TSX closes flat again, oil heads towards $41
Global stocks were mixed Thursday and the main Toronto index closed flat again as energy stocks were hit by declining oil prices and mixed corporate earnings. However, stocks are expected to end the month around 5 per cent higher than they started.
Markets have continued to digest the Fed’s latest policy meeting and to look ahead to the Bank of Japan’s next moves which will become apparent overnight our time.
Asian and European indexes closed mixed ahead of the BoJ and with corporate earnings in focus.
On Wall Street, the Dow closed lower but the S&P500 and Nasdaq were up slightly. Facebook stocks hit a record high on better-than-expected earnings.
The S&P/TSX Composite Index closed up 5.10 (0.04 per cent)
The Dow Jones closed 15.82 (0.09 per cent)
Oil is trending lower (Brent $42.65, WTI $41.12 at 4.40pm)
Gold is trending higher (1333.20 at 4.40pm)
The loonie is valued at U$0.7598
RBC ranks highest for customer satisfaction
Among Canada’s biggest banks there is one that takes the crown for customer satisfaction according to JD Power. The Royal Bank of Canada has dethroned TD Canada trust at the top of the latest rankings among retail customers.
RBC and TD were followed by BMO, CIBC and Scotia in order of satisfaction for the big banks. Tangerine
scored the highest for the midsize banks followed by Presidents Choice, National, ATB, Laurentian and HSBC Canada.
Overall ratings were higher than last year despite rising fees. Satisfaction was boosted by better communication between banks and their customers.
Oil firms consider boost to investments
Oil firms may be starting to consider investments in Alberta despite continued low prices. Cenovus and MEG both announced quarterly earnings Thursday and both revealed preliminary plans to increase investment in northern Alberta. However, this is not seen as an industry-wide return to spending as other firms such as Suncor Energy have ruled out further capital expenditure in the near term.
Wages stalled in May but traders fared better
Overall non-farm weekly wages in May were basically unchanged from the previous month at $956, a rise of just 0.2 per cent. From a year earlier, wages rose 0.9 per cent.
Annually, the wholesale trade (4.2 per cent rise) and retail trade (3.7 per cent rise) sectors fared better and manufacturing (2.3 per cent rise) and education (1.8 per cent rise) also paid higher wages.