TSX closes higher as energy, financials gain
The Toronto Stock Exchanged re-opened following the Victoria Day holiday weekend and was lifted by a stronger showing from energy and financials sectors.
Oil prices gained with US crude reaching a new 2016 high as analysts weighed a potential drop in inventories following supply recent supply issues including the wildfire-related shutdowns for the Canadian oilsands.
Wall Street and Europe saw stronger ends to their sessions while Asian markets were subdued with the Fed’s June interest rate decision in focus.
The S&P/TSX Composite Index closed up 33.27 (0.24 per cent)
The Dow Jones closed up 213.1 (1.37 per cent)
Oil is trending higher (Brent $48.79, WTI $48.80 at 4.20pm)
Gold is trending lower (1228.00 at 4.20pm)
The loonie is valued at U$0.7609
A third of homeowners have struggled to pay bills in past year
A report from Manulife shows that a third of Canadian homeowners have had at least one incidence where they could not afford to pay their bills in the past year. The poll discovered that 4 per cent were struggling to make ends meet most months.
Average mortgage debt has risen in the past year, the survey revealed, and is now $181,000 on average compared to $175,000 in Autumn 2015. Senior economist at Manulife, Frances Donald, says that the low interest rates in Canada are fuelling the larger mortgage debt along with rising home prices, especially in Vancouver and Toronto.
Pick-and-pay TV under review
The CRTC will review how pick-and-pay television is working by meeting with cable and satellite distributors this fall.
A public hearing will begin in September to ascertain whether the services are meeting consumers’ expectations.
It follows complaints that some TV packages were not offering the discounts or flexibility that consumers had hoped for.