Daily Wrap-Up: TSX closes higher, Fed chair signals rate rise

Daily Wrap-Up: TSX closes higher, Fed chair signals rate rise

Daily Wrap-Up: TSX closes higher, Fed chair signals rate rise TSX closes higher, Fed chair signals rate rise
Rising oil prices and the increased prospect of a Fed interest rate rise boosted equities Friday with the main TSX index posted its best result for the week.

Oil prices rebounded more than 1 per cent but gold slipped before recovering some lost ground later following comments from Fed chair Janet Yellen.

The materials, industrials and utilities groups led the TSX gains with just two sectors closing lower, healthcare and IT.

Wall Street closed flat while European and Asian markets were mixed.

The S&P/TSX Composite Index closed up 71.85 (0.46 per cent)
The Dow Jones closed flat, rising 2.74 (0.01 per cent)
Oil is trending higher (Brent $55.80, WTI $53.23 at 4.50pm)
Gold is trending higher (1235.00 at 4.50pm)
The loonie is valued at U$0.7476

Canadians named among investors in tax ‘sham’
A list of wealthy Canadians who invested in an offshore tax scheme have been named in an investigation by the CBC and Radio-Canada.

The CRA had offered a secret amnesty to those who’d invested in the Isle of Man based scheme promoted by KPMG in 1999; but the broadcasters’ investigation has exposed the individuals.

The scheme required a minimum of $5 million and was described by the CRA as a “sham” in court documents.

The CBC investigation is featured on Friday’s ‘The Fifth Estate’ at 9pm.

Keystone XL can use non-US steel says White House
TransCanada’s Keystone XL pipeline project will be exempt from President Trump’s protectionist measures, the White House said Friday.

The administration says that the president’s executive order requiring only US steel to be used for pipelines is for new projects only but as the Keystone XL has already started it is not affected.

The Canadian prime minister’s office has welcomed the clarity.