Oil fears prove largest drag in weak TSX session... Canadian Natural Resources swings back into profit... NAFTA could take at least 18 months...
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Oil fears prove largest drag in weak TSX session
Only two of the sector groups of the main TSX closed higher Thursday and even they were slim.
Fears that OPEC output will maintain global oversupply hit oil prices and the energy sector was down almost 3%. Materials, IT and healthcare also posted large losses but 8 sector groups closed in the red.
Wall Street closed mixed as the Dow posted another record close while the Nasdaq and S&P500 closed lower. European markets were mostly higher, except for Germany; Asian markets were lower.
Gold prices slipped back as markets await US jobs data in the next session.
The S&P/TSX Composite Index closed down 73.67 (0.48%)
The Dow Jones closed up 9.86 (0.04%)
Oil is trending lower (Brent $51.93, WTI $48.94 at 4.35pm)
Gold is trending lower (1274.40 at 4.35pm)
The loonie is valued at U$0.7949
Canadian Natural Resources swings back into profit
A year ago, Canadian Natural Resources reported a $339 million (39 cents per diluted share) loss; a year on and it’s in profit to the tune of $1.07 billion (93 cents).
The firm said its oil production jumped to an average 913,171 barrels per day from 783,988 a year earlier.
However, it is cutting back its capital spending program by around $180 million, leaving around 3.7 billion of spending planned for 2017.
NAFTA could take at least 18 months
The renegotiation of NAFTA could be a long process according to Mexico’s economy minister.
Speaking Thursday, Ildefonso Guajardo said that it would be the end of 2018 or start of 2019 at best, before the free trade deal is implemented. He also said that ensuring an effective dispute resolution process was a key factor, something Canada’s PM Justin Trudeau is also keen to protect.
Free access for goods and services and a stronger integration of labour are among the important points that Mexico wants from the three-way deal.
Only two of the sector groups of the main TSX closed higher Thursday and even they were slim.
Fears that OPEC output will maintain global oversupply hit oil prices and the energy sector was down almost 3%. Materials, IT and healthcare also posted large losses but 8 sector groups closed in the red.
Wall Street closed mixed as the Dow posted another record close while the Nasdaq and S&P500 closed lower. European markets were mostly higher, except for Germany; Asian markets were lower.
Gold prices slipped back as markets await US jobs data in the next session.
The S&P/TSX Composite Index closed down 73.67 (0.48%)
The Dow Jones closed up 9.86 (0.04%)
Oil is trending lower (Brent $51.93, WTI $48.94 at 4.35pm)
Gold is trending lower (1274.40 at 4.35pm)
The loonie is valued at U$0.7949
Canadian Natural Resources swings back into profit
A year ago, Canadian Natural Resources reported a $339 million (39 cents per diluted share) loss; a year on and it’s in profit to the tune of $1.07 billion (93 cents).
The firm said its oil production jumped to an average 913,171 barrels per day from 783,988 a year earlier.
However, it is cutting back its capital spending program by around $180 million, leaving around 3.7 billion of spending planned for 2017.
NAFTA could take at least 18 months
The renegotiation of NAFTA could be a long process according to Mexico’s economy minister.
Speaking Thursday, Ildefonso Guajardo said that it would be the end of 2018 or start of 2019 at best, before the free trade deal is implemented. He also said that ensuring an effective dispute resolution process was a key factor, something Canada’s PM Justin Trudeau is also keen to protect.
Free access for goods and services and a stronger integration of labour are among the important points that Mexico wants from the three-way deal.
