TSX closes lower again, 8 of 10 sectors lose
The Toronto Stock Exchange ended the day lower again Wednesday as global weakness continued to dampen sentiment and oil prices fell more than 4 per cent.
Asian markets closed their trading day lower while Europe showed optimism especially after VW’s chief executive stepped down following the emissions scandal.
Wall Street also lost ground with the exception of the Nasdaq. Materials were the greatest lag.
The S&P/TSX Composite Index closed down 107.4 (0.80 per cent)
The Dow Jones closed down 50.44 (0.31 per cent)
Oil is trending lower (Brent $47.84, WTI $44.71 at 4.05pm)
Gold is trending higher (1130.20 at 9.05pm)
The loonie is valued at U$0.7496
Retail sales gain on vehicles, clothing
Retail sales rose for the third consecutive month in July, up 0.5 per cent to $43.3 billion. Sales increased in 6 of 11 subsectors, representing 55 per cent of retail trade. Higher sales at motor vehicle and parts dealers and clothing and clothing accessories stores accounted for most of the gain. In volume terms, retail sales rose 0.2 per cent.
New car dealers saw a 2.7 per cent rise in sales with clothing and clothing accessories stores gaining 2.5 per cent. Food and beverage, liquor stores, and electronics were among those with declining sales.
Negative data but no recession says Oliver
The federal finance minister doesn’t agree with the data that shows that Canada was in recession for the first half of this year – and there’s no recession now either. In an interview with The Associated Press Joe Oliver said that despite the official figures showing contraction in the first six months, it was confined to the energy and resources sector and accounted for just 20 per cent of the economy. The other 80 per cent was growing he said.
Blackberry completes acquisition of California’s AtHoc
Blackberry has completed its purchase of Californian crisis communications firm AtHoc. CBC reports that no financial details of the deal have been released. Blackberry reports its latest quarterly results Friday.