Daily Wrap-Up: Energy sector fuels gain for TSX

Daily Wrap-Up: Energy sector fuels gain for TSX

Daily Wrap-Up: Energy sector fuels gain for TSX Energy sector fuels gain for TSX
The shutdown of Libya’s largest oil field by rebels and fears of further disruption to Middle East supplies following the US missile strike on Syria, combined Monday leading oil prices to rise.

The energy sector of the main TSX gained almost 2 per cent and led all the of the main sectors to a positive end to the session.
Wall Street was also boosted by energy stocks but the markets were more subdued than Canada’s as investors weighed potential fall-out from President Trump’s stance on Syria. The three main indexes closed flat.

European indexes closed broadly lower on political and geopolitical tensions; London’s FTSE was the best performer but even that was flat. Asian bourses were also mostly lower.

The S&P/TSX Composite Index closed up 63.66 (0.41 per cent)
The Dow Jones closed up 1.92 (0.01 per cent)
Oil is trending higher (Brent $55.98, WTI $53.10 at 4.25pm)
Gold is trending 1255.70 at 4.25pm)
The loonie is valued at U$0.7500

Weed tax must be at level to dissuade criminals
Criminals will continue to sell marijuana illegally unless taxes are kept low.

A report from the C.D. Howe Institute to be released this week says that existing federal and provincial sales taxes could bring in $675 million in revenue from weed in 2018.

With no new taxes, the report estimates that 90 per cent of weed sales will be legal; with new taxes that could be 50 per cent with criminals taking a larger share through cheaper and illegal sales.

Jump for housing starts
The number of new home starts in March was the highest since September 2007.

Single-family and multi-unit starts in Ontario, and rental apartments in Quebec led the gains which reached a trend measure of 211,342, compared to 205,521 in February.

Canadian ski resort firm to be sold for U$1.5 billion
Intrawest is to be sold to US firm Aspen Skiing Co. and KSL Capital Partners for U$1.5 billion.

CBC News reports that shares in the resort firm – owner of Blue Mountain in Ontario and Mont Tremblant in Quebec - dropped 6 per cent on the NYSE. The deal is expected to close in the third quarter of 2017. 

More market talk: