Oil slumps, Clinton probe hits Wall Street
A fresh decline for oil prices, with a 2 per cent slump for US crude and Brent falling below $50 dragged the energy sector of the TSX lower Friday while healthcare, financials and industrials also slipped.
The six sectors of the main TSX index which rose only saw small gains; not enough to offset the losses and the index was down by a third of a percentage point and down 1 per cent over the week.
Meanwhile energy stocks combined with a new probe into Hillary Clinton’s emails erased gains for Wall Street’s three main indexes following strong GDP data.
European indexes closed mixed on regional data and earnings and Asian bourses closed lower with the Nikkei the outlier.
The S&P/TSX Composite Index closed down 48.46 (0.33 per cent)
The Dow Jones closed down 8.49 (0.05 per cent)
Oil is trending lower (Brent $49.70, WTI $48.72 at 4.30pm)
Gold is trending higher (1276.60 at 4.30pm)
The loonie is valued at U$0.7472
BMO makes leadership changes
BMO Financial Group is making some changes to its leadership team with effect from Tuesday November 1.
Darryl White will succeed current chief operating officer Frank Techar who will become vice-chair of BMO Financial Group.
White has been with the bank for 22 years including leadership roles at BMO Capital Markets. He will provide strategic leadership for the bank's Personal, Commercial and Wealth businesses across North America and globally. He will oversee Marketing in addition to ensuring the bank's technology function delivers strategic capabilities to all these groups.
White’s role as Group Head, Capital Markets will be filled by Patrick Cronin, currently COO of BMO Capital Markets.
Imperial Oil profits break $1 billion mark
It’s been some time since Calgary-based Imperial Oil has reported quarterly profits above $1 billion, at least two years in fact, but the firm’s net income for the third quarter of 2016 soared to $1.003 billion from $479 million a year earlier.
The boost came largely from Imperial’s sale of service stations which brought in $716 million. Revenue increased to $7.44 billion from $7.16 billion a year earlier.