Canada Stocks Close Lower; Government Sees Improved Fiscal Outlook in 2014; Air Canada Most Active
Canadian stocks closed lower on Tuesday, Most sectors were up by Metals and Mining led the broader markets lower. Info Tech was the best performing sector in a down tape.
Jim Flaherty, Minister of Finance, today released the annual Update of Economic and Fiscal Projections at the Edmonton Chamber of Commerce, which confirms that the government remains on track to balance the budget in 2015, with an expected surplus of $3.7 billion in 2015 and 2016.
Air Canada (AC-B.TO) was the most active share on the TSX with no fresh specific stock news driving volume. Airlines in general received a boost from news that the DOJ, American Airlines and US Air reached an agreement on their proposed merger. Air Canada closed up 4.5% with 8 million shares changing hands.