Canadian stocks continue to rise
The Midday Update
September 29, 2016
Canadian stocks are continuing to rise with the S&P/TSX Composite Index up 0.4%, after rising 1.19% in yesterday’s trading session. The Organization of Petroleum Exporting Countries agreed vote on a proposal to trim production following an informal meeting in Algiers.
Concern over a global glut has weighed on crude prices for at least the past two years. On the S&P/TSX Composite Index, the Materials, Real Estate, Healthcare, Consumer Staples, Healthcare and InfoTech sectors are down while the other six sectors are up.
SNC-Lavalin Group Inc. (SNC) is down 5.8%, the most in almost 14 months, after Canada’s biggest engineering and construction company reduced its forecast for 2016 profit because of cost overruns on two oil and gas projects in the Middle East.
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If you have questions about the current state of the Canadian market, call me or email me at richard.dri@scotiawealth.com.
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