Daily Wrap-Up: TSX closes higher as oil gains

Daily Wrap-Up: TSX closes higher as oil gains

Daily Wrap-Up: TSX closes higher as oil gains TSX closes higher as oil gains
Oil prices were up 1.6 per cent Wednesday as US data showed a lower level of stockpiles. The gain for energy led nine sector groups higher. Financials and consumer staples were among the strongest sectors.

Utilities was the only sector to end lower and the main TSX index closed up almost 0.5 per cent.

Wall Street rebounded with strong gains for the three main indexes; the Nasdaq was up 1.4 per cent. European and Asian indexes closed mostly lower.

The S&P/TSX Composite Index closed up 74.36 (0.49 per cent)
The Dow Jones closed up 144.0 (0.68 per cent)
Oil is trending (Brent $47.37, WTI $44.78 at 4.10pm)
Gold is trending higher (1250.60 at 4.10pm)
The loonie is valued at U$0.7674

BoC governor hints at interest rate rise
The governor of the Bank of Canada has given a further hint that an interest rate rise could be on the way sooner than previous expectation.

Speaking Wednesday on CNBC while at the ECB Forum in Portugal, Stephen Poloz said that the interest rate cuts appear to have “done their job” and added to the hawkish tone that “we need to be at least considering that whole situation now that the capacity, excess capacity, is being used up steadily.”

Analysts are now expecting a rate rise this year compared to previous calls for a mid-2018 increase, but some are suggesting that the BoC may opt to make an increase as soon as next month.

The governor’s words have pushed the loonie above 76 cents.

Bombardier may not get US duties decision for months
There could be a two-month delay in the US Commerce Department’s decision on whether Bombardier should have duties imposed on its CSeries jets in response to a request from Boeing.

The preliminary decision was due to come next month but Boeing has now asked for it to be put back to September. The Commerce Dept has not yet agreed to the delay.
Bombardier denies claims of unfair competition due to government funding that Boeing says amounts to subsidies.
 

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