TSX closes flat, Wall Street weighs rate increase
Toronto outperformed New York Tuesday as oil prices boosted energy stocks but analysts weighed the likelihood that the rise could prompt the Fed to increase US interest rates.
Despite the gains for energy stocks, seven of the main TSX index’s sectors were lower, including financials. The index ended the session flat.
Wall Street’s 3 main indexes closed more than 1 per cent lower with the Nasdaq down the most at 1.25 per cent – its worst day in more than a month.
Asian markets closed mostly higher, except Shanghai; European indexes were mixed with auto stocks weighing. London’s FTSE was the star performer.
The S&P/TSX Composite Index closed up 12.09 (0.09 per cent)
The Dow Jones closed down 210.7 (1.19 per cent)
Oil is trending higher (Brent $49.49, WTI $48.53 at 4.15pm)
Gold is trending higher (1280.30 at 4.15pm)
The loonie is valued at U$0.7747
Oil producers react swiftly as wildfires head towards them
Canada’s oil producers have once again been forced to cut production and move employees to safety as the wildfires that hit Fort McMurray pose a new threat. The move north for the fires have resulted in action by producers including SunCorp and Husky.
Canadian manufacturing sales slip
Manufacturing sales were down 0.9 per cent in March according to data from Statistics Canada. The $50 billion total was the second consecutive monthly decline and was largely due to lower sales of transportation equipment and primary metals.
Overall, 16 of 21 industries – 88.3 per cent of Canadian manufacturing – declined. However, a greater volume of manufactured goods were sold while prices were 0.6 per cent lower.
Bombardier misses out on $103 million Montreal deal
A deal which could have been worth $103 million has been lost by Bombardier. The CBC reports that Bombardier’s proposal for new trains for Montreal’s AMT has been rejected and a new tender for the contract will invite new proposals from foreign companies.