Daily Wrap-up: TSX closes flat again despite 4 per cent oil slump

Daily Wrap-up: TSX closes flat again despite 4 per cent oil slump

Daily Wrap-up: TSX closes flat again despite 4 per cent oil slump TSX closes flat again despite 4 per cent oil slump
Concern over the outcome of next week’s formal meeting of OPEC members, following informal talks this week, meant a 4 per cent slump for oil prices Friday.

Despite the drop, which led to the energy sector of the main TSX index losing more than 2 per cent, the index closed flat. The energy drop was more than offset by a gain for utilities while 6 of the main sectors finished higher overall.

Wall Street reopened after Thanksgiving and gained to set new record highs at the close of the session.

Europe was broadly flat while Asia’s gains were narrow.
 
The S&P/TSX Composite Index closed up 0.24 (0.00 per cent)
The Dow Jones closed up 68.96 (0.36 per cent)
Oil is trending lower (Brent $47.12, WTI $45.96 at 5.10pm)
Gold is trending lower (1183.40 at 5.10pm)
The loonie is valued at $0.7391
 
Ottawa’s $7.8 billion budget deficit
The federal government’s budget deficit for the first half of its fiscal year is $7.8 billion, up sharply from the $1.6 billion surplus of a year earlier. Ottawa’s Fiscal Monitor reveals a 1.3 per cent drop in revenues, a loss of $1.9 billion, while spending jumped $8.9 billion (7 per cent).
 
Alberta deal will see end to coal electricity by 2030
Alberta is on target to meet the federal government’s pledge to end the use of coal-fired electricity generation by 2030. The province has announced a new deal with energy companies which will see three major producers paid $74 million each year until 2030 to compensate them and ease the transition to greener energy.

TransAlta Corp., Capital Power Corp. and Atco Ltd. will receive a total of $1.36 billion, financed by the provincial government’s levy on firms with high carbon emissions.