Business

North American equities rally into the weekend – BNNBloomberg.ca

Published

5 years ago

April 18, 2020

North American equity markets rallied into the weekend, with the S&P/TSX Composite Index gaining 3.31 per cent on Friday, the S&P 500 rising 2.68 per cent, the Dow Jones Industrial Average up 2.99 per cent and the Nasdaq Composite Index notching a 1.38 per cent rise.

In Toronto, 10 of the 11 TSX subgroups closed in positive territory, with information technology. consumer discretionary and financials posting the largest percentage gains. The resource-heavy materials sector closed lower on Friday.

Oil prices were battered with the May contract for U.S. benchmark West Texas Intermediate falling by 7.75 per cent to US$18.34 per barrel. However, a disconnect emerged in the future contracts ahead of shift from May to June, with futures dated in later months posting negligible declines. Oil contracts are priced on a monthly basis, and traders who don’t want to take delivery of physical crude will typically sell futures contracts ahead of expiration. That can lead to volatility in the month-to-month pricing of oil ahead of expiration.

Alberta’s Western Canadian Select rose more than 50 per cent to settle at US$11.12 a barrel.

The Canadian dollar rose about half a per cent against its U.S. counterpart, hitting 71.36 cents U.S. shortly after 4:30 p.m. ET.

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3:05 p.m. ET: North American equities pare gains into the weekend

North American equity markets pared their gains into the late afternoon, with the S&P/TSX Composite Index holding on to a 1.85 per cent advance, the S&P 500 and Dow Jones Industrial Average rising more than one-and-a-half per cent and the Nasdaq Composite Index flat.

In Toronto, 10 of the 11 TSX subgroups were in positive territory, with consumer discretionary, information technology and financials posting the largest percentage gains. Only materials were in negative territory.

On a stock-specific basis, online gambling company Stars Group Inc., flight-simulator manufacturer CAE Inc. and oil producer MEG Energy Corp. all notched double-digit gains.

Oil prices remained in negative territory, with the May contract for U.S. benchmark West Texas Intermediate down nearly eight per cent. Canadian crude was higher, with Western Canadian Select trading at US$10.95 per barrel.

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10 a.m. ET – North American stocks rally amid U.S. reopening plans

North American equity markets were in rally mode to start Friday’s trade, with the S&P/TSX Composite Index rising more than one-and-a-half per cent, the S&P 500 and Dow Jones Industrial Average up more than two per cent and the Nasdaq Composite Index posting a one per cent gain.

Risk assets like stocks gained after the United States unveiled plans for a potential economic reopening after the freeze put in place to combat the COVID-19 outbreak. Indices shrugged off some dour economic data out of China, with the world’s second-largest economy shrinking 6.8 per cent in the first quarter, an unprecedented end to nearly three decades of sustained growth.

Oil came under severe pressure, with the May West Texas Intermediate contract falling more than 10 per cent. However, disconnects in crude prices were pronounced ahead of the rollover to the June futures contract, with oil for May delivery trading more than 25 per cent lower than barrels for June delivery.

The Canadian dollar pushed higher against its U.S. counterpart, rising about 0.4 per cent to trade at 71.27 cents U.S.

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Business

Carry On Canadian Business. Carry On!

Published

20 hours ago

October 22, 2024

Steven Kaszab

Human Resources Officers must be very busy these days what with the general turnover of employees in our retail and business sectors. It is hard enough to find skilled people let alone potential employees willing to be trained. Then after the training, a few weeks go by then they come to you and ask for a raise. You refuse as there simply is no excess money in the budget and away they fly to wherever they come from, trained but not willing to put in the time to achieve that wanted raise.

I have had potentials come in and we give them a test to see if they do indeed know how to weld, polish or work with wood. 2-10 we hire, and one of those is gone in a week or two. Ask that they want overtime, and their laughter leaving the building is loud and unsettling. Housing starts are doing well but way behind because those trades needed to finish a project simply don’t come to the site, with delay after delay. Some people’s attitudes are just too funny. A recent graduate from a Ivy League university came in for an interview. The position was mid-management potential, but when we told them a three month period was needed and then they would make the big bucks they disappeared as fast as they arrived.

Government agencies are really no help, sending us people unsuited or unwilling to carry out the jobs we offer. Handing money over to staffing firms whose referrals are weak and ineffectual. Perhaps with the Fall and Winter upon us, these folks will have to find work and stop playing on the golf course or cottaging away. Tried to hire new arrivals in Canada but it is truly difficult to find someone who has a real identity card and is approved to live and work here. Who do we hire? Several years ago my father’s firm was rocking and rolling with all sorts of work. It was a summer day when the immigration officers arrived and 30+ employees hit the bricks almost immediately. The investigation that followed had threats of fines thrown at us by the officials. Good thing we kept excellent records, photos and digital copies. We had to prove the illegal documents given to us were as good as the real McCoy.

Restauranteurs, builders, manufacturers, finishers, trades-based firms, and warehousing are all suspect in hiring illegals, yet that becomes secondary as Toronto increases its minimum wage again bringing our payroll up another $120,000. Survival in Canada’s financial and business sectors is questionable for many. Good luck Chuck!. at least your carbon tax refund check should be arriving soon.

Steven Kaszab
Bradford, Ontario
skaszab@yahoo.ca

Business

Imperial to cut prices in NWT community after low river prevented resupply by barges

Published

24 hours ago

October 22, 2024

Anne Joseph

NORMAN WELLS, N.W.T. – Imperial Oil says it will temporarily reduce its fuel prices in a Northwest Territories community that has seen costs skyrocket due to low water on the Mackenzie River forcing the cancellation of the summer barge resupply season.

Imperial says in a Facebook post it will cut the air transportation portion that’s included in its wholesale price in Norman Wells for diesel fuel, or heating oil, from $3.38 per litre to $1.69 per litre, starting Tuesday.

The air transportation increase, it further states, will be implemented over a longer period.

It says Imperial is closely monitoring how much fuel needs to be airlifted to the Norman Wells area to prevent runouts until the winter road season begins and supplies can be replenished.

Gasoline and heating fuel prices approached $5 a litre at the start of this month.

Norman Wells’ town council declared a local emergency on humanitarian grounds last week as some of its 700 residents said they were facing monthly fuel bills coming to more than $5,000.

“The wholesale price increase that Imperial has applied is strictly to cover the air transportation costs. There is no Imperial profit margin included on the wholesale price. Imperial does not set prices at the retail level,” Imperial’s statement on Monday said.

The statement further said Imperial is working closely with the Northwest Territories government on ways to help residents in the near term.

“Imperial Oil’s decision to lower the price of home heating fuel offers immediate relief to residents facing financial pressures. This step reflects a swift response by Imperial Oil to discussions with the GNWT and will help ease short-term financial burdens on residents,” Caroline Wawzonek, Deputy Premier and Minister of Finance and Infrastructure, said in a news release Monday.

Wawzonek also noted the Territories government has supported the community with implementation of a fund supporting businesses and communities impacted by barge cancellations. She said there have also been increases to the Senior Home Heating Subsidy in Norman Wells, and continued support for heating costs for eligible Income Assistance recipients.

Additionally, she said the government has donated $150,000 to the Norman Wells food bank.

In its declaration of a state of emergency, the town said the mayor and council recognized the recent hike in fuel prices has strained household budgets, raised transportation costs, and affected local businesses.

It added that for the next three months, water and sewer service fees will be waived for all residents and businesses.

This report by The Canadian Press was first published Oct. 21, 2024.

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Business

U.S. vote has Canadian business leaders worried about protectionist policies: KPMG

Published

24 hours ago

October 22, 2024

Anne Joseph

TORONTO – A new report says many Canadian business leaders are worried about economic uncertainties related to the looming U.S. election.

The survey by KPMG in Canada of 735 small- and medium-sized businesses says 87 per cent fear the Canadian economy could become “collateral damage” from American protectionist policies that lead to less favourable trade deals and increased tariffs

It says that due to those concerns, 85 per cent of business leaders in Canada polled are reviewing their business strategies to prepare for a change in leadership.

The concerns are primarily being felt by larger Canadian companies and sectors that are highly integrated with the U.S. economy, such as manufacturing, automotive, transportation and warehousing, energy and natural resources, as well as technology, media and telecommunications.

Shaira Nanji, a KPMG Law partner in its tax practice, says the prospect of further changes to economic and trade policies in the U.S. means some Canadian firms will need to look for ways to mitigate added costs and take advantage of potential trade relief provisions to remain competitive.

Both presidential candidates have campaigned on protectionist policies that could cause uncertainty for Canadian trade, and whoever takes the White House will be in charge during the review of the United States-Mexico-Canada Agreement in 2026.

This report by The Canadian Press was first published Oct. 22, 2024.

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