TSX closes flat after interest rate rise... Big Five move quickly on interest rates... Home Capital announces new CEO...
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TSX closes flat after interest rate rise
Canadian investors weighed the impact of the BoC’s interest rate increase Wednesday and the main TSX index closed the session flat.
Energy continued to gain as oil prices increased but materials ended the session as the largest drag. Industrials was also among the 5 sectors closing lower while financials was among the 5 gaining groups.
Meanwhile on Wall Street, all three major indexes closed higher following testimony to Congress from the Fed chair Janet Yellen. She was still speaking as the closing bell sounded.
European indexes closed higher while most Asian markets closed lower.
The S&P/TSX Composite Index closed down 5.15 (0.03 per cent)
The Dow Jones closed up 123.1 (0.57 per cent)
Oil is trending higher (Brent $47.70, WTI $45.44 at 4.15pm)
Gold is trending higher (1219.60 at 4.15pm)
The loonie is valued at U$0.7851
Big Five move quickly on interest rates
Prime rates at the Big Five banks were increased Wednesday following the BoC’s latest interest rate announcement.
The central bank’s increase to 0.75 per cent was quickly followed by RBC increasing its rate to 2.95 per cent from 2.7 per cent. The TD, BMO, Scotiabank and CIBC all added 25 basis points to their rates.
During the interest rate announcement, the BoC said that a significant amount of economic slack has been taken up but there is expected moderation in growth in the coming months.
The bank expects 2017 growth to be 2.8 per cent, slowing to 2 per cent in 2018 and 1.6 per cent in 2019.
Home Capital announces new CEO
A mortgage and banking industry veteran has been appointed as president and chief executive officer at Home Capital Group and its subsidiaries Home Trust and Home Bank.
Yousry Bissada’s 30 years of industry experience includes 7 years as president and CEO at mortgage tech firm Filogix Inc., and various leadership roles at two of Canada’s big five banks.
The 57 year old is currently president and CEO of financial services consultancy Kanetix Ltd.
“Home plays a critically important role in terms of helping Canadians realize their dream of home ownership,” Mr. Bissada said. “I am excited about the opportunity to work with the strong team at Home Capital and build on the Company’s leading position in the alternative mortgage lending market. We want to be the first choice for depositors, borrowers and brokers.”
One of his first roles will be to find a new CFO for the group.
Canadian investors weighed the impact of the BoC’s interest rate increase Wednesday and the main TSX index closed the session flat.
Energy continued to gain as oil prices increased but materials ended the session as the largest drag. Industrials was also among the 5 sectors closing lower while financials was among the 5 gaining groups.
Meanwhile on Wall Street, all three major indexes closed higher following testimony to Congress from the Fed chair Janet Yellen. She was still speaking as the closing bell sounded.
European indexes closed higher while most Asian markets closed lower.
The S&P/TSX Composite Index closed down 5.15 (0.03 per cent)
The Dow Jones closed up 123.1 (0.57 per cent)
Oil is trending higher (Brent $47.70, WTI $45.44 at 4.15pm)
Gold is trending higher (1219.60 at 4.15pm)
The loonie is valued at U$0.7851
Big Five move quickly on interest rates
Prime rates at the Big Five banks were increased Wednesday following the BoC’s latest interest rate announcement.
The central bank’s increase to 0.75 per cent was quickly followed by RBC increasing its rate to 2.95 per cent from 2.7 per cent. The TD, BMO, Scotiabank and CIBC all added 25 basis points to their rates.
During the interest rate announcement, the BoC said that a significant amount of economic slack has been taken up but there is expected moderation in growth in the coming months.
The bank expects 2017 growth to be 2.8 per cent, slowing to 2 per cent in 2018 and 1.6 per cent in 2019.
Home Capital announces new CEO
A mortgage and banking industry veteran has been appointed as president and chief executive officer at Home Capital Group and its subsidiaries Home Trust and Home Bank.
Yousry Bissada’s 30 years of industry experience includes 7 years as president and CEO at mortgage tech firm Filogix Inc., and various leadership roles at two of Canada’s big five banks.
The 57 year old is currently president and CEO of financial services consultancy Kanetix Ltd.
“Home plays a critically important role in terms of helping Canadians realize their dream of home ownership,” Mr. Bissada said. “I am excited about the opportunity to work with the strong team at Home Capital and build on the Company’s leading position in the alternative mortgage lending market. We want to be the first choice for depositors, borrowers and brokers.”
One of his first roles will be to find a new CFO for the group.
