13.07.2016 22:30:42
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TSX Win Streak Alive Despite Oil Plunge -- Canadian Commentary
(RTTNews) - Canadian stocks inched higher Wednesday, extending a dramatic run to 11-month highs despite renewed concerns about weakness in the energy sector.
The Bank of Canada held its benchmark interest rate steady at 0.5 percent today, but warned about a potential bubble in housing prices.
"The fundamentals remain in place for a pickup in growth," the bank said, but risks include the fallout from the UK's landmark Brexit vote.
The S&P/TSX Composite was up 16 points, or 0.11 percent, to 14,493.80. That's after triple-digit gains three days in a row.
Energy stocks were down 1.3 percent as oil prices tumbled.
August WTI was oil down $2.05, or 4.4%, to settle at $44.75/bbl, near its lowest in two months.
The U.S. Energy Information Administration (EIA) reported a 2.5-million-barrel reduction in U.S. crude oil inventories.
Gold stocks rose 2 percent, but health care shares lost 2.9 percent.
Canadian Tire (CTC.TO,CTC_A.TO) announced the re-appointment of Stephen Wetmore as President and CEO, effective immediately. Shares were down 3.7 percent.
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