TSX, loonie soar as oil prices rebound

TORONTO -- The Toronto stock market was solidly ahead Wednesday while the Canadian dollar soared more than a penny against its U.S.

See Full Article

counterpart as the rollercoaster ride in oil prices continued.

In late-day trading, the loonie was up 1.24 U.S. cents at 72.53 cents US amid general weakness in the greenback against most major currencies and a big rebound in oil prices after two days of heavy losses.

The last time the loonie closed up more than a cent was on Jan. 21, when it gained 1.02 cents, although it almost managed that feat again on Jan. 26, closing up 0.97 of U.S. cent.

Meanwhile, the Toronto Stock Exchange's S&P/TSX composite index added to gains throughout the day and was ahead 141.75 points at 12,584.01 after triple-digit loses the two previous days totalling almost 380 points or three per cent.

In New York, markets were mixed, with the Dow Jones industrial average rebounding sharply from early losses to post a 182.64-point advance to 16,336.18. The broader S&P 500 also shed earlier losses to rise 9.57 points to 1,912.60, while the Nasdaq remained slightly in the red, down 7.64 points at 4,509.31.

Commodities strengthened, with the March contract for benchmark crude oil up $2.41 at US$32.29 a barrel after having fallen $3.74 a barrel over the two previous sessions.

Meanwhile, March natural gas added a penny to US$2.04 per mmBtu, while April gold rose $13.30 to US$1,140.50 a troy ounce and March copper jumped four cents to US$2.10 a pound.

The big bounce in oil prices came despite a report from the U.S. Energy Information Administration showing American commercial crude inventories increase by 7.8 million barrels last week, almost double the four-million-barrel gain forecast by analysts.

At almost 503 million barrels, U.S. crude inventories remain at levels not seen at this time of year in a least 80 years, the EIA said.

In retail news, U.S. home improvement giant Lowe's has made a friendly $3.2 billion takeover offer for Quebec-base Rona Inc. (TSX:RON) that has the support of Rona management and the Caisse de depot, which owns about 17 per cent of the company.

Rona stock was up $11.55 or 98.09 per cent at $23.32 in massive trading of more than 16 million shares.



Advertisements

Latest Economic News

  • Dakota Access pipeline builder, U.S. government want lake crossing upheld

    Economic CBC News
    The company building the $3.8 billion US Dakota Access oil pipeline and the Army Corps of Engineers want a judge to reject a request by American Indian tribes to revoke permission for the project to cross a Missouri River reservoir in North Dakota. Source
  • Ontario premier discusses trade issues with auto industry leaders

    Economic CTV News
    TORONTO -- U.S. political leaders are showing a better-than-expected understanding of how important trade with Canada is to the health of the American auto sector, Ontario Premier Kathleen Wynne said Friday. Wynne, who met with several auto industry leaders in Toronto, said her government has been lobbying U.S. Source
  • Wynne: Ontario auto sector concerned about U.S. trade

    Economic CBC News
    Ontario Premier Kathleen Wynne says leaders of the province's auto sector have told her trade with the U.S. is their top concern. Wynne, who met with several industry leaders in Toronto on Friday, says her government has been lobbying U.S. Source
  • It may be approved, but analysts skeptical Keystone XL will be built

    Economic CTV News
    CALGARY - U.S. President Donald Trump has given TransCanada Corp. (TSX:TRP) their long awaited presidential permit for the Keystone XL pipeline, but analysts still aren't counting on it getting built. The company still faces a long list of permits and approvals before it can start construction, especially in Nebraska where a state commission isn't expected to rule on the project until the end of the year. Source
  • Ski-Doo maker BRP posts stronger Q4 results

    Economic CBC News
    The company that makes Ski-Doos, Sea-Doos and Spyders is reporting a stronger-than-expected fourth quarter. BRP Inc. of Valcourt, Que., had $136.6 million or $1.22 per share of net income in its fourth-quarter ended Jan. 31. That compares with a year-earlier loss of $28.7 million or 25 cents per share in the comparable period last year. Source
  • Kraft Heinz lays off 200 workers in Canada, U.S.

    Economic Toronto Sun
    PITTSBURGH — Kraft Heinz Co. has laid off 200 white-collar workers in Canada and the United States. Michael Mullen, the company’s senior vice-president of corporate and government affairs,, says the company is realigning its administrative functions to be more efficient. Source
  • Kraft Heinz lays off 200 white-collar workers in Canada, U.S.

    Economic CTV News
    PITTSBURGH -- Kraft Heinz Co. has laid off 200 white-collar workers in Canada and the United States. Michael Mullen, the company's senior vice-president of corporate and government affairs,, says the company is realigning its administrative functions to be more efficient. Source
  • Twitter exploring subscription-based version for first time

    Economic CBC News
    Twitter Inc. is considering whether to build a premium version of its popular Tweetdeck interface aimed at professionals, the company said on Thursday, raising the possibility that it could collect subscription fees from some users for the first time. Source
  • Keystone XL: A chronological look at the controversial pipeline project

    Economic CTV News
    CALGARY - Since TransCanada Corp. (TSX:TRP) first proposed the 1,897-kilometre Keystone XL pipeline, the project has been studied, stalled, slammed and hyped -- all amid political pressure from interests on all sides of the debate. Source
  • Samsung shareholders welcome stock price gains, rue scandals

    Economic CTV News
    SEOUL, Korea, Republic Of -- Shareholders of Samsung Electronics praised the company Friday for big gains in its share price while lamenting its involvement in a massive corruption scandal that brought the arrest of the company's de facto leader. Source