TSX, loonie continue gains as oil prices rise

TORONTO -- The Toronto stock market advanced for a third consecutive session Thursday as Canada's main index continued to ride a wave of rising oil prices.

See Full Article

At mid-afternoon, the S&P/TSX index was up 171.35 points at 12,549.12 for a cumulative gain over the last three days of almost 406 points or 3.3 per cent.

The oil-sensitive Canadian dollar was also trading higher, up 0.19 of a U.S. cent at 71.1 cents US.

In New York, the Dow Jones industrial average was up 101.11 points at 16,045.57, while the S&P 500 advanced 11.72 points to 1,894.67 and the Nasdaq added 38.74 points to 4,506.91.

In commodities, the main focus was on oil, where the March contract for benchmark North American crude was up 75 cents or 2.7 per cent at US$33.05 after having been as high as US$34.82 a barrel earlier in the session.

Thursday's increase was on top of a 6.5 per cent climb over the previous two days amid ongoing talks between Russia and Saudi Arabia about possible production cuts.

The March natural gas contract was up two cents at US$2.18 per mmBtu, while April gold was off 90 cents at US$1,115.40 an ounce and March copper lost a penny to US$2.05 a pound.

The gain on North American indexes followed what was a down day elsewhere around the globe.

In Europe, Germany's DAX fell 2.4 per cent, while France's CAC-40 closed down 1.3 per cent and Britain's FTSE 100 shed one per cent.

In Asia, Japan's benchmark Nikkei 225 index gave was down 0.7 per cent, while China's main Shanghai composite index in mainland China finished 2.9 per cent lower.



Advertisements

Latest Economic News

  • Brent oil price hits 2-year high as OPEC and Turkey talk down supply

    Economic CBC News
    The price of the European benchmark oil blend rose to its highest level since the summer of 2015, amid signs that the worldwide glut of supply may start to dissipate. Brent crude oil briefly went as high as US $59.49 a barrel after Turkish President Tayyip Erdogan threatened to cut off a pipeline that takes 600,000 barrels per day of oil from Iraq through Kurdish territory into a Turkish port. Source
  • Toronto real estate board raises concerns about possible vacancy tax

    Economic CTV News
    TORONTO - The Toronto Real Estate Board is urging the city to exercise caution regarding a possible vacant home tax. The board says it's worried there is not enough data or evidence to support the idea that a vacancy tax would increase the supply of rental housing. Source
  • Equifax CEO suddenly retires as data breach fallout continues

    Economic CBC News
    Equifax CEO Richard Smith is retiring less than three weeks after the company admitted to a cybersecurity breach that had exposed the personal information of 143 million Americans. The Atlanta-based company's board made the announcement before markets opened on Tuesday that the 57-year-old Smith is retiring from both positions after 12 years leading the company. Source
  • Equifax CEO suddenly ousted as data breach fallout continues

    Economic CBC News
    Equifax CEO Richard Smith is retiring less than three weeks after the company admitted to a cybersecurity breach that had exposed the personal information of 143 million Americans. The Atlanta-based company's board made the announcement before markets opened on Tuesday that the 57-year-old Smith is retiring from both positions after 12 years leading the company. Source
  • Equifax CEO suddenly out as data breach fallout continues

    Economic CBC News
    Equifax CEO Richard Smith is retiring less than three weeks after the company admitted to a cybersecurity breach that had exposed the personal information of 143 million Americans. The Atlanta-based company's board made the announcement before markets opened on Tuesday that the 57-year-old Smith is retiring from both positions after 12 years leading the company. Source
  • Bombardier faces prospect of bad news for its aerospace and railway businesses

    Economic CTV News
    MONTREAL -- Bombardier seems headed towards a double barrel of bad news Tuesday with the potential to affect its commercial aircraft and railway businesses. The first hit is coming from Europe, where multiple media reports say the French government has approved the merger of Alstom with German railway manufacturer Siemens. Source
  • Equifax dumps CEO in wake of damaging data breach

    Economic CTV News
    NEW YORK -- Credit reporting agency Equifax is ousting CEO Richard Smith in an effort to clean up the mess left by a damaging data breach that exposed highly sensitive information about 143 million Americans. Source
  • Sold! 'Tennis ball-sized' diamond fetches $66M at auction

    Economic CTV News
    A tennis ball-sized rough diamond, said to be the second largest gem-quality example ever found, fetched nearly $66 million (US$53 million) for a Vancouver-based diamond producer on Monday. Lucara Diamond Corp. unearthed the 1,109 carat Lesedi La Rona stone at its Karowe mine in Botswana nearly two years ago. Source
  • Ivanka Trump's business ties shrouded in secrecy in China

    Economic CTV News
    SHANGHAI -- It is no secret that the bulk of Ivanka Trump's merchandise comes from China. But just which Chinese companies manufacture and export her handbags, shoes and clothes is more secret than ever, an Associated Press investigation has found. Source
  • Reports say ride-sharing service Uber could stop operations in Quebec, possibly today

    Economic CTV News
    MONTREAL -- Published reports say ride-hailing company Uber could be about to cease operations in Quebec. Reports in Montreal La Presse and the Journal de Montreal say the company could make an announcement as early as today because of new rules governing the service announced last Friday. Source