Daily Wrap-up: Oil, telecoms drag TSX down more than 1 per cent

Daily Wrap-up: Oil, telecoms drag TSX down more than 1 per cent

Daily Wrap-up: Oil, telecoms drag TSX down more than 1 per cent Oil, telecoms drag TSX down more than 1 per cent
The Fed’s interest rate decision was something of distraction midweek but Thursday’s session was dominated once again by oil. Telecoms were also in focus on news that Wind Telecom was an acquisition target for Shaw.

Oil prices continued their slump, falling more than 1.5 per cent, as oversupply fears intensified on data showing growing stocks of US crude. West Texas Intermediate fell below $35 on the news.

Wall Street also fell by around 1 per cent on the declining oil prices.

Asian and European markets were still digesting the Fed’s interest rate rise and regional data and closed mostly higher. Shanghai and Germany were among the day’s biggest gainers.
 
The S&P/TSX Composite Index closed down 156.2 (1.19 per cent)
The Dow Jones closed down 253.1 (1.43 per cent)
Oil is trending lower (Brent $36.94, WTI $34.86 at 4.05pm)
Gold is trending lower (1050.40 at 4.05pm)
The loonie is valued at U$0.7168
 
TransCanada makes 700 route changes for Energy East
The Energy East pipeline route has 700 changes to address environmental concerns, The Globe and Mail says. The newly-filed plan submitted to the National Energy Board will mean an additional $4 billion cost for the project.
 
Canada’s oil producers are losing at least $1 on every barrel
A report from ARC Financial analyst Jackie Forrest reveals the pain that Canada’s oil industry is enduring. The Financial Post reports that at current prices (Canadian heavy is trading at around U$22) thermal oilsands projects are losing around $1 a barrel with mining operations down $3 a barrel. With no sign of oil prices recovering any significant ground in 2016 there will be many more months of pain ahead.
 
EI benefit claimants declined in October
Statistics Canada says there were 539,700 people receiving regular Employment Insurance benefits in October, down 0.6 per cent from September. Provincially, there were fewer EI beneficiaries in Ontario, Quebec, Nova Scotia and New Brunswick; Alberta’s total was up 3.1 per cent; there was little change in the remaining provinces. On a year-over-year basis, the total number of EI beneficiaries was up 40,900 or 8.2 per cent.