TSX flat as Hurricane Harvey impacts energy sector... Toromont in $1 billion acquisition of heavy equipment business... iA Financial leader appointed to the Order of Canada...
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TSX flat as Hurricane Harvey impacts energy sector
The energy sector is under pressure as the storm battering the Gulf Coast continues to close oil and natural gas production facilities. That impact has hit oil prices and saw the energy sector of the main TSX slump more than 1.5%.
Half of the sector groups closed lower including the influential financials sector but with gains for the other 5 groups, including an almost 2.5% gain for materials, the overall index closed flat.
Wall Street closed mixed with the Dow and S&P almost flat and the Nasdaq closing higher. Asian markets were also mixed while European indexes were broadly lower.
The S&P/TSX Composite Index closed down 3.96 (0.03%)
The Dow Jones closed down 5.27 (0.02%)
Oil is trending lower (Brent $52.03, WTI $46.77 at 4.55pm)
Gold is trending higher (1315.60 at 4.55pm)
The loonie is valued at U$0.7998
Toromont in $1 billion acquisition of heavy equipment business
Toromont is to buy rival heavy equipment supplier Hewitt Group for $1.02 billion.
The deal, announced Monday, will allow Toromont to benefit from increased government infrastructure spending and bring the combined firm’s Caterpillar dealerships to 120 and expand its growing international footprint.
The deal is $917.7 million in cash and 2.25 million Toromont shares.
The combination of the Toronto-based Toromont and Vancouver-based Hewitt is expected to close in the fall.
iA Financial leader appointed to the Order of Canada
Yvon Charest, the president and CEO of iA Financial Group has been appointed as an officer to the Order of Canada.
The investiture took place on August 25 at Rideau Hall and the honour was awarded in recognition of Mr Charest’s overseeing of the firm’s remarkable growth which has made a significant contribution to the country's economy.
He is also a seasoned philanthropist, actively involved with charitable organizations, and encourages the business community to do likewise.
The energy sector is under pressure as the storm battering the Gulf Coast continues to close oil and natural gas production facilities. That impact has hit oil prices and saw the energy sector of the main TSX slump more than 1.5%.
Half of the sector groups closed lower including the influential financials sector but with gains for the other 5 groups, including an almost 2.5% gain for materials, the overall index closed flat.
Wall Street closed mixed with the Dow and S&P almost flat and the Nasdaq closing higher. Asian markets were also mixed while European indexes were broadly lower.
The S&P/TSX Composite Index closed down 3.96 (0.03%)
The Dow Jones closed down 5.27 (0.02%)
Oil is trending lower (Brent $52.03, WTI $46.77 at 4.55pm)
Gold is trending higher (1315.60 at 4.55pm)
The loonie is valued at U$0.7998
Toromont in $1 billion acquisition of heavy equipment business
Toromont is to buy rival heavy equipment supplier Hewitt Group for $1.02 billion.
The deal, announced Monday, will allow Toromont to benefit from increased government infrastructure spending and bring the combined firm’s Caterpillar dealerships to 120 and expand its growing international footprint.
The deal is $917.7 million in cash and 2.25 million Toromont shares.
The combination of the Toronto-based Toromont and Vancouver-based Hewitt is expected to close in the fall.
iA Financial leader appointed to the Order of Canada
Yvon Charest, the president and CEO of iA Financial Group has been appointed as an officer to the Order of Canada.
The investiture took place on August 25 at Rideau Hall and the honour was awarded in recognition of Mr Charest’s overseeing of the firm’s remarkable growth which has made a significant contribution to the country's economy.
He is also a seasoned philanthropist, actively involved with charitable organizations, and encourages the business community to do likewise.
