Daily Wrap-up: Oil still gaining, Brent breaks $50

Daily Wrap-up: Oil still gaining, Brent breaks $50

Daily Wrap-up: Oil still gaining, Brent breaks $50 Oil still gaining, Brent breaks $50
After some early caution, oil prices rose again Thursday and US crude ended the session more than 3 per cent higher while the international benchmark Brent crude broke the $50 barrier.

While energy stocks gained along with gold producers, 6 of the 10 sectors of the main TSX index were declining and led to another flat finish.

Wall Street fared better as oil prices helped the 3 main indexes to positive results. Asian markets close mixed with Shanghai and Tokyo weak. Europe was boosted by commodities with the major bourses closing higher.
 
The S&P/TSX Composite Index closed down 1.92 (0.01 per cent)
The Dow Jones closed up 23.76 (0.13 per cent)
Oil is trending higher (Brent $50.85, WTI $48.29 at 4.45pm)
Gold is trending higher (1357.30 at 4.45pm)
The loonie is valued at U$0.7831
 
Canadian investors bought $4 billion of foreign securities
Foreign investors added to their holdings of Canadian securities by $9.0 billion in June, largely equities. Meanwhile, Canadian investors acquired $4.1 billion of foreign securities, mainly non-US foreign equities.

As a result, international transactions in securities generated a net inflow of funds into the Canadian economy of $4.9 billion in June, for a total of $24.0 billion in the second quarter according to Statistics Canada.
 
EI beneficiaries flat in June
There was no real change in employment insurance beneficiaries in June, a total of 545,900 which was essentially the same as May. Compared with a year earlier, Statistics Canada reported that an extra 8,000 people were receiving regular payments, a rise of 1.5 per cent.

PEI, New Brunswick and Nova Scotia saw increases in June; BC and Manitoba saw declines while the other provinces were unchanged.
 
Finally, good news for Valeant, no wait…
Valeant was the talk of the markets again Thursday as it announced a deal with lenders over its debt burden. The good news saw its share price gain but then, more bad news; a lawsuit from US mutual fund T. Rowe Price alleging that the drugmaker had been involved in a “fraudulent scheme” resulting in large losses for shareholders. The allegation, although not proven in court, was enough to knock the share price but not erase all recent gains.
 

More market talk: