Industrials, IT lead strong session for TSX
Toronto’s main stock index closed on a high Wednesday as industrials, IT and consumer discretionary groups led gains for 8 of the 10 sectors.
Commodity prices gained with oil up around 1.5 per cent following news of an unexpected drop in US stockpiles. Gold prices also gained on increased demand and a weakening greenback.
Wall Street indexes also closed higher following minutes of December’s Fed meeting while European markets gained on stronger Eurozone inflation. Asian markets were largely up.
The S&P/TSX Composite Index closed up 113.7 (0.74 per cent)
The Dow Jones closed up 60.40 (0.30 per cent)
Oil is trending higher (Brent $56.27, WTI $53.10 at 4.10pm)
Gold is trending higher (1164.00 at 4.10pm)
The loonie is valued at U$0.7507
Home sales down in Vancouver but 2016 was still a good one
Metro Vancouver home sales were down in December with a 5.6 per cent drop year-over-year marking the fifth consecutive month of decline.
However, Real Estate Board of Greater Vancouver says that sales for the year were still the third highest on record, behind 2015 and 2005.
Better year ahead expected for Encana
Oil and natural gas producer Encana Corp. is predicting that its margins will be better than expected this year.
The firm said Wednesday that it also expects its growth to be towards to top end of its previously estimated 15 to 20 per cent year-over-year in the fourth quarter of 2017, it could even exceed that range.
Lower costs and a rise in output are behind the improved outlook.
Auto sales dip for Fiat Chrysler as Ford sells most since the 80’s
Sales of vehicles by Fiat Chrysler in Canada were down 4 per cent in 2016 compared to a year earlier. But for rivals Ford, it was the best year since 1989. Fiat Chrysler sold 278,729 vehicles while Ford sold 304,618 with its 9.4 per cent rise largely due to pick-up trucks and SUVs.