TSX flat as gold producers offset energy slip
In a generally pessimistic session for global markets, Canada’s gold producers helped soften the blow from declining sentiment in the energy sector.
While oil prices trended lower amid growing doubt of an OPEC cap, gold prices gained as investors were spooked by fears over the US election.
The main TSX index closed flat as healthcare and energy led 4 sectors lower; while materials and IT were the strongest positive influences.
Wall Street, Europe and most of Asia’s markets closed lower.
The S&P/TSX Composite Index closed up 1.98 (0.01 per cent)
The Dow Jones closed down 18.77 (0.10 per cent)
Oil is trending lower (Brent $48.32, WTI $46.86 at 4.55pm)
Gold is trending higher (1277.80 at 4.55pm)
The loonie is valued at U$0.7456
Carney to exit with Brexit
As the UK leaves the EU, the Canadian governor of the Bank of England will be leaving the job.
Mark Carney said Monday that he was extending his tenure at the BoC for a year, which means he will leave in 2019, which will be two years after the British government starts the 2-year process of exiting the bloc.
What has appeared to be something of a strained relationship with the government in recent weeks has not promoted Carney to leave as planned in 2018 as he wants to help smooth the UK’s journey to independence.
Pharma stocks plunge on reports of new probe into Valeant
A criminal investigation is being launched by US authorities, focusing on former executives and Valeant Pharmaceuticals’ ties to specialty pharmacy Philidor RX Services according to new reports.
The Financial Post says that sources have revealed that the probe will centre on J. Michael Pearson, Valeant’s former CEO, and Howard Schiller, its former CFO.
The healthcare sector of the TSX was down 4 per cent as Valeant stocks weighed.