TSX closes higher, World markets lower
Canada’s main stock index closed with narrow gains Friday as the financial sector led 6 sectors higher while energy stocks declined. New York’s stock market was closed leaving Canada as one of the only positive performers. Japan managed a stronger finish that the other indexes in Asia with China hit by a regulator probe over suspected irregularities. Europe was always going to end on a low ahead of Greece’s referendum on the debt reform deal which will happens Sunday.
The S&P/TSX Composite Index closed up 44.40 (0.30 per cent)
NYSE was closed for the Independence Day holiday
Oil is trending lower (Brent $60.55, WTI $55.52 at 4.45pm)
Gold is trending higher
The loonie is valued at U$0.7960 (at 4.45pm)
Oliver: Canada is not in recession
The Bank of America’s economists may think Canada is in a recession and some others are not confident that they are wrong, but the finance minister certainly doesn’t agree. Joe Oliver said that the country is not in recession and the government doesn’t believe it will be. In fact he told reporters that growth is still expected this year. Mr Oliver said that without the full figures for the first two quarters it was not right to call for a recession although he conceded that the economy is sluggish.
Vancouver houses hit new record in June
Detached houses in Vancouver hit a new high last month; $1,442,296 on average according to the Real Estate Board of Greater Vancouver Friday. Activity in the month was the highest in the last ten years and the demand has pushed prices up 20 per cent in the past year. Sales volume soared by 31.3 per cent for detached houses while condo sales grew by 35.6 per cent.