The mar­kets to­day

The Prince George Citizen - - Money -

TORONTO (CP) — Crude oil prices sank to a seven-month low Tues­day on sup­ply in­creases in the Mid­dle East while North Amer­i­can mar­kets closed higher. The De­cem­ber crude con­tract was down 89 cents per share at US$62.21 per bar­rel. That’s the low­est level since April 6.

Oil prices have been de­creas­ing in re­cent ses­sions on re­ports that Iran will be al­lowed to trade oil with eight coun­tries and that Saudi Ara­bia has been pro­duc­ing more oil than ex­pected, says Do­minique Barker, port­fo­lio man­ager at CIBC As­set Man­age­ment. “It’s start­ing to be­come a sup­ply story,” she said in an in­ter­view. The United States re-im­posed sanc­tions on Iran Mon­day. Some feared the move would cause oil prices to spike, but U.S. Pres­i­dent Don­ald Trump carved out ex­emp­tions for China, Ja­pan, South Korea, In­dia, Tai­wan, Greece, Italy and Turkey.

North Amer­i­can mar­kets all closed higher on elec­tion day as the prospect of in­creased grid­lock in Wash­ing­ton, D.C., from di­vided gov­ern­ment didn’t seem to phase in­vestors.

Polls have sug­gested that the Democrats would at least gain con­trol of the House of Rep­re­sen­ta­tives, mak­ing it more dif­fi­cult to raise the debt ceil­ing and reach con­sen­sus with the Trump White House.

“That’s ob­vi­ously some­thing that the mar­ket is think­ing about but there’s noth­ing re­ally to do at the mo­ment so it’s just cre­at­ing a lit­tle bit of an over­hang,” she said. How­ever, Barker added that mar­kets im­proved af­ter 18 of the past midterm elec­tions.

The S&P/TSX com­pos­ite in­dex closed up 75.01 points to 15,292.71.

The health care sec­tor led on gains for many cannabis stocks and Bausch Health Com­pa­nies Inc., which re­ported bet­ter ad­justed earn­ings.

It was fol­lowed by util­i­ties and en­ergy. Tele­com and in­dus­tri­als led on the down­side as shares of Fin­ning In­ter­na­tional Inc. and Toromont In­dus­tries Ltd. fell on slight earn­ings misses. “We’ve had some earn­ings and one les­son is if you’re go­ing to have earn­ings they bet­ter be good,” Barker said, point­ing to the per­for­mance of these com­pa­nies shares.

In New York, the Dow Jones in­dus­trial av­er­age gained 173.31 points to 25,635.01. The S&P 500 in­dex was up 17.14 points to 2,755.45, while the Nas­daq com­pos­ite was up 47.11 points at 7,375.96.

The Cana­dian dol­lar traded at an av­er­age of 76.16 cents US com­pared with an av­er­age of 76.36 on Mon­day.

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