Oil price gains following pipeline leak... Canadian jobs gain far exceeds expectations... Hudson’s Bay facing up to ‘brutal’ market...
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Oil price gains following pipeline leak
Oil supply glut concerns eased Friday as a Nigerian pipeline leak boosted buying despite US data showing a further rise in rigs.
Higher prices meant a jump of almost 2 per cent for the energy sector group of the main TSX index with financials the only other gainer. IT, healthcare and materials were among the 8 sectors that ended the session lower but the overall index closed higher.
Wall Street closed mixed with the Dow higher, the S&P500 flat, and the Nasdaq off by 1.8 per cent.
European indexes closed higher along with most Asian bourses.
The S&P/TSX Composite Index closed up 50.12 (0.32 per cent)
The Dow Jones closed up 89.44 (0.42 per cent)
Oil is trending higher (Brent $48.14, WTI $45.82 AT 4.40pm)
Gold is trending lower (1269.30 at 4.40pm)
The loonie is valued at U$0.7427
Canadian jobs gain far exceeds expectations
The Canadian economy added 54,000 jobs in May, with full-time rolls leading, to post the best gain since September.
The data from Statistics Canada took analysts by surprise; they had forecast just 11,000 net gains. Unemployment was up to 6.6 per cent.
While it is good news for the labour market, the downside could be added incentive for the Bank of Canada to increase interest rates earlier than anticipated, possibly before the end of 2017.
Hudson’s Bay facing up to ‘brutal’ market
Hudson’s Bay said Friday that it was taking measures to restructure due to the “brutal” retail market.
The firm has announced job cuts amid streamlining to make it more competitive against the rising online retailers led by Amazon. CEO Gerald Storch said that he knows the company can do better and announced several measures including reducing costs of back office functions.
There could potentially be some asset sales; HBC holds a large real estate portfolio.
Oil supply glut concerns eased Friday as a Nigerian pipeline leak boosted buying despite US data showing a further rise in rigs.
Higher prices meant a jump of almost 2 per cent for the energy sector group of the main TSX index with financials the only other gainer. IT, healthcare and materials were among the 8 sectors that ended the session lower but the overall index closed higher.
Wall Street closed mixed with the Dow higher, the S&P500 flat, and the Nasdaq off by 1.8 per cent.
European indexes closed higher along with most Asian bourses.
The S&P/TSX Composite Index closed up 50.12 (0.32 per cent)
The Dow Jones closed up 89.44 (0.42 per cent)
Oil is trending higher (Brent $48.14, WTI $45.82 AT 4.40pm)
Gold is trending lower (1269.30 at 4.40pm)
The loonie is valued at U$0.7427
Canadian jobs gain far exceeds expectations
The Canadian economy added 54,000 jobs in May, with full-time rolls leading, to post the best gain since September.
The data from Statistics Canada took analysts by surprise; they had forecast just 11,000 net gains. Unemployment was up to 6.6 per cent.
While it is good news for the labour market, the downside could be added incentive for the Bank of Canada to increase interest rates earlier than anticipated, possibly before the end of 2017.
Hudson’s Bay facing up to ‘brutal’ market
Hudson’s Bay said Friday that it was taking measures to restructure due to the “brutal” retail market.
The firm has announced job cuts amid streamlining to make it more competitive against the rising online retailers led by Amazon. CEO Gerald Storch said that he knows the company can do better and announced several measures including reducing costs of back office functions.
There could potentially be some asset sales; HBC holds a large real estate portfolio.
