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Energy stocks help lift S&P/TSX composite, U.S. stock markets mixed

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TORONTO – Strength in energy stocks helped Canada’s main stock index climb higher in late-morning trading, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 16.72 points at 24,050.55.

In New York, the Dow Jones industrial average was up 424.66 points at 42,599.77. The S&P 500 index was up 7.89 points at 5,753.26, while the Nasdaq composite was down 43.50 points at 18,146.79.

The Canadian dollar traded for 74.12 cents US compared with 74.22 cents US on Thursday.

The November crude oil contract was up 21 cents at US$67.88 per barrel and the November natural gas contract was up 14 cents at US$2.89 per mmBTU.

The December gold contract was down US$26.80 at US$2,668.10 an ounce and the December copper contract was down a penny at US$4.63 a pound.

This report by The Canadian Press was first published Sept. 27, 2024.

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

The Canadian Press. All rights reserved.



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Complainant breaks down as cross-examination resumes in Hoggard sexual assault trial

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HAILEYBURY, Ont. – Jacob Hoggard’s sexual assault trial resumed this morning with a brief, emotional exchange during the continued cross-examination of his accuser.

The complainant alleges Hoggard raped, choked, slapped and urinated on her in his hotel room after she attended his band’s concert and an after-party in Kirkland Lake, Ont., eight years ago.

Hoggard, the frontman for the band Hedley, has pleaded not guilty in the trial. The defence and Crown agree that a sexual encounter took place, prosecutors are seeking to prove it was not consensual.

The complainant broke down in sobs and requested a break about 20 minutes into the day while under intense questioning from defence lawyer Megan Savard about her memories of the alleged assault.

The woman forcefully denied that there was a romantic atmosphere in the hotel room and that she did anything to participate in the removal of her clothing.

Savard was questioning the quality of her memory, and whether it was possible she was basing her testimony on emotions rather than recall, when the complainant began to break down.

This report by The Canadian Press was first published Sept. 27, 2024.

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Federal government posts $7.3B deficit between April and July

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OTTAWA – The federal government’s deficit has grown to $7.3 billion so far this fiscal year.

The Finance Department’s latest fiscal monitor says the deficit between April and July compares with a $1.2 billion deficit over the same period last year.

Revenues during the four-month period increased by $14.9 billion, or 10.2 per cent, from April to July 2023.

Program expenses excluding net actuarial losses were up $17.5 billion, or 13.5 per cent, as the federal government spent more on programs and transfers to provinces and territories.

Public debt charges rose by $4.2 billion, or 28.8 per cent, due to higher interest rates.

Net actuarial losses fell by $0.8 billion, or 23.2 per cent.

This report by The Canadian Press was first published Sept. 27, 2024.

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N.S. government again ups deficit in fall forecast, but fears this time may come true

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HALIFAX – In what’s become a September pattern in Nova Scotia politics, the province’s finance minister is again projecting a bigger deficit than anticipated in his spring budget.

However, unlike what’s occurred in the past two years, Finance Minister Allan MacMaster says he’s worried that the flow of red ink won’t be reversed by higher-than-forecast revenues as the year progresses.

MacMaster announced today the deficit forecast for 2024-25 has increased $187 million to $654 million on his $16.7 billion budget, due to higher department spending and a slowing flow of tax revenue.

The finance minister says that this year he’s a bit nervous about the trends, as tax revenues are forecast to be about $70 million less than anticipated in the spring budget.

The minister says the softening of revenues is a “small but … notable” trend, and his officials will be carefully observing more detailed tax data expected in November.

The forecast also includes about $243 million more in spending than forecast, including measures that weren’t announced or anticipated in the spring budget.

The provincial government has overestimated its deficit by wide margins in recent years and has made a number of spending announcements outside the spring budget process — drawing critiques from the auditor general for spending public money without the same legislative oversight that the budget receives.

This report by The Canadian Press was first published Sept. 27, 2024.

The Canadian Press. All rights reserved.



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