Oil down almost 3 per cent ahead of Doha meeting
Oil prices continued downward Friday ahead of the meeting of oil producers in Doha this weekend. There is little expectation of any major deals being achieved and markets are bracing for a further drop in oil prices ahead of the next session.
Canada’s main stock index was also dented by weaker-than-hoped manufacturing data and closed slightly lower.
Wall Street was also down slightly at the closing bell but the Dow had its best week since mid-March.
Asian markets also ended with losses with Sydney the star performer, closing higher on recovering mining stocks. Europe closed up more than 3 per cent for the week but lower than at the start of the session.
The S&P/TSX Composite Index closed down 31.09 (0.23 per cent)
The Dow Jones closed down 28.97 (0.16 per cent)
Oil is trending lower (Brent $43.08, WTI $40.28 at 4.15pm)
Gold is trending higher (1235.60 at 4.15pm)
The loonie is valued at U$0.7789
Manufacturing down 3 per cent
Statistics Canada reported disappointing data on the manufacturing sector Friday. Sales decreased 3.3 percent to $51.2 billion in February, following three months of consecutive gains.
Motor vehicles and petroleum and coal products were responsible for over two-thirds of the decrease but 16 of the 21 sectors declined. In constant dollars, sales declined 2.0 per cent, reflecting a lower volume of goods sold.
Mitel Networks buys Silicon Valley firm for U$1.96m
Canadian communications firm Mitel Networks has purchased Silicon Valley-based Polycom for U$1.96 million in a friendly cash and stock deal. Polycom has global telecoms experience and will give Ottawa’s Mitel an international boost and add around 6,000 to its workforce. The deal is expected to close in the third quarter, assuming shareholders and regulators agree. Polycom shareholders would end up with 60 per cent of the combined company’s equity.
Alberta, Atlantic Canada pessimistic on economy
Alberta and Atlantic Canada are not feeling optimistic about the state of the economy. An exclusive Ipsos poll for Global News shows that the two regions are lagging the country overall in sentiment. Nationally 49 per cent rank the economy as ‘good’ currently but in Alberta the figure is just 23 per cent and in Atlantic Canada it’s 36 per cent. BC residents are most positive at 62 per cent.