TSX, oil gain but gold producers are losing out
The main TSX index closed higher Tuesday, along with most major equity indexes as the post-French election rally continued.
Most of the main sector groups gained but utilities declined along with materials which was pressured by falling gold prices. Canadian producers saw stock prices tumble; Barrick for example was off by almost 11 per cent.
Wall Street, and major markets in Europe and Asia also closed higher.
The S&P/TSX Composite Index closed up 32.73 (0.21 per cent)
The Dow Jones closed up 232.2 (1.12 per cent)
Oil is trending higher (Brent $52.24, WTI $49.67 at 4.35pm)
Gold is trending lower (1265.00 at 4.35pm)
The loonie is valued at U$0.7369
CSA consulting on oversight of foreign auditors
The Canadian Securities Administrators (CSA) is asking whether there should be additional oversight requirements for audits done by foreign firms.
The consultation paper it released Tuesday suggests the possibility of a requiring certain audit firms involved in the audit of a reporting issuer’s financial statements to register as a participating audit firm. This it says would assist the Canadian Public Accountability Board in accessing audit working papers in most foreign jurisdictions.
“Auditors are important gatekeepers in our market, and we are seeking input on our current oversight requirements to ensure there continues to be public confidence in the integrity of financial reporting,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.
Canada will fight back against lumber tariffs vows minister
Canada’s natural resources minister said Tuesday that the US will not win in the battle over tariffs on softwood lumber.
President Trump’s administration is proposing adding up to 24 per cent to the cost of wood imported from Canada, but Jim Carr told a news conference that Canada would win the battle, as it has before.
"In ruling after ruling since 1983, international tribunals have disproved the unfounded subsidy and injury allegations from the U.S. industry," Carr told a news conference.
Stocks in Canadian softwood firms slipped following the US announcement late Monday.