Employers lock out longshore workers in Montreal after contract offer rejected

TORONTO – Canada’s main stock index moved higher Monday, as strength in technology and financial stocks helped outweigh weakness in other parts of the market, while U.S. markets also rose.

The Dow Jones outperformed the major U.S. indexes Monday, rising 0.7 per cent, while some large tech companies weighed other parts of the market down.

“That’s just a continuation of certain sectors that rallied post-election,” said Stephen Duench, vice-president and portfolio manager at AGF Investments Inc.

The continued strength was led by so-called “Trump trades” that could benefit from the soon-to-be president Donald Trump’s promised policies. These include financial stocks and domestic industrials, as well as Bitcoin and the U.S. dollar, said Duench.

In New York, the Dow Jones industrial average was up 304.14 points at 44,293.13. The S&P 500 index was up 5.81 points at 6,001.35,while the Nasdaq composite was up 11.99 points at 19,298.76.

The S&P/TSX composite index closed up 29.88 points at 24,789.28.

Bitcoin rose above US$87,000 for the first time, riding the post-election wave as Trump has pledged to make the U.S. the crypto capital of the world.

Overall, investors have been in a risk-taking mood since the election results came out, Duench said, with commodities showing more weakness as investors move out of their safe havens.

“While gold is kind of getting hurt since the election, Bitcoin is benefiting just because of a little bit more risk-on behaviour,” he said.

The Russell 2000 — an index made up of small-cap stocks in the U.S. — has also had a great run since the election, noted Duench.

This week will bring the latest inflation report in the U.S., after the U.S. Federal Reserve cut its key interest rate again last week.

Investors are also still working their way through earnings season, which is close to done in the U.S. but still in swing in Canada.

This season has been characterized by dramatic reactions to companies that miss expectations, said Duench.

“Misses on revenues or earnings were punished more than they usually are,” he said.

This has been even more pronounced in Canada, he added.

It’s likely a symptom of markets being at record highs, said Duench.

“Investors like momentum,” he said.

The Canadian dollar traded for 71.82 cents US, according to XE.com,compared with 71.88 cents US on Friday.

The December crude oil contract was down US$2.34 at US$68.04 per barrel and the December natural gas contract was up 25 cents at US$2.92 per mmBTU.

The December gold contract was down US$77.10 at US$2,617.70 an ounce and the December copper contract was down eight cents at US$4.23 a pound.

— With files from The Associated Press

This report by The Canadian Press was first published Nov. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

TORONTO – RioCan Real Estate Investment Trust says it earned $96.9 million in its third quarter, up from a loss of $73.5 million a year earlier.

The company says its revenue totalled $286.3 million, up from $271.4 million during the same quarter last year.

President and CEO Jonathan Gitlin says the company is capitalizing on a favourable environment for retail real estate.

He says RioCan continues to “strategically evolve” its tenant roster in favour of income stability and growth.

The company says as of Monday, almost 86 per cent of units in the residential rental portion of its new flagship Toronto property The Well were leased.

It says foot traffic at The Well continues to surpass expectations, and 97 per cent of its commercial space is leased.

This report by The Canadian Press was first published Nov. 11, 2024.

Companies in this story: (TSX:REI.UN)

The Canadian Press. All rights reserved.

HALIFAX – As Nova Scotia politicians make their fall election promises, Julie Leggett is urging them to commit to helping people on income assistance stay cool during heat waves.

The resident of New Glasgow, N.S., recently won an appeal board decision granting her a $450 reimbursement for an air conditioner, and she’s hoping the victory will become a wider policy in the Department of Community Services.

The 44-year-old bought the air conditioner with a loan from a friend this summer because she couldn’t face another stretch of weeks during which the heat increased her chronic pain and added complications to her multiple sclerosis.

However, the Department of Community Services refused to pay for the unit, leading her to make her case before the Assistance Appeal Board.

In an Oct. 22 ruling, board member Wanda MacDonald agreed with Leggett that the medical conditions she experiences are made worse by the blasts of high heat that can sweep across the province in July and August.

Air conditioners are not explicitly on a list of “special needs” that people on income assistance in the province are eligible for, according to an email from the department.

However, MacDonald noted in her written ruling that Leggett had provided medical information showing how heat could worsen her chronic pain and other health conditions. The adjudicator concluded Leggett met the regulation’s criteria that the item requested — the air conditioner — “is essential for health.”

“The appeal is granted,” wrote the board member. “The department will provide funding to reimburse the appellant for the portable air conditioner as a one-time special need.”

Leggett said in an interview that while she appreciates the decision, she’s hoping for a policy change in which people living in apartments on income assistance can obtain air conditioning without having to fight through similar appeal processes.

She said that for people like her — living on about $1,300 a month in disability income assistance — the cost of purchasing an air conditioner is beyond reach.

“It is a need of every human being, whether they have a disability or health condition or not,” she said.

She added that if the government continues to resist providing cooling to people on income assistance, it will result in the province having to cover the costs of emergency transport and of medical conditions made worse by extreme heat.

The decision noted that, “since borrowing the money to purchase an air conditioner, the appellant (Leggett’s) health has improved.”

On the provincial election campaign, two of the main parties’ leaders said they supported Leggett’s request for the policy change, while Progressive Conservative Leader Tim Houston, whose party is far ahead in recent polls, said he would consider it if re-elected Nov. 26.

Houston told reporters on Nov. 5, “through the Department of Community Services, there are different programs for cellphones, there’s additional money for medical conditions and dietary requirements. That (air conditioning) would be something … we should look at and we’d be happy to look at that.”

NDP Leader Claudia Chender said in an email, “What happened to Julie Leggett is unacceptable. She should not have had to fight the government over this, but we are glad she won her case.”

“The NDP has previously called for air conditioning in long-term care and government-owned seniors buildings.”

Zach Churchill, leader of the Liberal Party, told reporters last week, “those things (air conditioning) should be made available for them, particularly if it is an issue of life and death or a major health issue in a period of intense heat or cold,” he said.

Vince Calderhead, a lawyer who has represented people in appeals before the board, said in an email its findings are not binding for other cases, but can have an influence.

“Should a similar case arise, the department wouldn’t be bound by the decision though it ought to give it due consideration in its administration of the legislation,” he said.

This report by The Canadian Press was first published Nov. 11, 2024.