Oil continues higher to break $50, equities slip on healthcare... November was better for Canada’s manufacturers... Job losses at Mondelez... Calls to block Chinese deal to acquire Canadian seniors homes...
Oil prices headed higher again Thursday although at around a third of the pace seen in the previous session. The 3 per cent gain pushed US crude above the $50 barrier though while Brent was headed towards $54.
Equities were lower though despite a strong lead from the energy sector. Healthcare was the largest drag, down 4 per cent and single-handedly erasing the four sectors with gains.
The main TSX index closed lower while Wall Street was mixed with the Dow managing a slim gain but the S&P500 and Nasdaq lower. European indexes closed lower while Asian markets were generally higher.
The S&P/TSX Composite Index closed down 55.32 (0.37 per cent)
The Dow Jones closed down 68.35 (0.36 per cent)
Oil is trending higher (Brent $53.72, WTI $50.91 at 4.10pm)
Gold is trending lower (1173.90 at 4.10pm)
The loonie is valued at U$0.7504
November was better for Canada’s manufacturers
There was finally some better news for Canadian manufacturers in November with growth in orders at the highest level for 7 months.
The RBC Canadian PMI was up to a seasonally-adjusted 51.5 from 51.1 in October while new orders were boosted by exports and the index rose from 50.4 in October to 52.2 last month.
Job losses at Mondelez
Cookie maker Mondelez is shedding 454 jobs as it shutters its Montreal factory. The job losses will happen over the next 12 months with the factory set to close by the end of 2017.
The company said that its other Canadian plants will not be affected by the closure in Montreal.
Calls to block Chinese deal to acquire Canadian seniors homes
Canadian retirement home company Retirement Concepts is set to be acquired by a company reportedly controlled by one of China’s biggest insurance companies.
CBC News reports that seniors advocates are calling on Ottawa to block the deal by Canadian Cedar Tree Investments Inc. which is apparently owned by Anbang Insurance Group.