Daily Wrap-up: 2 per cent drop for oil snaps TSX rally

2 per cent drop for oil snaps TSX rally... Canada’s top bosses earn 159 times workers’ average... Manufacturing sales up 0.1 per cent... StatsCan chief quits over independence fears...

Steve Randall
2 per cent drop for oil snaps TSX rally
The main index of the Toronto Stock Exchange closed lower Friday as a 2 per cent drop for oil hit global stocks. Utilities was the only sector to gain while healthcare took the biggest drop, down more than 4 per cent.

Financial stocks worldwide were under pressure following the announcement of a massive U$14 billion penalty for Deutsche Bank to settle a US Department of Justice investigation into the sale of mortgage-backed securities.

Wall Street closed lower with banks and energy firms weighing heavily. European markets closed lower while Asian markets were mixed amid thin trade with three major markets closed for holidays.
The S&P/TSX Index closed down 52.83 (0.36 per cent)
The Dow Jones closed down 88.68 (0.49 per cent)
Oil is trending lower (Brent $46.01, WTI $43.24 at 4.50pm)
Gold is trending lower (1313.30 at 4.50pm)
The loonie is valued at U$0.7568
Canada’s top bosses earn 159 times workers’ average
The best paid chief executives in Canada earns almost 159 times as much as an average Canadian worker according to a Gallagher McDowall & Associates report.

Including wages, stock options and other compensation the CEO’s of the TSX 60 banked $7.89 million in 2015, down slightly from 2014’s $7.99 million; the average worker takes home $49,000 a year.

In tax terms, the highest paid CEO’s paid 44 per cent of their earnings in 2015 compared to average workers’ 16 per cent.
Manufacturing sales up 0.1 per cent
Higher costs of food, gasoline and coal products, and primary metals helped boost Canada’s manufacturing sales by 0.1 per cent in July.

Statistics Canada reported Friday that sales were higher in 9 of 21 industries with aerospace products and parts, and machinery the main drags.

The total value of manufacturing sales was $50.7 billion.  
StatsCan chief quits over independence fears
Concern over a threat to the independence of Statistics Canada has prompted the resignation of its chief statistician. Wayne Smith told the National Statistical Council that the centralisation of federal IT functions means that Shared Services Canada could potentially veto the statistics agency’s operations. Mr Smith said he has quit to make the public aware of the situation and his position will be Anil Arora.