Canada's main stock market, the Toronto Stock Exchange, hit a
new intra-day record high of 15,632.58 Friday afternoon before
closing off that - but still up near 70 points at 15625.73. It was
boosted by news that economic growth here rebounded to the fastest
in almost three years in the second quarter. Although the Canadian
dollar was closing lower Friday, it did hit month highs on the news
that seemed to make many investors feel like buying ahead of a long
holiday weekend in North America, with markets in Canada and the
U.S. closed Monday.
Among sectors, Energy drove gains on the prospect of increased
demand for fuel and gas with North American economies
strengthening. However, gains were capped in afternoon trading,
probably because some investors remain wary over tensions between
Russia and Ukraine. According to BNN TV, volumes were down 4% on
normal, but the market was up 0.5% on the week. It said Energy
accounted for about 30 of the points gained.
edged lower on Friday, but was on track to end August with a small
West Texas Intermediate crude had its first weekly gain in more
than a month amid expectations that an improving U.S. economy will
lead to increased fuel demand. Palladium futures hit near 13 year
highs on supply concerns stemming from sanctions against
Athabasca Oil (ATH.TO) and Ivanhoe Energy Inc. (IE.TO, IVAN) and
Bombardier (BBD-B.TO) were in the news. Indeed, Bombardier was the
most active stock on the TSX Friday, falling 3% on reports that a
Swedish company is delaying delivery of Bombardier's new CSeries
jets. Braathens agreed in 2011 to order 10 of the jets in a deal
valued at $665 million. The delay could push the jet's launch
service date to late in 2015, analysts said.
Athabasca Oil said Friday that it has closed the sale of its 40%
interest in the Dover oil sands project to Phoenix Energy Holdings
Limited, a wholly owned subsidiary of PetroChina International
Investment Limited, for net proceeds of $1.184 billion. At closing,
Athabasca received a cash payment of $600 million, in addition to
three interest bearing promissory notes issued by Phoenix for the
remaining $584 million.
Athabasca's shares were under pressure on concerns the proceeds
of the sale had been held up amid uncertainty surrounding a broad
corruption purge in China that had ensnared some executives tied to
the state-owned company's Canadian operations, the Globe & Mail
reported. ATH came off a trading halt to gain more than 4%.
Ivanhoe Energy said Friday it is not aware of any specific
factors, other than information previously disclosed in its public
filings, news releases or statements, which would result in the
levels of trading activity and change in the share price recorded
today. At 13.54pm ET the stock was up 104% at $3.27 on the TSX. It
closed up 55% at $2.49. In its most recent announcement August 27,
Ivanhoe confirmed its intention to fully participate in a new
services contract presently under discussion for the development of
the Block 20 oilfield development project in Ecuador.
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