TORONTO — The Toronto stock market posted a solid advance Monday as sharply higher commodity prices boosted mining and energy stocks.The S&P/TSX composite index closed 74.03 points higher at 15,100.65 after being up more than 100 points most of the afternoon before giving back some of its gains late in the day.The loonie closed up 0.55 of a U.S. cent at 80.14 cents. The American dollar has weakened since the U.S. Labour Department reported last week that only 126,000 jobs were created in March, the first time in a year that fewer than 200,000 American jobs were added in a month.New York markets soared as traders reasoned that Friday’s dismal U.S. jobs report means that the Federal Reserve will be in no hurry to raise interest rates. Low rates are generally seen as a boon to markets.Traders were also encouraged by the U.S. Institute for Supply Management’s services index, even though it slipped to 56.5 in March from 56.9 in February. Any reading over 50 indicates expansion.The overall index was dragged down by a measure of sales, which fell last month. However, gauges of hiring and orders were both up, a sign that U.S. services firms may be expecting solid growth in the coming months and that recent signs of a weakening in the American economy may prove temporary.The Dow Jones industrial average rose 117.61 points to 17,880.85, the Nasdaq climbed 30.38 points to 4,917.32 and the S&P 500 was up 13.66 points at 2,080.62.John Stephenson, president and CEO of Stephenson & Co. Capital Management, said the anticipated findings of the ISM survey, Friday’s U.S. non-farm payrolls report and the likelihood that it will be months before the nuclear deal with Iran will see more oil coming onto the market were all “positive indicators that the market took very favourably.”Stephenson also noted that Saudi Arabia raised its benchmark price on oil shipments to Asia, its biggest market, on the weekend.“One of the issues that has hurt the crude complex is the fact that Saudi Arabia seemed to be willing to, at all costs, gain market share and obviously this (price increase) is a bit of an inflection in that thinking,” he said.On the commodity markets, the May crude contract closed up $3 at US$52.14 a barrel, while June gold bullion rose $17.70 to US$1,218.60 an ounce.The heavily weighted gold and energy sectors were the two leading gainers on the TSX.In economic news, the Bank of Canada’s quarterly sampling of business confidence said the sharp drop in oil prices in recent months — down more than 50 per cent from last summer — have dampened the confidence of companies when it comes to future sales growth, investment and hiring.But when it comes to the Toronto stock market, Stephenson said it pays to keep in mind the heavy weighting of oil and other commodities, the prices of which tend to move inversely with the value of the U.S. dollar.“So, the U.S. dollar is weakening against a basket of currencies so that’s one issue. And the other issue is just the fact that there is more uncertainty out there and gold has typically been a safe-haven investment that people flock to in times when they are uncertain.”The Canadian Press

admin |

Related Posts

Referring to the statement, Judge Robin Johnson described the public’s “horror” at such offending, adding: “I can hardly think of a fraud which would meet with greater revulsion.” Mr Power was a genuine Grenfell resident who died in the fire along with his three dogs, while his daughter Rebecca Ross escaped.She told police Peters had never lived with them.Peters appeared at Isleworth Crown Court on Thursday to plea guilty to one count of perverting the court of justice and two counts of fraud, relating the Grenfell. Peters will be sentenced on Friday.CPS prosecutor Kate Mulholland, said: “Derrick Peters lied about staying in Grenfell to benefit from aid and assistance meant for true survivors of the fire.”He then used the same lie to mislead a court and avoid a prison sentence, a serious offence in itself but which also allowed him to continue to defraud the taxpayer by claiming more accommodation.”Our prosecution was able to prove Peters’s calculated dishonesty leading to the guilty pleas.” Grenfell Tower in west LondonCredit:David Mirzoeff/PA Grenfell Tower in west London A burglar who lied about losing a friend and his possessions in the Grenfell Tower disaster stole jewellery while he was being put up in a taxpayer funded hotel with survivors, a court heard.Derrick Peters, 58, then continued to lie about the tragedy to the sentencing judge to avoid a jail term for breaking into a flat. He was shown leniency with a community order, and returned to the Park Grand hotel in west London, where he racked up a bill of £40,000.Peters, who has 40 convictions for 90 offences, including 24 for fraud and 73 for theft, was evicted when the council discovered he had no links to the tragedy.He told officials on June 28 last year he had been living with his friend Steve Power at the time of the deadly blaze, which left 72 people dead. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings.

“The check points were there to tackle terrorism, says Mr Beattie, “and even then they didn’t work”.He believes intelligence-led work by the police, MI5, National Crime Agency and others is likely to increase in intensity, if not visibility.The threat from Dissident Republicans is currently graded by the PSNI as ‘severe’. The government gave permission for an extra 300 officers to be recruited as a one-off because of the uncertainty around Brexit, but no decisions have yet been made regarding infrastructure. The PSNI spokesman said: “It’s a political decision. Everyone’s watching with bated breath”.Security forces in Northern Ireland are still hunting for those responsible for the car bomb attack in Londonderry last weekend. Although no group has claimed responsibility it is thought the New IRA – formed from the largely defunked Real IRA and other disaffected Republicans – was responsible.    Doug Beattie, a member of the Stormont Assembly for the Ulster Unionist Party, says fixed infrastructure or a greater presence by the police or military in response to a no-deal Brexit will be eschewed in favour of more subtle solutions. Troops will not be deployed to the Irish border in the event of No Deal, police and security experts have said despite the Irish prime minster’s warnings to the contrary.Any fixed infrastructure or army presence located on the border of Northern Ireland is likely to be targeted by terrorists, and it is therefore inconceivable that such a measure would be authorised, sources told the Sunday Telegraph.The question of troops being deployed to the border was raised this week by Leo Varadkar, who said any custom posts might need “an army presence to back it up” and that he could not see how technology could act as a suitable substitute for physical checks at the border.Speaking  in Davos the Taoiseach said of technical solutions to border checks: “They don’t exist and nobody has been able to show them to me”.However, a spokesman for the  Police Service of Northern Ireland told the Telegraph: “You only have to look at history.”If something looks like a target it will be treated as such”.A former Special Branch Officer agreed that any police or soldiers based on the border would likely be shot at and subjected to bomb attacks: “Any infrastructure on the border will be a target, without a shadow of a doubt.” A mural on the wall of the republican party Saoiradh’s offices (linked to the New IRA) in the Bogside area of Londonderry, Jan 22, 2019.Credit:Alan Lewis-Photopress Belfast A mural on the wall of the republican party Saoiradh's offices (linked to the New IRA) in the Bogside area of Londonderry, Jan 22, 2019. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings.

Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedWest Bank businessman slapped with causing death chargeAugust 4, 2016In “Crime”Sanjay Persaud secures $500,000 bail after convicted by MagistrateOctober 14, 2015In “Crime”Businessman charged with causing death by dangerous drivingNovember 23, 2017In “Court” The 28-year-old businessman who is accused of driving his vehicle in a dangerous manner resulting in the death of a Perseverance, East Bank Demerara resident on December 10, 2018, was on Friday morning placed on $400,000 bail when he appeared at the Georgetown Magistrates’ Courts.Oscar Stull pleaded not guilty to the charge when it was read to him by Chief Magistrate Ann McLennan.Stull was ordered to lodge his passport at the court and report to the Providence Police Station weekly.He is required to reappear in court on January 18, 2019.It was previously reported that the deceased, Quacy Lewis, who is a mechanic, was fixing the wheel of a motor vehicle along the side of the road when Stull’s vehicle allegedly slammed into him.He was pronounced dead shortly after.

Leave a Reply

Your email address will not be published. Required fields are marked *