TSX manages to close higher despite challenges
The Toronto Stock Exchange closed just above water Thursday as energy and financials once again led declines while the Fed’s dovish tone yesterday boosted sentiment. That, all against the backdrop of the unfolding story in Europe with Greek banks being emptied of cash by their customers and talk of an uncomfortable exit for Greece from the Eurozone and probably the EU if a deal is not reached soon. Eurozone finance ministers have begun talks to try to come up with a solution. Europe’s major indexes largely closed higher. Asian markets closed lower earlier in the day.
The S&P/TSX Composite Index closed up 37.66 (0.26 per cent)
The NYSE closed higher (Dow up 180)
Oil is trending higher (Brent $64.16, WTI $60.42 at 4.20pm)
Gold is trending higher
The loonie is valued at U$0.8177 (at 4.20pm)
EI recipients higher in Alberta, but there is good news
The number of Canadians receiving employment insurance benefits was up 0.5 per cent in April, the largest increase for the fourth straight month. Ontario and Quebec saw little change, BC saw a 2.4 per cent increase, Saskatchewan was up 1 per cent and the other provinces saw decreased numbers, except one; Alberta with a 10.7 increase in April from March. However the numbers from StatsCan show that the number of claims, an indication of potential later recipients, was down by 1.9 per cent nationally and by 8.8 per cent in Alberta.
Regulator puts new conditions on Enbridge pipeline
The Enbridge ‘Line 9’ pipeline faces additional scrutiny by the regulators due to the level of public concern over the change in the line’s operation so that it can carry crude from Alberta to Montreal and Quebec. The National Energy Board says that Enbridge must carry out additional tests before the pipeline goes into service and regular inspections and integrity tests during its first 24 months.
First Nations economy worsening says report
The Aboriginal Economic Progress Report makes for disappointing reading, showing a worsening picture for Aboriginals. The study by the National Aboriginal Economic Development Board says that First Nations are not “on track to achieving parity with non-aboriginal Canadians.” The Huffington Post reports that employment was a big issue for Aboriginals around the Great Recession; falling almost 4 per cent for those over 15 and living on reserve during the 2006-2011 period; the Canadian national employment rate fell in the same period by just 1 per cent.