TSX at 2016 high as resources jump
Resources prices were on the rise Monday, lifting the main TSX index to its highest point of the year so far.
Oil gained almost 3 per cent on hopes of fresh OPEC talks on capping output and energy companies reaped the rewards. Many other materials stocks gained although gold producers faced lower prices.
Wall Street failed to enjoy the same sentiment with the three main indexes all closing slightly lower.
Elsewhere, Europe closed mostly higher with London’s FTSE hitting its highest point in more than a year. Asian markets closed higher too despite weak data from China.
The S&P/TSX Composite Index closed up 106.9 (0.73 per cent)
The Dow Jones closed down 14.24 (0.08 per cent)
Oil is trending higher (Brent $45.20, WTI $42.88 at 4.35pm)
Gold is trending lower (1341.10 at 4.35pm)
The loonie is valued at U$0.7599
TransCanada stresses safety on Energy East, Trump could revive Keystone
TransCanada said Monday that it is committed to safe transport of oil with “zero accidents.” The comment came from John Van der Put, vice president of eastern oil pipeline projects, at the start of a 3-day hearing in New Brunswick into the Energy East pipeline project.
The National Energy Board panel heard that TransCanada’s project is in “the best interests of Canada” along with the province and the city of Saint John. Opponents include environmental campaigners who say that investment in fossil fuels is not the way forward.
Meanwhile, it seems that if Donald Trump is elected to the White House, he would be open to looking at a renewed application for the Keystone XL pipeline which was vetoed by President Obama. The CBC says that the pledge was included in notes for a speech but did not make the final cut.
Canadian ski firm acquired in $1.4 billion deal
Canadian firm Whistler Blackcomb Holdings Inc. is to be acquired by Colorado based Vail Resorts Inc. in a $1.4 billion deal. Ski resorts on Whistler Mountain and Blackcomb Mountain will become part of the US firm’s portfolio which spreads across 7 states.
Investment in the Canadian resorts will continue under the new owners, including plans to diversify the resorts’ offerings to be less reliant on snowfall.