Markets Flat on BoC Comments

Feb 06, 2019 ( via COMTEX) —

Canada’s main stock index poked upward at the open on Wednesday, after a slide in oil prices hurt the energy sector and Bank of Canada’s comment that U.S. trade policies were holding back Canadian investments weighed on the sentiment.

The S&P/TSX Composite Index gained 4.11 points to open Wednesday at 15,706.80

The Canadian dollar fell 0.29 cents to 75.89 cents U.S.

Aphria said on Wednesday it had rejected U.S. cannabis retailer Green Growth Brands’ hostile takeover bid, saying the offer significantly undervalued the company.

Aphria shares dipped 97 cents, or 6.9%, to $13.10.

Canadian pharmaceutical industry lobby groups, in an effort to head off a planned crackdown on prescription drug prices, offered to give up $8.6 billion in revenue over 10 years, freeze prices or reduce the cost of treating rare diseases

Suncor Energy reported a quarterly loss on Tuesday, compared with a profit a year ago, as lower prices for the country’s crude offset gains from higher refinery margins. Suncor shares lost 73 cents, or 1.7%, to $42.77.

National Bank of Canada upped the target price Intact Financial to $109.00 from $106.00. Intact shares rocketed $5.38, or 5.1%, to $109.96.

National Bank of Canada boosted the target price on Loblaw Companies to $67.00 from $62.00. Loblaw gained 18 cents to $66.23.

RBC cut the rating on SmartCentres REIT to outperform from top pick. SmartCentres units settled 25 cents to $33.53.

On the economic docket, Statistics Canada reported that Canadian municipalities issued $8.8 billion worth of building permits in December, up 6.0% from November and the fourth consecutive monthly increase.

The gain was largely due to higher construction intentions for multi-family dwellings and commercial buildings, with both components hitting record highs.

Western University’s IVEY School of Business presents its Purchasing Managers Index for

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