Daily Wrap-Up: TSX closes higher ahead of federal budget

TSX closes higher ahead of federal budget... 1,000 jobs to go at Enbridge... Sears Canada to carry on amid parent’s troubles...

Daily Wrap-Up: TSX closes higher ahead of federal budget
Steve Randall
TSX closes higher ahead of federal budget
There have been several talking points for the markets Wednesday including the breaking news late in the session that a terrorist attack has resulted in 4 deaths in London.

The attack happened close to the seat of the British parliament, which was in session when the attack happened. The session was suspended and the historic Houses of Parliament were in lockdown as security services dealt with the incident.

In Canada, the federal finance minister Bill Morneau’s budget is in focus this evening and the markets closed higher following the sharp drop in the previous session.

The ten sectors of the main TSX were evenly split with telecoms leading gains and healthcare the largest drag. Energy was up slightly despite oil prices falling on news of rising US stockpiles.

Wall Street closed mixed with the Dow flat and the S&P500 and Nasdaq closing higher. European markets closed lower, before the incident in London; Asian markets were also mainly lower.

The S&P/TSX Composite Index closed up 35.33 (0.23 per cent)
The Dow Jones closed down 6.64 (0.03 per cent)
Oil is trending lower (Brent $50.73, WTI $48.14 at 4.25pm)
Gold is trending higher (1247.90 at 4.25pm)
The loonie is valued at U$0.7499

1,000 jobs to go at Enbridge
Enbridge is cutting 6 per cent of its workforce following the acquisition of Texas-based Spectra.

The merger, announced last year, means that some roles in the combined firm are duplicated but the firm has not given specific details of the roles affected.

Enbridge has cut jobs in each of the last two years, along with many firms in the energy sector, however these are the first attributed to the merger with Spectra.

Sears Canada to carry on amid parent’s troubles
The parent company of Sears Canada has warned that it may not be able to continue to trade following a downturn in sales and revenues over recent years.

Although the US and Canadian retailers operate separately, they are ultimately controlled by Edward Lampert, CEO of the US firm.

A spokesman for Sears Canada told the Globe and Mail that it continues on with its plans including a new digital strategy.