Daily Wrap-Up: Weak start to the trading week for equities, oil

Daily Wrap-Up: Weak start to the trading week for equities, oil

Daily Wrap-Up: Weak start to the trading week for equities, oil Weak start to the trading week for equities, oil
Stock markets were generally weak Monday with some highs and lows during the session but most major indexes closing with losses.

The main TSX index was one of those ending underwater as telecoms, healthcare and energy led declines along with the heavily-weighted financials group. Seven of the ten main sectors finished lower.

Wall Street also slipped with the Nasdaq and Dow ending the day flat while the S&P500 was lower. European markets were broadly lower although London gained as the UK government finally named the day to begin its exit from the EU (next Tuesday). Asian markets were lower apart from mainland China and Hong Kong.

Meanwhile, oil prices declined amid continued concern over supplies while gold was up.

The S&P/TSX Composite Index closed down 48.17 (0.31 per cent)
The Dow Jones closed down 8.76 (0.04 per cent)
Oil is trending lower (Brent $51.65, WTI $48.18 at 5pm)
Gold is trending higher (1234.20 at 5pm)
The loonie is valued at U$0.7488

Canada’s wholesale sales hit record, biggest climb since 2009
There was a boost for wholesale sales in January with Statistics Canada reporting a 3.3 per cent rise to $59.1 billion, a new record high and the largest monthly percentage gain since November 2009.

Motor vehicles and parts saw the biggest lift, up 17.1 per cent to $11.9 billion as exports of motor vehicles saw particular strength. Overall, there were gains for 4 of the 7 subsectors, representing 55 per cent of the total wholesale sales.

Personal and household goods were up 3 per cent but the miscellaneous subsector saw a 1 per cent decline as agricultural supplies slipped 7.7 per cent.

New pipeline planned by TransCanada
TransCanada is asking for federal government approval for a new pipeline which will carry liquefied natural gas from the potential Pacific NorthWest terminal from Malaysian firm Petronas.

The company said Monday that it will seek an early go-ahead for the pipeline and begin construction even though Petronas has not decided to proceed despite the BC government having already approved it.