Post-holiday record high for the TSX
The Toronto Stock Exchanged reopened Tuesday after the holiday weekend and recorded a new record high as energy and healthcare sectors led all ten of the main index’s groups higher.
Wall Street also saw strong gains for the three main indexes while Europe ended the session mostly higher and Asia closed mixed earlier in the day.
Oil prices gained almost 1 per cent but the stronger dollar weakened the prices for gold and other precious metals.
The S&P/TSX Composite Index closed up 83.74 (0.53 per cent)
The Dow Jones closed up 119.0 (0.58 per cent)
Oil is trending higher (Brent $56.64, WTI $54.02 at 5pm)
Gold is trending lower (1236.70 at 5pm)
The loonie is valued at U$0.7610
Popeyes acquisition confirmed by Timmies owner
The owner of Tim Hortons and Burger King has confirmed earlier reports that it is to acquire Popeyes Louisiana Kitchen Inc. in a deal worth $1.8 billion.
Restaurant Brands International will add more than 2,600 restaurants to its worldwide portfolio with most of the Popeyes outlets franchised, an attractive part of the deal for RBI.
The firm will pay $79 per share, around 27 per cent higher than the stock was worth when the first reports of a potential deal emerged some weeks ago.
Canada will not ditch Mexico in NAFTA talks
Canada’s renegotiation of NAFTA will not be at the cost of its relationship with Mexico.
Although President Trump has suggested that Mexico will get a tough deal compared to Canada, there will be no deal that cuts Mexico out, Canada’s foreign affairs minister Chrystia Freeland said Tuesday.
Ms. Freeland assured her Mexican counterpart that “we very much recognize that NAFTA is a three-country agreement, and if there were to be any negotiations, those would be three-way negotiations.”
No firm plans have been put in place for negotiations with the US but members of the Trump administration are due to visit Mexico Wednesday.