TSX closes with slight gains despite oil decline
Oil prices declined again Thursday leading to losses in energy stocks on the TSX. However gains for Valeant Pharmaceuticals and First Quantum Minerals were some of the positive influences which helped the main index close higher.
Asian markets closed mixed while the European indexes were generally higher ahead of a meeting of the European Central Bank next week at which analysts are predicting increased stimulus.
Wall Street was closed for Thanksgiving.
The S&P/TSX Composite Index closed up 21.77 (0.16 per cent)
Oil is trending lower (Brent $45.62, WTI $42.51 at 4.10pm)
Gold is trending higher (1070.90 at 4.10pm)
The loonie is valued at U$0.7524
Boost for average wages
Average weekly wages in non-farm sectors were $955 in September; 1 per cent higher than August and 1.7 per cent higher than September 2014. Figures from Statistics Canada reveal that wage growth, changes in the composition of employment by industry, occupation, and level of job experience as well as average hours worked per week were all factors in the annual gains. Non-farm payroll employees worked an average of 33.0 hours per week in September, up from 32.8 hours in August but little changed from September 2014.
Suncor says Dec 4 is final deadline
Shareholders of Canadian Oil Sands Ltd. will have until December 4 to decide whether to accept a hostile bid from Suncor and the deadline will not be extended. The company said that it will not extend the deadline if its calls for COS’s poison pill defense against the bid is upheld. Suncor told the Alberta Securities Commission that the 60 day deadline it gave in October was long enough for any serious contender to make an offer.
Ontario finances to be $1 billion better
The budget deficit of Ontario will be $1 billion lower than previously expected. The province’s GDP is expected to be lower than the 2.7 per cent forecast in April at 1.9 per cent, but the government says it will have a deficit of $7.5 billion rather than the expected $8.5 billion. For 2016/17 it is forecast to fall to $4.5 billion before a balanced budget in 2017/18.