TSX one of few positive markets
The main TSX index managed to close with a slim gain Monday while many of its peers worldwide ended the session in the red.
Some strength for gold as the greenback eased, together with a rise for Rogers on news of a change of CEO, helped the materials group lead the gains. Utilities and financials were the only other sectors to rise.
Wall Street closed lower as oil prices slipped, along with the consumer discretionary sector. European and Asian indexes also closed with losses.
The S&P/TSX Composite Index closed up 11.53 (0.08 per cent)
The Dow Jones closed down 51.98 (0.29 per cent)
Oil is trending lower (Brent $51.54, WTI $49.91 at 4.35pm)
Gold is trending higher (1255.70 at 4.35pm)
The loonie is valued at U$0.7617
Canadians pull back on foreign investments
The latest data from Statistics Canada, released Monday, shows that Canadian investors pulled back from foreign securities in August while foreign investors continued to buy Canadian bonds and equities.
Canadian investors acquired $1.6 billion of foreign securities in August, down from $4.6 billion in July. Canadian investment in foreign equities was $3.3 billion and included both US and non-US foreign shares.
Foreign investment in Canadian securities was $12.7 billion in August, led by acquisitions of Canadian bonds.
CEO change at Rogers as Telus chief hired
Joseph Natale, the former CEO at Telus Corp., is to join Rogers Communications as chief executive in a surprise move which sees Guy Lawrence step down with immediate effect. No further details of the reason for his departure were given.
Rogers also announced its earnings which showed it had increased subscriber numbers and revenue although quarterly profits were more than halved due to the closure of the Shomi streaming video joint venture with Shaw.
Ontario Teachers’ Pension Plan buys Canadian wine business
Ontario Teachers’ Pension Plan is to acquire the Canadian wine business of Constellation Brands Inc. in a $1.03 billion deal. The acquisition includes vineyards and production facilities but not certain products such as Constellation’s Black Velvet whisky.
Although the wine business is already strong, Teachers believes that there is good room for growth.