Daily Wrap-Up: Oil sentiment helps TSX close higher

Daily Wrap-Up: Oil sentiment helps TSX close higher

Daily Wrap-Up: Oil sentiment helps TSX close higher Oil sentiment helps TSX close higher
Oil prices continued higher Monday as Saudi Arabia and Russia said that the production cap should be extended until March 2018. Prices gained 2 per cent and the energy sector of the main TSX index closed 1 per cent higher.

Gains for equities were led by healthcare and the only sector not to gain was telecoms, although even that was essentially flat. The overall index closed up more than 0.5 per cent.

Wall Street was also in positive territory with both the S&P500 and the Nasdaq hitting new record closes. European and most Asian markets also closed higher.

The S&P/TSX Composite Index closed up 91.59 (0.59 per cent)
The Dow Jones closed 85.33 (0.41 per cent)
Oil is trending higher (Brent $51.76, WTI $48.79 at 4.55pm)
Gold is trending higher (1230.10 at 4.55pm)
The loonie is valued at U$0.7332

Warning issued over unregulated syndicated mortgage investment
The Financial Services Commission of Ontario has issued a warning regarding a firm offering investments in syndicated mortgages in the province without being regulated.

GCA Group appears to be soliciting investments through its website gcagroup.ca and the FSCO says that consumers should “exercise extreme caution” if contacted by someone claiming to be from the company or using that website or the physical address: Splendid China Tower, 4675 Steeles Ave. East Unit 2A19, Toronto Ontario M1V 4S5.

The regulator says that unregulated syndicated mortgages are not covered by the protections of the Mortgage Brokerages, Lenders and Administrators Act.

Home sales down, prices still rising
The Canadian Real Estate Association said Monday that there were 7.5 per cent fewer home sales in April compared to a year earlier but prices continued rising.

The average sales prices of a Canadian home was $559,317 an increase of more than 10 per cent year-over-year.

“Sales in Vancouver are down from record levels in the first half of last year but the gap has started to close,” CREA President Andrew Peck. “Meanwhile, sales are up in Calgary and Edmonton from last year’s lows and trending higher in Ottawa and Montreal.

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