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.