Bombardier, banks helps TSX post slim gain
The industrials sector led narrow gains for the TSX Monday with a 3.5 per cent gain for Bombardier after news that it has delivered its first CS300 jet to Swiss Air. BMO Nesbitt Burns
upgraded the firm’s stock.
The big banks also gained following their quarterly earnings reports last week.
The index overall was flat by the end of the day as 6 sector groups slipped led by materials and telecoms.
Wall Street was closed for the Memorial Day holiday with London and Shanghai among other markets closed. Remaining indexes in Asia and Europe were mixed.
The S&P/TSX Composite Index closed up 4.98 (0.03 per cent)
The Dow Jones was closed for Memorial Day.
Oil is trending higher (Brent $52.25, WTI $49.99 at 4.40pm)
Gold is trending lower (1266.50 at 4.40pm)
The loonie is valued at U$0.7427
Businesses call on Ottawa to intervene on CN strike
Freight transporters are becoming increasingly worried about the effects that a strike at Canadian National Railway would have on their ability to ship products.
Reuters reports that Freight Management Association of Canada has asked the federal labour minister to impose binding arbitration to avoid a strike, with the deadline set by the Teamsters union fast approaching.
Three thousand CN conductors could be on strike as of 4am Tuesday due to dispute over contract conditions.
Boeing wants to stop bigger Bombardier jets
The reason that Boeing filed a trade dispute against Bombardier in the US last week has been revealed.
Boeing wants to stop Bombardier competing with its 737 model by building a larger version of its CSeries jet due to the subsidies that the Canadian firm has received.
Although Bombardier said that it has no plans to build bigger CSeries planes, Boeing is keen to avoid a similar issue that it had with French manufacturer Airbus; and wants an investigation into the subsidies that Bombardier receives.
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