Canada Stocks Close Higher; Traders Eye Friday's Employment Report; Fortis Inc. Most Active
Canadian stocks closed higher on Thursday ahead of Friday's employment report. Sectors were mixed with Healthcare leading the way higher but Metal and Mining capped gains.
According to a BMO note of last Friday, Canadian employment likely rose 15,000 in December, matching the trend over the past year. Its call for a modest gain is consistent with the third straight monthly drop in consumer confidence, with pessimism about the job market weighing on the survey. It says that weakness counters the continued improvement in the GDP figures of late (though October is the latest month).
Canadian distribution utility Fortis Inc. (FTS-IR.TO) said Thursday that its Fortis US Holdings Nova Scotia Limited subsidiary completed the sale of C$1.8 billion in 4.00% convertible unsecured subordinated debentures. The stock closed up 3.1% with 22 million shares changing hands.