Daily Wrap-up: Oil prices up 2 per cent, gold rebounds

Oil prices up 2 per cent, gold rebounds... Canadians foreign securities investments rebound... Potential $525 million write-off for Rogers scrapped platform...

Steve Randall
Oil prices up 2 per cent, gold rebounds
Commodity prices were in focus Friday as oil gained 2 per cent on the recently-agreed producer cuts. Meanwhile, gold prices were at a near-2016 low but rebounded from earlier decline.

The rise for oil came as producers began notifying customers of their intention to cut output from January.

The main TSX index gained with 8 of the 10 groups rising, led by utilities and energy; healthcare and materials lagged.

Wall Street was flat, while European and Asian indexes were generally higher.
The S&P/TSX Composite Index closed up 33.89 (0.22 per cent)
The Dow Jones closed down 8.94 (0.05 per cent)
Oil is trending higher (Brent $54.08, WTI $52.01 at 4.10pm)
Gold is trending higher (1135.70 at 4.10pm)
The loonie is valued at U$0.7490
Canadians foreign securities investments rebound
Foreign securities bought by Canadian investors increased in October following two months of divestment. Figures from Statistics Canada show that $2.1 billion of foreign investments were made in the month, mainly US corporate instruments.

Meanwhile, foreign investors acquired $15.8 billion of Canadian securities, surpassing the $13.7 billion monthly average for the first 9 months of 2016. Canadian debt securities issued by private corporations were the main acquisitions.
Potential $525 million write-off for Rogers scrapped platform
Rogers Communications may have to write-off as much as $525 million after deciding to cancel its planned cloud-based TV platform and partner instead with Comcast.

Rogers’ IPTV was due to launch by early 2017 but it has followed similar decisions by Shaw and Cogeco to use a third-party platform rather than develop its own in-house system.