TSX up as oil jumps 9 per cent
Oil prices kept on climbing Friday with a rise of around 9 per cent; a welcome relief for all stocks but especially energy and financials which helped the main index of the Toronto Stock Exchange close almost 3 per cent higher.
Global stocks also closed higher with Tokyo leading the Asian markets and European indexes were up more than 2 per cent. Oil, the ECB and the stronger lead from Wall Street all played a part.
The S&P/TSX Composite Index closed up 353.7 (2.94 per cent)
The Dow Jones closed up 210.8 (1.33 per cent)
Oil is trending higher (Brent $32.00, WTI $32.10 at 4.20pm)
Gold is trending lower (1098.00 at 4.20pm)
The loonie is valued at U$0.7064
Consumer prices rose in December
Statistics Canada published the Consumer Price Index Friday showing a rise in the annual rate to 1.6 per cent in December from 1.4 per cent in November. Food and shelter costs accounted for most of the increase with food up 3.7 per cent. There was an increase in the transportation index, the first in 13 months, up 0.6 per cent.
Car sales help retail sales gain
Canada’s retailers saw a 1.7 per cent rise in sales in November compared to October to reach $44.3 billion. New car sales from dealers were up 4.5 per cent, a fifth consecutive month of increases. The volume of sales was up 1.5 per cent StatsCan reported.
Trudeau’s EU trade talks
Justin Trudeau will be talking with the European Union’s president Martin Schulz this weekend to discuss the Canada-EU trade agreement. The Prime Minister said that getting the Comprehensive Economic Trade Agreement signed would offer “an important opportunity” for both parties. Although the deal was agreed between Stephen Harper and the EU in 2014 it is still to be signed by individual members of the union.