TSX breaks for the holiday weekend with mild losses
As the Toronto Stock Market breaks for the Thanksgiving holiday weekend it also took a break from its recent rally Friday. The main index closed slightly lower.
Oil prices and therefore energy stocks had something of a bumpy day’s trading with profit taking affecting a generally positive position for crude oil.
Elsewhere Asian and European markets closed higher as investors took in the Fed’s meeting minutes published Thursday and the relative gains in oil prices.
Wall Street closed with mild gains ahead of earnings reports next week.
The S&P/TSX Composite Index closed down 14.30 (0.10 per cent)
The Dow Jones closed up 33.74 (0.20 per cent)
Oil is trending mixed (Brent lower - $52.52, WTI higher - $49.54 at 4.20pm)
Gold is trending higher (1156.60 at 4.30pm)
The loonie is valued at U$0.7721
Little change for Canadian jobs figures but full-time roles fall
The overall figures show little difference in the Canadian labour market in September; 12,000 additional jobs, up 0.1 per cent from August. Statistics Canada revealed that the number of unemployed Canadians was also basically flat at 7.1 per cent, up 0.1 per cent. However there were fewer people in full-time employment (down 62,000) but 74,000 new part-timers. There were also more self-employed people. Provincially, employment rose in British Columbia, Alberta, Manitoba, Nova Scotia, Saskatchewan and Prince Edward Island, while it fell in Ontario as well as Newfoundland and Labrador.
Business confidence is “tepid” says BoC
The Bank of Canada said Friday that the confidence of business is “tepid” currently but there is improvement despite the lower oil prices and other economic headwinds. The report warned that the outlook is still weak for the energy sector and those businesses impacted by lower household spending in affected regions.
Hydro One IPO details released
The Ontario government says that there will be 81 million shares available at between $19 and $21 when it launches its IPO in November. The listing will only be on the Toronto market, not New York, and will be for 15 per cent of the energy company. It’s hoped that it will raise $1.7 billion for the province. If market conditions change then the price per share may be adjusted accordingly.