Oil rises 4 per cent, TSX sees triple digit gain
Growing expectation that OPEC will reach an output deal, following positive comments from the Russian president Vladimir Putin, saw a 4 per cent lift for oil Monday.
Unsurprisingly, the energy sector led the gains for the main TSX index with a 3 per cent rise but there was also a good rise for materials as gold producers benefitted from an easing of the US dollar.
Overall six of the main TSX sectors ended the session higher and the index itself was up by more than 1 per cent.
Wall Street’s three main indexes were also in positive territory; closing at record highs. Most European and Asian markets also closed with gains.
The S&P/TSX Composite Index closed up 175.8 (1.18 per cent)
The Dow Jones closed up 88.76 (0.47 per cent)
Oil is trending higher (Brent $49.04, WTI $47.48 at 4.20pm)
Gold is trending higher (1212.40 at 4.20pm)
The loonie is valued at U$0.7452
Wholesale trade reverses following 4 months of gains
Wholesale trade sales were lower in September, the latest figures published by Statistics Canada.
The $56 billion in sales was 1.2 per cent lower in the month following gains in 4 of the previous 5 months. Volume was down 1.5 per cent. Declines were recorded in five subsectors, led by lower sales in the machinery, equipment and supplies and the miscellaneous subsectors.
Ottawa wants coal-fired electricity gone in 14 years
A plan to phase out coal-fired electricity generation by 2030 has been unveiled by the federal government.
Speaking to reporters, environment minister Catherine McKenna said switching to greener generation would benefit the health of Canadians and help meet climate change targets.
Although the government wants to speed up the scrapping of coal, it says that it will allow some flexibility for those provinces that are most affected by the plans.
Texas find is not what Canada’s oilsands need
The discovery of 20 billion barrels of oil in Texas could mean bad news for Canada’s oilsands if extraction is possible.
The largest shale oil deposit yet discovered in the US is three times larger than the Bakken field in North Dakota and would be worth around C$1.2 trillion at today’s prices.