Oil rebounds but gold slips, TSX closes higher
Commodities had mixed fortunes Monday with gold prices sliding as the US dollar strengthened, while oil prices rebounded on renewed hope for an OPEC output cut.
Materials led the gains for the main TSX index followed by energy, IT and healthcare. Financials were flat while the other four sectors were lower with consumer staples the largest drag. Overall, the index managed to closed higher.
Wall Street was flat with a slim gain for the Dow while the S&P500 and Nasdaq slipped into the red.
European markets closed mostly higher while Asian bourses were mixed with Shanghai and Tokyo leading the gains.
The S&P/TSX Composite Index closed up 43.10 (0.30 per cent)
The Dow Jones closed up 21.03 (0.11 per cent)
Oil is trending higher (Brent $44.67, WTI $43.66 at 4.20pm)
Gold is trending lower (1220.00 at 4.20pm)
The loonie is valued at U$0.7378
Investors impressed by Ottawa’s pitch for infrastructure cash
The federal government wants some of the world’s biggest investors to add to public funding for its ambitious program of infrastructure improvements.
Justin Trudeau and his ministers impressed a group of institutional investors Monday and set out its plans including the creation of Canada Infrastructure Bank which will promote the plans.
The government also stressed that a $10 billion plan to improve transportation links will go ahead even if investors are not interested. Transportation minister Mark Garneau said the funding is assured but public-private partnerships are still expected.
Former Amaya boss offers $3.48 billion for company
Gambling firm Amaya saw its share price rise Monday following an offer from its former CEO. Mike Baazov offered $3.48 billion for the Toronto-based firm which, at $24 per share, is a premium of more than 30 per cent on its closing price Friday.
Baazov is accused of insider trading by the securities regulator in Quebec; charges he denies.