Data Limits Gains at Open

Nov 08, 2019 (Baystreet.ca via COMTEX) —

Canada’s main stock index rose on Friday, as gains in the technology and health-care sectors were limited by lower oil prices and weak Canadian jobs and housing permits data.

The TSX Composite Index eked up 27.29 points to begin the week’s last session at 16,833.04

The Canadian dollar backed off 0.32 cents to 75.59 cents U.S.

Magna International Inc cut its full-year financial outlook after quarterly sales missed estimates due to a fall in global automobile production and a labor strike at General Motors, its biggest customer.

Magna shares floundered $2.79, or 3.7%, to $71.84.

TC Energy estimates the Keystone oil pipeline can be partially restarted anytime from Sunday to Tuesday, pending regulatory approval, after a more than 9,000-barrel leak in rural North Dakota, shippers on the line said on Thursday. TC shares gained 59 cents to $66.08.

Geodrill said on Thursday two of its employees were killed after an ambush near a Canadian-owned mine in Burkina Faso killed at least 37. Geodrill were unchanged at $1.45.

CIBC cut the rating on Altagas Canada to neutral from outperformer. AltaGas eked up three cents to $19.88.

RBC cut the rating on Medical Facilities to underperform from sector perform. Medical Facilities shares tumbled 56 cents, or 9.8%, to $5.14.

On the economic slate, Statistics Canada reported that, following two consecutive months of growth, employment held steady in October. The unemployment rate was unchanged at 5.5%

StatsCan also said the total value of building permits issued by Canadian municipalities decreased 6.5% to $8.3 billion in September, largely due to declines in the residential sector.

Gains were reported in four provinces, with the largest increase in Alberta (+7.2% to $1.0 billion).

Elsewhere, Canada Mortgage and Housing Corporation said the seasonally adjusted annual rates of housing starts in

Read More Here...

Bookmark the permalink.