North American markets post new record highs on stronger U.S. economic growth

first_imgThis report by The Canadian Press was first published Nov. 27, 2019.Companies in this story: (TSX:YRI, TSX:ATD.B, TSX:HBC, TSX:DOO, TSX:ACB, TSX:HEXO, TSX:TRST, TSX:GSPTSE, TSX:CADUSD=X)Ross Marowits, The Canadian Press The TSX enjoyed a broad-based rally with all but one of the 11 major sectors gaining.Health care led, gaining two per cent as shares of several cannabis producers rose, including Aurora Cannabis Inc. and Hexo Corp., which were up 4.7 and 4.5 per cent respectively. CannTrust Holdings Inc. fell 1.8 per cent, however, after it said the Toronto Stock Exchange is reviewing the company’s eligibility for continued listing on the exchange.“The sector has been extremely volatile of late as investors digest a multitude of industry challenges but for the day the stocks are higher,” said Crowther.Consumer discretionary climbed 1.4 per cent as Hudson’s Bay shares surged nearly 11.3 per cent as Catalyst Capital Group made an alternative offer that topped one from a group of investors led by HBC executive chairman Richard Baker.BRP Inc. shares were up 2.5 per cent after the recreational producers maker said it rode sales of three-wheeled and utility vehicles to record third-quarter revenues, boosting its financial guidance for the third time this year.Advertisement TORONTO — North American stock markets set new record highs yet again on good U.S. data including a positive revision in economic growth in the third quarter.U.S. GDP came in at a 2.1 per cent annual rate over the summer, up from the Commerce Department’s prior forecast of 1.9 per cent. In addition, durable goods orders rebounded in October from a decrease the month before while initial claims for state unemployment benefits declined.“At the margin those positive news items could be what’s driving the market higher in general,” said Ryan Crowther, portfolio manager at Franklin Bissett Investment Management.- Advertisement -The sentiment also caused gold and silver prices to weaken.On the trade front, U.S. President Donald Trump’s statement that Phase 1 talks are nearly complete and comments from Chinese officials continued to support positive sentiment by investors even as the Dec. 15 deadline approaches for the imposition of US$156 billion in new tariffs on Chinese-made items including consumer goods.Markets are hoping the tariffs are eliminated or delayed.Advertisement Consumer staples was higher as Alimentation Couche-Tard shares were up 2.4 per cent after it announced a $7.7-billion offer for an Australian retailer and posted good fiscal second-quarter results.The energy sector was up despite lower futures for crude oil and natural gas. It fell on a report saying U.S. crude stockpiles grew by 1.6 million barrels last week and production hit a record high of 12.9 million barrels per day.The January crude contract was down 30 cents at US$58.11 per barrel and the January natural gas contract was down 3.2 cents at US$2.50 per mmBTU.Materials was the lone losing sector on the day, falling marginally led by Yamana Gold Inc. down 2.9 per cent.The February gold contract was down US$6.60 at US$1,460.80 an ounce and the March copper contract was down 0.15 of a cent at US$2.70 a pound.Advertisement “Nothing concrete so there’s nothing to hang your hat on yet as far as results but there seems to be some progress in the right direction being made, at least that’s what seems to be being interpreted by the market,” Crowther said in an interview.The S&P/TSX composite index closed up 64.69 points to a record close of 17,100.57 and an intraday high of 17,104.30.In New York, the Dow Jones industrial average was up 42.32 points at 28,164.00. The S&P 500 index was up 13.11 points at 3,153.63, while the Nasdaq composite was up 57.25 points at 8,705.18. All three markets rose for a fourth-straight day to set all-time record highs.The Canadian dollar traded for 75.31 cents US compared with an average of 75.26 cents US on Tuesday.Advertisementlast_img read more

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SETTING UP BANKS ‘COULD HELP SAVE RURAL POST OFFICES’ – TD

first_imgIndependent TD Thomas Pringle is supporting movies for post offices to provide basic bank accounts at all its branches – helping many of the outlets to survive.A member of the Joint Committee on Communications, Natural Resources and Agriculture, Deputy Pringle an IPU presentation to the committee on the need for the Financial Inclusion Strategy to include the Post Office network in the roll out of the Basic Payment Account.The Basic Payment Account is a means to ensure that everyone has access to a basic bank account. Said the Donegal politician: “With the Department of Social Protection intending to move to a direct payment method into bank accounts the Basic Payment Account operated through the Post Office network will give many financially excluded people access to an account that will continue to allow them to access their social welfare payment through their local post office.“Studies in the UK have shown that the lack of a bank account can cost people up to £1,000 per year in extra costs. The Department of Finance are piloting the implementation of the basic bank account at the minute and the Post Office is the perfect way to roll out this account.”He said that more than 17% of people in Ireland do not have a bank account and the government have decided to look at providing a basic account for citizens.Many people do not trust the banks and may not want an account or have easy access to banks. The Post Office is a trusted part of most communities and can provide the basic account in a way that will provide the easiest access for everyone and continue to allow people to get their payments in their local post office, said Pringle. He added: “This proposal would also help to ensure the continued operation of many rural post offices by growing the services that they can provide. The IPU have also proposed that the post office could provide car tax, draft the register of electors and take other local authority payments. The committee decided to call in the relevant departmental officials to ensure that the proposal is given serious consideration.” SETTING UP BANKS ‘COULD HELP SAVE RURAL POST OFFICES’ – TD was last modified: February 15th, 2012 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:An PostDeputy Thomas Pringlelast_img read more

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