TSX outperforms peers as gold gains
Gold prices gained Monday as the greenback fell following the withdrawal of President Trump’s healthcare act.
The gains helped boost the materials sector group of the main TSX index which also saw strong performance from energy despite falling oil prices. Utilities and consumer products sectors also saw good gains. Only IT closed out the day lower.
The string Toronto index was not indicative of the global markets. Wall Street fell, apart from the Nasdaq; Europe and Asia also saw negative ends to the session.
The S&P/TSx Composite Index closed up 63.55 (0.41 per cent)
The Dow Jones closed down 45.74 (0.22 per cent)
Oil is trending lower (Brent $50.77, WTI $47.78 at 4.35pm)
Gold is trending higher (1254.50 at 4.35pm)
The loonie is valued at U$0.7476
How will Ottawa tax marijuana? They aren’t sure
The first priority of the Canadian government when it comes to marijuana is the safeguarding of children and keeping it from criminals.
The Canadian Press reports that the federal government will legislate to legalize the drug in the week of April 10 with provincial lawmakers amending their own legislation shortly after.
But in terms of how Ottawa will tax marijuana to add to the revenue ‘pot’, finance minister Bill Morneau says the government hasn’t yet decided. However, it is set to bring in millions of dollars.
Tim Hortons owner now has majority stake in Popeyes
Restaurant Brands International has acquired 83 per cent stake in Popeyes and can now complete its takeover.
The deadline for shareholders to tender their shares was midnight Friday and by then the significant share of the stock had been acquired. The $1.8 billion deal will enable RBI to push through plans to accelerate the growth of the Popeyes brand.