May 17, 2018 (Baystreet.ca via COMTEX) —
Canada’s main stock index opened higher on Thursday, as energy shares gained after oil prices hit their highest since November 2014.
The S&P/TSX Composite Index gained 59.5 points to open Thursday at 16,167.56
The Canadian dollar tailed off 0.23 cents to 78 cents U.S.
Nutrien said on Thursday it would sell 62.5 million Class A shares in Chilean lithium producer Sociedad Quimica Y Minera (SQM) to Tianqi Lithium Corp for $4.07 billion.
Nutrien shares gave back 18 cents to $66.00.
Enbridge said on Thursday it would bring its independent units and liquids and gas pipeline assets under a single listed entity as part of a move to streamline its corporate structure.
Enbridge shares climbed 49 cents, or 1.2%, to $42.29.
Construction on TransCanada Corp’s $4.8-billion Coastal GasLink pipeline will start in early 2019, pending a positive final investment decision on the linked LNG Canada project
TransCanada shares docked 37 cents, or $54.32.
Desjardins raised the price target on Innergex Renewable Energy to $15.50 from $15.25. Innergex gained 18 cents, or 1.4%, to $13.56.
Canaccord Genuity cut the rating on Just Energy Group to hold from buy. Just Energy shares dumped 33 cents, or 6.5%, to $4.74.
On the economic front, Statistics Canada reported that foreign investment in Canadian securities totaled $6.1 billion in March, led by acquisitions of money market instruments.
At the same time, Canadian investors reduced their holdings of foreign securities by $1.9 billion, the first divestment in four months.
The TSX Venture Exchange dropped one point to 780.50
Eight of the 12 TSX subgroups were higher, with energy soaring 1.9%, industrials stronger 0.8% and consumer staples ahead 0.4%.
The four laggards were health-care, down 0.4%, with telecoms and consumer discretionary stocks sinking 0.1% each.