TSX closes higher as Britain decides
Britain’s membership of the EU has been decided but it will be a few more hours before we find out what that is. The polls closed at 5pm ET (10pm in the UK) and the final result is expected around 2am ET (7am UK).
For around a week, global market analysts, investors and bookies have been betting on a ‘remain’ vote and the gains for equities and oil Thursday continue that theme; but if the ‘leave’ campaign has won voters over there will be a volatile end to the week!
The main TSX index closed with a three-digit gain with banks among the most influential risers along with energy firms as oil continued higher.
Wall Street also ended strongly along with European indexes and most Asian markets with the exception of Shanghai and Seoul.
The S&P/TSX Composite Index closed up 127.6 (0.91 per cent)
The Dow Jones closed up 230.2 (1.29 per cent)
Oil is trending higher (Brent $50.93, WTI $50.13 at 4.35pm)
Gold is trending lower (1260.20 at 4.35pm)
The loonie is valued at U$0.7826
Bombardier signs $1 billion deal with Quebec
Bombardier’s deal with Quebec was signed Thursday with the province investing $1 billion in the CSeries aircraft. The project will be transferred to a limited liability partnership in which Quebec will initially hold 49.5 per cent.
As part of the deal, the aircraft manufacturer will be required to maintain its head office in the province and the government would also have the right to reject any additional investor in the project. The desired co-investor is the federal government, although talks have so far not resulted in an agreement.
Fewer people received EI in April
The number of people receiving regular Employment Insurance benefits was slightly lower in April than in March, down 4,900 (0.9 per cent). However, year-over-year there were 2.4 per cent more, mainly due to increases in the summer of 2015.
Statistics Canada figures show that 5 provinces saw lower numbers; Ontario (down 2.7 per cent); BC (down 2.2 per cent); Newfoundland & Labrador (down 2 per cent); Saskatchewan (down 1.7 per cent); and New Brunswick (down 1.5 per cent).
Alberta saw a 1.2 per cent rise in EI beneficiaries with those in Prince Edward Island increasing by 1 per cent.