TSX closes lower as Brussels impacts stocks
Global stocks were shaken Tuesday by the terrorist attacks on Brussels.
On the main index of Toronto’s exchange there was some recovery from earlier losses although travel stocks fell. The federal budget did little to boost sentiment with a $29.4 billion deficit to come.
Investors sought out safe havens as US oil prices declined along with equities; gold ended the session higher.
Earlier in the day, Asian markets declined in low-level trade although a weaker yen helped Japanese exporters and pushed the overall Nikkei higher.
European markets were initially affected by the tragic events in Belgium but recovered to close higher.
Wall Street closed mixed with only the Nasdaq finishing above the line.
The S&P/TSX Composite Index closed down 67.60 (0.50 per cent)
The Dow Jones closed down 41.30 (0.23 per cent)
Oil is trending mixed (Brent up at $41.59, WTI down at $41.22 at 5.15pm)
Gold is trending higher (1248.80 at 5.15pm)
The loonie is valued at U$7666
Rubicon breaches loan covenant
Gold mining firm Rubicon Minerals Corp. warned Tuesday that it may not be able to continue as a going concern following its breach of a loan covenant. The firm cut the estimate for its Phoenix mine in Ontario in January by 86 per cent and has debts of $216.2 million at the end of 2015. It has a $50 million loan from the Canada Pension Plan Investment Board.
Canada’s intellectual property laws may be detrimental
Innovation may be held back by Canada’s intellectual property laws according to a former Blackberry CEO. Jim Balsillie told a conference in Toronto that three decades of stronger IP protection has not boosted innovation and in some cases has had a detrimental effect. He called for policymakers to consider making changes that would allow new players to be more inventive and help Canada become a thriving leader on innovation.