North Korea issue leads to slump for TSX... CI Financial to acquire Sentry in $780 million deal... Manulife CFO denies John Hancock sell-off reports...
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North Korea issue leads to slump for TSX
World stock markets started the day in negative mood with losses for Asian indexes but the sharp drop in sentiment hit North America and Europe harder.
The main TSX index was down sharply with healthcare leading to decline for a second session. Also among the weakest were the IT energy and highly-influential financials sector groups. All ten groups were lower though.
Meanwhile on Wall Street there were sharp losses for all three major indexes; the NASDAQ lost 2%. European and Asian markets also closed lower.
Oil prices also took a tumble Thursday as Russia and OPEC members signalled intentions to increase output.
Gold was a popular choice for risk-avoiding inventors and prices gained almost 1%.
The S&P/TSX Composite Index closed down 143.1 (0.94%)
The Dow Jones closed down 204.7 (0.93%)
Oil is trending higher (Brent $51.80, WTI $48.46 at 4.40pm)
Gold is trending higher (1291.60 at 4.40pm)
The loonie is valued at U$0.7851
CI Financial to acquire Sentry in $780 million deal
Two of Canada's largest independent active asset managers are to combine.
CI Financial Corp. and Sentry Investment Corp. reached an agreement for CI to acquire Sentry and its subsidiary Sentry investment Inc for a total of $780 million in cash and shares.
"We're very pleased to be adding a firm of this quality to the CI Financial group of companies as it will significantly enhance our position as a Canadian independent global asset manager," said Peter W. Anderson, CI's Chief Executive Officer. "The combined company will enjoy greater scale, which is key to being competitive in the investment industry today."
The transaction is expected to close at the end of September.
Manulife CFO denies John Hancock sell-off reports
Reports that Manulife financial could be planning to sell off its US business unit John Hancock has been dismissed as speculation and rumour by Manulife chief financial officer.
Steve Roder spoke following an article in the Wall Street Journal reporting that Manulife was looking to sell the US business due to pressure from some shareholders.
World stock markets started the day in negative mood with losses for Asian indexes but the sharp drop in sentiment hit North America and Europe harder.
The main TSX index was down sharply with healthcare leading to decline for a second session. Also among the weakest were the IT energy and highly-influential financials sector groups. All ten groups were lower though.
Meanwhile on Wall Street there were sharp losses for all three major indexes; the NASDAQ lost 2%. European and Asian markets also closed lower.
Oil prices also took a tumble Thursday as Russia and OPEC members signalled intentions to increase output.
Gold was a popular choice for risk-avoiding inventors and prices gained almost 1%.
The S&P/TSX Composite Index closed down 143.1 (0.94%)
The Dow Jones closed down 204.7 (0.93%)
Oil is trending higher (Brent $51.80, WTI $48.46 at 4.40pm)
Gold is trending higher (1291.60 at 4.40pm)
The loonie is valued at U$0.7851
CI Financial to acquire Sentry in $780 million deal
Two of Canada's largest independent active asset managers are to combine.
CI Financial Corp. and Sentry Investment Corp. reached an agreement for CI to acquire Sentry and its subsidiary Sentry investment Inc for a total of $780 million in cash and shares.
"We're very pleased to be adding a firm of this quality to the CI Financial group of companies as it will significantly enhance our position as a Canadian independent global asset manager," said Peter W. Anderson, CI's Chief Executive Officer. "The combined company will enjoy greater scale, which is key to being competitive in the investment industry today."
The transaction is expected to close at the end of September.
Manulife CFO denies John Hancock sell-off reports
Reports that Manulife financial could be planning to sell off its US business unit John Hancock has been dismissed as speculation and rumour by Manulife chief financial officer.
Steve Roder spoke following an article in the Wall Street Journal reporting that Manulife was looking to sell the US business due to pressure from some shareholders.
