Loonie briefly breaks through 70 cents U.S. as TSX rises

TORONTO -- Strengthening oil prices sent North American stock markets higher while also helping the commodity-sensitive Canadian dollar briefly punch through the 70-cent U.S.

See Full Article

mark Thursday.

At mid-afternoon, the loonie added 0.89 of a U.S. cent to 69.9 cents U.S. after cresting above 70 cents earlier in the day -- more than a full cent higher than its Wednesday close. The Canadian dollar hasn't closed above 70 cents U.S. in more than a week.

The Toronto Stock Exchange's S&P/TSX composite index was up 120.09 points at 11,963.20 as the March contract for benchmark crude oil rose $1.13 or almost four per cent to US$29.48 a barrel. The oil subsector was the biggest advancer on the TSX, up 4.39 per cent.

The increase in oil prices came despite a report showing a big jump in U.S. oil inventories last week, up four million barrels versus the 2.2 million that had been expected.

Strength in energy issues also led gains in New York, where markets were mixed. The Dow Jones industrial average rose 81.09 points to 15,847.83 after losses Wednesday, while the broader S&P 500 added 4.79 points to 1,864.12 and the Nasdaq fell 5.57 points to 4,466.12.

Elsewhere in commodities, the February contract for natural gas was unchanged at US$2.12 per mmBtu, while February gold fell $4.10 to US$1,102.10 an ounce and March copper rose three cents to US$1.99 a pound.

Besides the boost from oil prices, markets were also encouraged by remarks from the head of the European Central Bank, Mario Draghi, who said the bank would consider using more stimulus measures for the European economy at its next meeting in March.



Advertisements

Latest Economic News

  • Competition Bureau reaches settlement with Leon's and the Brick

    Economic CTV News
    OTTAWA - The Competition Bureau says it has reached an agreement with Leon's Furniture Ltd. and the Brick Ltd. regarding allegations of deceptive marketing practices. As part of the settlement, Leon's and the Brick have agreed to each donate $750,000 worth of home furnishings over two years to charities to be approved by the regulator. Source
  • Competition Bureau settles with Leon's, The Brick over marketing practices

    Economic CBC News
    The Competition Bureau says it has reached an agreement with Leon's Furniture Ltd. and the Brick Ltd. regarding allegations of deceptive marketing practices. As part of the settlement, Leon's and The Brick have agreed to each donate $750,000 worth of home furnishings over two years to charities to be approved by the regulator. Source
  • Pipeline backlogs to cost Canadian economy $10.7B this year: Scotiabank

    Economic CTV News
    CALGARY -- Delayed oil pipeline construction is causing a steep discount for Canadian crude prices that is costing the economy roughly $15.6 billion a year or about 0.75 per cent of GDP, according to Scotiabank. Source
  • Don't fall for the staging: Real estate expert on how to avoid rookie buyer mistakes

    Economic CTV News
    Being a first-time home buyer without guidance from qualified professionals is like using the internet to diagnose a serious illness -- it’s not going to end well. That’s the advice Toronto real estate agent and industry expert Karyn Filiatrault gives to millennials looking to enter the housing market. Source
  • Trump government expected to defend tariffs on Canadian solar modules in court

    Economic CBC News
    President Donald Trump's decision to hit imports of Canadian solar energy modules with staggering tariffs, starting this month, has sparked another court battle over the extent of his powers to push through his America First agenda. Source
  • Trump administration expected to defend tariffs on Canadian solar modules in U.S. trade court

    Economic CTV News
    TORONTO -- U.S. President Donald Trump's decision to hit imports of Canadian solar energy modules with staggering tariffs, starting this month, has sparked another court battle over the extent of his powers to push through his America First agenda. Source
  • Canadian wholesale sales fall for first time in three months

    Economic CBC News
    Canadian wholesale sales fell surprisingly for the first time in three months in December as sales in five of the seven sectors tracked marked declines. Wholesale sales were down 0.5 per cent to $63 billion in the month - well below economists' forecast of a 0.4 per cent increase. Source
  • Hundreds of KFC outlets in U.K. closed amid chicken shortage

    Economic CTV News
    LONDON -- Chicken is still as scarce as hen's teeth at KFC's British outlets. KFC says about 470 of the fried chicken chain's 900 U.K. restaurants remained closed Tuesday because of a chicken shortage. Source
  • Thomson Reuters CEO expected to make full recovery from heart issue

    Economic CBC News
    Thomson Reuters Corp. said on Tuesday chief executive officer Jim Smith is in stable condition after an arrhythmia incident on Feb. 12 and is expected to be released from hospital within the next two weeks. Last week, the company said Smith was taken to a Toronto hospital after feeling unwell and was under observation at the hospital. Source
  • Hamilton considering legislation to limit number of payday loan outlets

    Economic CTV News
    City of Hamilton councillors are set to vote Tuesday on a motion to limit the number of payday loan outlets in the city, after accusations of "predatory" behaviour from activists. The radial separation legislation before council is aimed at keeping payday loan companies from targeting low-income communities, whose members often turn to the high-interest businesses in desperation, but fall further into debt because of the high interest rates and fees that come with the loans. Source