Oil, gold up but Fed in focus
Oil prices ended the session up more than 2 per cent, losing some of the heat from earlier in the day but still buoyed by non-OPEC members agreeing to cut output in January.
However, the markets are focusing on the Fed’s FOMC meeting Wednesday and safer options including gold and bonds gained at the expense of equities during the first session of the week.
The main TSX index closed lower with gains for energy, telecoms and materials stocks outweighed by losses for healthcare and 6 other sectors.
Wall Street closed mixed with the Dow higher while the Nasdaq and S&P500 down. European indexes were also lower while Asian markets ended their session mixed with China lagging as regulators announced a crackdown on insurers.
The S&P/TSX Composite Index closed down 24.50 (0.16 per cent)
The Dow Jones closed up 39.58 (0.20 per cent)
Oil is trending higher (Brent $55.39, WTI $52.45 at 4.20pm)
Gold is trending higher (1164.20 at 4.20pm)
The loonie is valued at U$0.
Canadian Natural to sell Cold Lake stake to Inter Pipeline
Inter Pipeline is to become the sole owner of the Cold Lake pipeline system by acquiring the 15 per cent stake held by Canadian Natural Resources.
The deal is expected to close by the end of the month with CNRL receiving $350 million in cash and $177.5 million in Inter’s shares.
40 Rona stores to become Lowe’s
Forty of the Rona stores which were acquired by Lowe’s 6 months ago are to be rebranded to that of the new owner.
CBC News reports that the move is to ease distinction between the big box stores, which will be rebranded; and the mid-size stores which will continue as Rona.
Ace hardware stores and Rona in Quebec will not be affected, although the Quebec stores may follow the others in the future.
TransCanada review will be heard by new NEB members
Three temporary members of the National Energy Board have been appointed to handle the review of the Energy East pipeline project following the recusal of the original trio.
The review was then put on hold, adding further delay to TransCanada’s proposed project to carry oil from Alberta and Saskatchewan along a 4,500km pipeline to Eastern Canada’s refineries.