No four-day rise for TSX as energy stocks slip
The daily gains for the Toronto Stock Exchange’s main index came to an end Thursday as energy stocks declined. Concern over potential weakening demand amid additional supply forced oil prices lower after some steady recent rises. A meeting of EU leaders has not produced much in the way of positivity over Greek debt and world markets are cautious of the fall out if they ultimately fail to reach a deal. Wall Street has declined again and Asian and most European indexes also closed with losses.
The S&P/TSX Composite Index closed down 50.01 (0.33 per cent)
The NYSE closed lower
Oil is trending lower (Brent $63.28, WTI $59.66 at 4.30pm)
Gold is trending lower
The loonie is valued at U$0.8116 (at 4.30pm)
Prime Minister defends trade deal amid report claims
A news report claiming that a trade deal would damage the supply management of dairy and poultry in Canada has been denied by the Prime Minister. Stephen Harper says the Trans-Pacific Partnership is an important trade agreement that Canada needs to be part of but said that the government is “working to protect our system of supply management and our farmers in other sectors."
Non-farm wages stagnant in April
Wages for non-farm workers rose little in April compared to March but increased by 2.5 per cent year-over-year. New data from Statistics Canada show that the average weekly wage was $955, up just a dollar from the previous month. The average worker’s hours were also much the same month-over-month at 33.1 but were up from 32.9 a year earlier. Year over year, average weekly earnings of non-farm payroll employees increased in nine provinces in April, with the highest growth in Quebec. At the same time, earnings were little changed in Saskatchewan.
Shaw profit down 8 per cent
Calgary’s Shaw Communications has posted a decline of 8.3 per cent in net profit for its third quarter; $209 million compared to $228 million a year ago. The firm has also scrapped plans to develop its own internet-based TV delivery system in favour of one created by Comcast. Ending the project has hit profit but Shaw’s revenues were higher by 5.7 per cent to $1.41 billion.