Healthcare group helps TSX feel good
A drop in oil prices which hit energy stocks, was negated by a strong rise for healthcare and materials groups on the main TSX index Tuesday. Five of the index’s main sectors gained leading to a small gain overall.
Wall Street was mixed with the Dow and S&P flat while the Nasdaq was boosted to a new high by healthcare. The markets are awaiting a news conference from Donald Trump at 11am ET Wednesday with less than 2 weeks before he takes over the White House.
European markets closed higher while Asian bourses were mixed.
The S&P/TSX Composite Index closed up 37.33 (0.24 per cent)
The Dow Jones closed down 31.85 (0.16 per cent)
Oil is trending lower (Brent $53.67, WTI $50.82 at 4.30pm)
Gold is trending higher (1187.30 at 4.30pm)
The loonie is valued at U$0.7560
Housing starts slipped in December says CMHC
The number of new homes started in December was down the previous month, the CMHC said Tuesday, however the 6-month trend measure was up from the same period in 2015.
“December saw multi-unit construction slow for the third consecutive month in Canada, leading housing starts to trend down,” said Bob Dugan, CMHC Chief Economist. “However, 2016 still counted more home starts than 2015. Increased demand for single-detached homes more than offset the decline we’re seeing in multi-unit construction – a decline that’s in response to efforts to manage current inventories.”
The figures reveal a trend measure of 198,053 units in December compared to 200,105 in November. The standalone seasonally-adjusted annual rate of home starts was up to 207,041 from 187,273 in November.
Energy East pipeline faces legal challenge
An environmental group wants the regulatory review of TransCanada’s Energy East pipeline to start again, calling the process tainted.
The National Energy Board has appointed three new members of the review panel but Transition Initiative Kenora says that the board must not allow the review to resume from where the previous panel left the process, as they left following a private meeting with TransCanada consultants.
It has not been made clear whether the NEB was planning to restart the review of just continue it but the filing Tuesday aims to ensure a fresh process.