TSX closes lower as oil stockpile hits prices
The main TSX index closed slightly lower Wednesday as the materials and energy sectors were pressured by lower prices.
Oil fell as hopes of an OPEC deal were subdued by data showing larger-than-expected US stockpiles. Gold also slipped back as the greenback gained.
Of the 10 sectors only consumer staples, utilities and IT gained.
Wall Street closed mixed with the Nasdaq outperforming the Dow Jones and S&P500 while European and Asian markets were mostly lower.
The S&P/TSX Composite Index closed down 22.88 (0.16 per cent)
The Dow Jones closed down 54.92 (0.29 per cent)
Oil is trending lower (Brent $46.45, WTI $45.45 at 4.10pm)
Gold is trending higher (1224.80 at 4.10pm)
The loonie is valued at U$0.7441
Sales increase for 70 per cent of manufacturing sector
The value of manufacturing sales increased by 0.3 per cent in September to $51.5 billion, Statistics Canada said Wednesday. Transportation equipment and fabricated metal industries saw strong gains and largely offset a fall in the primary metal product industry.
Quebec and Ontario led the gains for 5 provinces while there was a decline in New Brunswick.
However, the figures show that there were lower volumes of manufactured goods sold, with the constant dollar total down 0.2 per cent. The sectors PMI showed an increase in prices of 0.4 per cent.
CPPIB sells Antares unit to private investment fund
Canadian Pension Plan Investment Board has sold a 16 per cent stake in Antares Holdings, its financing solutions unit. The stock has been acquired by a private investment fund managed by Toronto-based Northleaf Capital Partners.
“CPPIB is fully committed to its highly strategic platform investment in Antares and will remain its largest shareholder. We look forward to partnering with Northleaf to fund the continued expansion of Antares’ assets in order to meet demand from an expanding and increasingly global group of institutional clients.” said Ryan Selwood, Managing Director, Head of Direct Private Equity, CPPIB.