Things were flat on Bay Street today as the heavyweight energy and financial sectors held things down.
The TSX closed the day at 16,133, nearly 11 points lowers. Oil prices were down over worries that OPEC could bump up production to make up for any supply shortages from Venezuela and Iran.
As for financials, despite better than expected second quarter numbers, CIBC shares were actually down more than 1.5 per cent today, with Royal Bank and BMO shares down as well. CIBC’s Q2 results come while the mortgage market is cooling off, with experts saying that could be chalked up to push back over the stricter mortgage rules that came in earlier this year.
On Wall Street the Dow Jones closed up 52 points after spending most of the day in the red, as investors digested mixed messages on trade talks with China from U.S. President Donald Trump.
At press time oil is down 48 cents to $71.72 U.S. per barrel, gold is up $1.20 to $1,293.20 an ounce, and the loonie is down close to a tenth of a cent to 77.92 cents U.S.