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

  • U.S. Senate approves Powell to follow Yellen as Fed chair in Feb.

    Economic CTV News
    WASHINGTON -- The U.S. Senate on Tuesday approved President Donald Trump's selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month. Senators voted 85-12 to confirm Powell to lead the nation's central bank, a post that is considered the most powerful economic position in government. Source
  • U.S. Senate approves Powell to follow Yellen as Federal Reserve chair

    Economic CBC News
    The U.S. Senate on Tuesday approved President Donald Trump's selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month. Senators voted 85-12 to confirm Powell to lead the nation's central bank, a post that is considered the most powerful economic position in government. Source
  • CN Rail raises dividend after earning $5.5 billion in 2017

    Economic CTV News
    MONTREAL -- CN Rail is raising its quarterly dividend 10 per cent after its 2017 profits surged 51 per cent to nearly $5.5 billion helped by lower U.S. taxes. The country's largest railway says it will pay 45.5 cents per common share on March 29, to shareholders of record on March 8. Source
  • Legal marijuana shops could boost nearby properties: experts, study

    Economic CTV News
    TORONTO -- While Ontario landlords are looking to ban marijuana use in their rental units and several municipalities don't want legal cannabis stores in their neighbourhoods, a U.S. study suggests that pot could lift property values. Source
  • Mogo Finance Technology to begin bitcoin mining with DMG Blockchain Solutions

    Economic CTV News
    VANCOUVER -- Online lender Mogo Finance Technology Inc. says it has formed a new subsidiary to begin bitcoin mining through an agreement with Vancouver-based DMG Blockchain Solutions Inc. Mogo Blockchain Technology Inc. says it will initially lease 1,000 bitcoin mining machines to be managed and operated by DMG at its facilities in British Columbia. Source
  • Bell Canada confirms customer data breach

    Economic CBC News
    Bell Canada is alerting customers after hackers illegally accessed customer information, the telecom giant told CBC News. The information accessed included details such as names, email addresses, account names and phone numbers. Bell said there was no indication that credit card or other banking information was taken. Source
  • Bell Canada alerts customers after data breach

    Economic CBC News
    Bell Canada is alerting customers after hackers illegally accessed customer information, the telecom giant told CBC News. The information accessed included details such as names, email addresses, account names and phone numbers. Bell said there was no indication that credit card or other banking information was taken. Source
  • Bell Canada alerts customers who may be affected by data breach

    Economic CTV News
    TORONTO -- Bell Canada is alerting some customers that their information has been illegally accessed in a potential data breach. The company's notice doesn't say how many Bell customers were affected but media reports say the total could be 100,000. Source
  • Procter & Gamble CEO says company working to stop Tide Pod challenge

    Economic CBC News
    Procter & Gamble says it's working to stop a social media-fuelled trend called the Tide Pod challenge, which involves teenagers eating single-load laundry detergent packets. The American Association of Poison Control Centers warned last week of a spike in teenagers eating the detergent pods, saying consuming them can cause seizures, respiratory arrest and even death. Source
  • CEO says company working to stop 'Tide pod challenge'

    Economic CTV News
    NEW YORK -- Procter & Gamble says it's working to stop the "Tide Pod challenge," a social media-fueled trend in which teenagers eat single-load laundry detergent packets. The American Association of Poison Control Centers warned last week that it had seen a spike in teenagers eating the detergent pods, which it says can cause seizures, respiratory arrest and even death. Source