TSX beats oil slide with Couche-Tard, Valeant
Equity markets in Europe and Wall Street closed lower Monday as oil prices reversed from their recent rally to end the session down 3 per cent.
The main TSX index managed to outpace most major indexes though thanks to news that Couche-Tard is buying US firm CST Brands; and Valeant stocks gained almost 10 per cent on announcement of its new CFO.
The downbeat sentiment of global markets came as hopes that an oil cap would make much difference to the sector weakened while fears grow of the Fed increasing interest rates in September.
The S&P/TSX Composite Index closed up 60.73 (0.41 per cent)
The Dow Jones closed down 23.15 (0.12 per cent)
Oil is trending lower (Brent $49.18, WTI $47.05 at 5.05pm)
Gold is trending lower (1342.80 at 5.05pm)
The loonie is valued at U$0.7723
Loblaw to buy medical records firm in $170 million deal
QHR Corp, a medical records firm based in BC, is to be acquired by Loblaw for $170 million. The business is likely to operate as a unit within Loblaw’s Shoppers’ Drug Mart but will maintain its Kelowna headquarters.
The deal is subject to shareholder approval but is expected to complete later this year, giving Loblaw valuable data and insight as the digital healthcare market expands.
Wholesale sales up 0.7 per cent
Wholesale sales were up for the third consecutive month in June, rising 0.7 per cent to $56.4 billion Statistics Canada reported Monday.
Four of the seven subsectors gained led by a 3.1 per cent rise in motor vehicle and parts; and a 2 per cent rise in the personal and household goods sector.
In volume terms, wholesale sales increased 0.6 per cent from May to June.