TSX closes flat at end of positive week

first_img The Toronto stock market gave up a modest gain to close little changed Friday while investors looked to the release of a disappointing read on U.S. home sales last month. The S&P/TSX composite index slipped 4.65 points to 14,205.72 at the end of a positive week for the Toronto market. TSX gets lift from financials, U.S. markets rise to highest since March Share this article and your comments with peers on social media Related news Malcolm Morrison S&P/TSX composite hits highest close since March on strength of financials sectorcenter_img The Canadian dollar continued to pile up losses for a third day, down 0.28 of a cent to 89.82 cents US as Statistics Canada said that December retail sales tumbled 1.8 per cent from November. Economists had expected a drop of just 0.4 per cent. The agency also reported that the Canadian consumer price index was up 1.5 per cent in January compared with a year earlier. U.S. indexes were lacklustre as the National Association of Realtors said existing house sales dropped 5.1 per cent in January following a 0.8 per cent rise in December. It was the worst pace in 18 months as cold weather, limited supplies of homes on the market and higher buying costs held back purchases. The drop took the annualized rate of sales down to 4.62 million but analysts said one month of negative data doesn’t change the trend. “The concern that started to surface last year with the move in interest rates was whether we would see a big impact on mortgage financing — and we did see a temporary slowdown on the housing front,” said Mark Bayko, vice-president and portfolio manager at RBC Wealth Management. “That was cause for some alarm but, thus far, people remain fairly comfortable with the improving trend that has been in place now for quite some time.” The Dow Jones industrials fell 29.93 points to 16,103.3, while the Nasdaq lost 4.13 points to 4,263.41 and the S&P 500 index dropped 3.53 points to 1,836.25. Next: TSX sectors @[email protected] TSX sectors Techs were the biggest TSX drag as BlackBerry (TSX:PBB) shed 24 cents or 2.3 per cent to $10.17. The gold sector moved down about 0.4 per cent even as April gold gained $6.70 to US$1,323.60 an ounce. Eldorado Gold Corp. (TSX:ELD) shares were 16 cents lower to $7.96 as the miner posted a US$687.6-million quarterly net loss amid lower values for its assets and reduced gold prices and output. Revenue was $231.7 million, down from US$350 million in the fourth quarter of 2012. The energy sector rose 0.23 per cent even as the April crude contract in New York declined 55 cents to US$102.20 a barrel. March copper was up a cent at US$3.29 a pound and the base metals sector rose 0.19 per cent. Thompson Creek Metals Co. Inc. (TSX:TCM) posted an adjusted net loss of US$28.5 million or 17 cents per share, missing forecasts for a loss of three cents a share. Revenue was also below expectations. But its shares rose 26 cents or 8.81 per cent to $3.21 as it also said that it will suspend operations at its molybdenum mine in Idaho by the end of this year due to persistent low prices. In the U.S., Groupon plunged 21.88 per cent after the online deals company said it expected to post a loss this quarter. The company also issued a weak outlook for the year. The TSX ended the week with a solid gain of 1.07 per cent, reflecting general satisfaction with fourth-quarter earnings reports and positive U.S. manufacturing data on Thursday. The Dow faltered somewhat this week, down 0.3 per cent but strong earnings reports have left the index up 2.57 per cent for the month while the TSX has jumped 3.73 per cent so far in February. Toronto stock market dips on weakness in the energy and financials sectors Keywords Marketwatch Facebook LinkedIn Twitterlast_img read more

Report recommends Quebec prohibit disparities in retirement plans

first_img Federal budget fails to support needed pension reform, retiree group says Quebec should engage with the rest of the provinces to address the unequal treatment of pension plan members that has emerged in recent years, a report from a government task force concludes. The provincial government released a report Thursday from a task force that was struck to examine the issue of the unequal treatment of pension plan members base solely on hiring date, which typically makes plans less generous to newer workers. After studying the issue, the group has concluded that Quebec cannot act unilaterally without harming the competitiveness of its businesses. Keywords Pensions,  Quebec Canadian plan sponsors post positive quarter despite bond slump James Langton Budget 2021 revives tax issues from 2019center_img Share this article and your comments with peers on social media The report recommends that the government act to prohibit new disparities in retirement plans, group insurance plans and other benefits plans. It also calls for an interprovincial working committee to “jointly examine the possibility of legislating to prohibit disparities” in these sorts of plans. “We openly welcome this report and I would like to thank the members of the task force, who are proposing several worthwhile avenues. The question is complex and we will take the time to properly analyze the proposals to find the best solution. From the standpoint of working conditions and retirement plans, we have a duty to treat fairly young people and future generations,” says Carlos Leitão, minister of finance of Quebec, in a statement. “To ensure intergenerational equity, the Quebec government must continue to be a leader in Canada in the realm of labour standards. At the same time, the government must ensure that Quebec companies and firms operating in Quebec find a favourable business environment there. A healthy economic environment benefits all Quebecers. Quebec can do even more but it cannot act alone. To this end, it must send a clear signal that intergenerational equity is a question that it will promote beyond its borders,” adds André Fortin, Minister of Transport, Sustainable Mobility and Transport Electrification. Related news Facebook LinkedIn Twitterlast_img read more