TSX lower as commodities slide
Lower commodity prices continued to weigh on equities Monday as oil prices slipped back and gold hit a 6-year low with a strong US dollar impacting the markets.
Toronto’s main index along with Wall Street and European markets closed mildly lower while Asian indexes had fared better apart from Shanghai; Tokyo was closed for a public holiday.
The S&P/TSX Composite Index closed down 51.11 (0.38 per cent)
The Dow Jones closed down 31.13 (0.17 per cent)
Oil is trending mixed (Brent up at $44.94, WTI down at $41.85 at 4.20pm)
Gold is trending lower (1067.90 at 4.20pm)
The loonie is valued at U$0.7478
MTS to sell Allstream for $465 million
Manitoba Telecom Services is to sell its Allstream business unit to US firm Zayo Group Holdings for $465 million. The Colorado based firm has synergy with Allstream as both provide fibre network and cloud computing solutions. MTS believe that the deal will pass regulatory hurdles and that the deal will close in the first quarter of 2016. MTS was blocked from selling Allstream to an Egyptian firm a few years ago due to national security concerns.
Target pays $132 million to formally break leases
Target is to pay RioCan Real Estate $132 million to formally cancel leases on some of its Canadian stores and be released from any further obligations. Target Canada had a total of 26 properties leased from RioCan among its 133 stores but some of the 26 were quickly taken up by new tenants.
Alberta to tax carbon emissions
Taxation on carbon emissions will apply to every business and individual in Alberta under newly announced plans by the provincial premier. Rachel Notley’s range of policies will extend the province’s current taxation of large companies to any entity or household that has a carbon footprint. It will, for example, add around 5 cents to a litre of gasoline in 2016.