Daily Wrap-Up: TSX closes higher as energy surges 3.5%

Daily Wrap-Up: TSX closes higher as energy surges 3.5%

Daily Wrap-Up: TSX closes higher as energy surges 3.5% TSX closes higher as energy surges 3.5%
The energy sector gained 3.5% Wednesday as oil prices reacted to a large drop in US oil and gas stockpiles.

Healthcare was the only sector group of the main TSX index to post losses and the index closed 0.63% overall.

Wall Street was also higher with gains for the three main indexes. European and most Asian markets also closed higher.

Metals were broadly lower with gold losing as the greenback saw a slight rise.

The S&P/TSX Composite Index closed up 95.14 (0.63%)
The Dow Jones closed up 66.02 (0.31%)
Oil is trending higher (Brent $49.68, WTI $47.14 at 4.50pm)
Gold is trending lower (1241.00 at 4.50pm)
The loonie is valued at U$0.7939

NAFTA renegotiation talks set
It’s been talked about for months but we now know the date for the start of talks on NAFTA.

The trade agreement President Trump wants to change or tear up, will have first-round talks in Washington from August 16-20. The dates were revealed Wednesday by US trade representative Robert Lighthizer.

Insiders say that there will be seven rounds of talks involving Canada, the US and Mexico.

Manufacturing sales up for third consecutive month
Canada’s manufacturers are on a roll with sales increasing for a third consecutive month in May, the data released Wednesday by Statistics Canada.

Sales were up 1.1% to $54.6 billion with transportation equipment and chemicals driving the gain. The 1.1% gain was also achieved in constant dollar terms, indicating a larger volume of goods was sold.

Ontario led the gains but sales were up in six provinces.

CP profits jump thanks to higher freight volumes
Canadian Pacific profits for the second quarter were up 46% to $480 million or $3.27 per share, on revenue of $13 billion. Adjusted profits were up 35% to $2.77 per share.

The results beat expectation of $2.71 adjusted profit per share according to Bloomberg.

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