surge in the tech sector globally boosted the Nasdaq to a 1 per cent gain while the Dow closed higher for its seventh consecutive session of record highs.
European indexes closed mostly higher as tech firms led the gains while miners dragged; in Asia there was a mixed session with Sydney and Hong Kong the star players.
The S&P/TSX Composite Index closed up 8.96 (0.06 per cent)
The Dow Jones closed up 36.02 (0.19 per cent)
Oil is trending higher (Brent $47.11, WTI $44.85 at 4.40pm)
Gold is trending lower (1314.70 at 4.40pm)
The loonie is valued at U$0.7660
New child benefit should be good for most
The new Canada Child Benefit should be good for 90 per cent of families according to the Liberal government and the team at CIBC Private Wealth Management agree.
CIBC’s calculations show that high income earners will lose out though with a couple earning a net $150K with a child under 6 receiving less than they would under the old system; approaching $190K there would be no payment at all.
For others there should be an average of $2,300 of extra child benefit by 2106 and the benefit is not taxed.
CP announces new CEO
Current president and COO Keith Creel will be the new chief executive at Canadian Pacific Railway Ltd. from June 2017, the firm announced Wednesday. He will succeed Hunter Harrison.
The railway also announced that one of its directors, Anthony Melman, has resigned following a failed appeal against gross negligence penalties for not declaring $18.85 million in dividend income.
Alberta oil firms may be ahead following wildfires
Despite a shutdown of facilities, oil firms in Alberta are likely to see a net benefit from the wildfires which threatened facilities in May. The increased price of Western Canada Select may mean that producers may offset losses or even be slightly ahead when they begin reporting quarterly results Thursday.