Daily Wrap-up: Oil, TSX lower but gold gains

Oil, TSX lower but gold gains... Brookfield adds $25 billion to capital reserves... Bombardier deal with the Feds would mean change for shareholders...House flipping not such a big deal says CIBC’s Tal...

Steve Randall
Oil, TSX lower but gold gains
Resources were in focus Friday and the main TSX index closed lower as oil and aluminum saw declines. Gold prices gained though, despite the strength in the US dollar; producers helped offset some of the losses.

On Wall Street the Dow and S&P both closed lower and posted losses for the third week in a row. The Nasdaq also closed with losses.

Worldwide, Asian markets were broadly lower while the main European indexes managed to shrug off the slide in oil prices to close with gains.
The S&P/TSX Composite Index closed down 39.22 (0.28 per cent)

The Dow Jones closed down 185.2 (1.05 per cent)

Oil is trending lower (Brent $47.85, WTI $46.30 at 4.40pm)

Gold is trending higher (1274.50 at 4.40pm)

The loonie is valued at $0.7733
Brookfield adds $25 billion to capital reserves
Brookfield Asset Management has added a U$25 billion capital reserve for its main funds in the last year and also saw assets under management rise 16 per cent to $240 billion.

The Toronto-based firm has raised funds from around the world and has made acquisitions including energy firms in South America and Australian transportation infrastructure.
Bombardier deal with the Feds would mean change for shareholders
The controlling families behind Bombardier would have to agree to a change in their shareholdings if the firm is to get help from Ottawa. That was the message from the Prime Minister as he tabled a deal to invest $1 billion of federal cash together with $1 billion from Quebec plus a public offering to raise another billion.

The deal would mean the Bombardier and Beaudoin families giving up the dual-class share structure which gives them control, according to sources in touch with the Financial Post.
House flipping not such a big deal says CIBC’s Tal
The flipping of Canadian homes by foreign investors may not be as big a problem as some believe. According to CIBC economist Benjamin Tal, it appears that the majority of foreign funding for real estate purchases in Canada, is to buy a home for family to live in. Although data is sketch, there are many who believe that foreign investors buy here just to make a quick profit.