Strong end to the session for oil, TSX closes higher
Oil prices continued to rise Monday and US crude ended the session above $40 for the first time in almost 3 weeks. Sentiment is higher ahead of the meeting of both OPEC and non-OPEC producers at the weekend.
The main index of the TSX closed higher, outperforming Wall Street which was dominated by warnings that earnings season may be weaker than hoped.
Asian and European markets closed mostly higher with Tokyo lower on a stronger yen and London slipping just below the water.
The S&P/TSX Composite Index closed up 26.03 (0.19 per cent)
The Dow Jones closed down 20.55 (0.12 per cent)
Oil is trending higher (Brent $42.83, WTI $40.39 at 4.15pm)
Gold is trending higher (1257.90 at 4.15pm)
The loonie is valued at U$0.7753
No tax incentives for firms that hire in Alberta
Businesses in Alberta which hire new employees will now not receive tax credits, the provincial government said Monday. However, it is because firms didn’t like the idea according to Economic Development Minister Deron Bilous. The scheme would have rewarded businesses with a rebate of 10 per cent of each new employee’s salary up to a cap of $50,000 and was deigned to create 27,000 jobs. There will instead be a new pledge in Thursday’s budget to support job growth.
Lenders to promote jobs for disadvantaged Ontarians
A group of lenders in Ontario want to encourage businesses to give jobs to people from certain disadvantaged groups. The Rate Drop Rebate was devised by Social Capital Partners and will give businesses a discounted lending rate if they hire from groups including the long-term unemployed or those with disabilities.
Canadian Pacific takeover of Norfolk Southern is off
The planned takeover of US rail firm Norfolk Southern by Canadian Pacific has been scrapped. The U$30 billion deal was not favoured by the US firm which believed it undervalued the business. There would have been a proposal at Norfolk’s AGM to vote on negotiations but CP said Monday that it was abandoning the plan.