TSX higher as oil maintains strength
Energy and materials were the leading sectors of the main TSX index Monday with oil prices remaining above $50; US crude ended the session at a 16-month high.
Healthcare was the biggest of three sectors to end lower as Valeant Pharmaceuticals slipped on news that it’s ‘hold’ rating had been renewed by Canaccord Genuity among others.
Wall Street equities closed higher along with most European markets, despite political concerns following the Italian referendum result. Asian markets closed mostly lower.
The S&P/TSX Composite Index closed up 42.65 (0.28 per cent)
The Dow Jones closed up 45.82 (0.24 per cent)
Oil is trending lower (Brent $54.30, WTI $51.06 at 4.20pm)
Gold is trending lower (1172.30 at 4.20pm)
The loonie is valued at U$0.7535
International trade is right for Canada says minister
Canada’s international trade minister said Monday that Canada’s rejection of protectionism is something to be proud of.
Speaking at a board of trade event in Toronto, Chrystia Freeland said that Canada is “open for business” and welcomes free trade. She said that current global trends towards protectionism meant that it was hard to get others to agree deals but that there is an “open window for us.”
Freeland told her audience that the government will commit $218 million to the Invest in Canada initiative announced earlier in the year which aims to encourage investors to Canada.
Polling firm Survey Monkey aims to expand Ottawa team
The Silicon Valley firm Survey Monkey wants to grow its Ottawa team in 2017, possibly by 50 per cent.
The online questionnaire firm bought Canadian startup FluidReview in 2014 and currently has 81 staff in Ottawa. It is planning to add around 40 new roles and invest in a new data centre having been impressed by the quality of tech talent in the region.
The firm is tipped for a public listing in the coming years.