A new trilateral trade deal involving Canada, the U.S., and Mexico and a massive Canadian liquefied natural gas (LNG) project getting the green light couldn’t keep the TSX from tumbling today.
Canada’s stock exchange dropped 87 points with losses in the key energy, industrials, and financials sectors.
Energy fell 1.8 percent despite LNG Canada announcing today that it has been given final approval from its primary investors to build a $40 billion liquefied natural gas plant in the northern B.C. community of Kitimat.
The project also includes a 670-kilometre pipeline that will transport natural gas to the plant from the northeastern corner of B.C.
Currency turmoil involving Italy and the European Union pressured global bank stocks, including in Canada. Financials were a noticeable drag on the TSX with the Royal Bank of Canada, TD Bank and the Bank of Nova Scotia trading lower.
In New York, the Dow rallied from a slow start to finish 122 points higher, with Boeing and Caterpillar leading the gains, and a four percent increase in Intel helping to power the tech sector.
The Nasdaq lost eight points with Facebook being the biggest laggard, dropping another 1.9 percent.
With global supply concerns pushing crude prices nearing a four-year high, oil eased today, slipping 22 cents to $75.08 US a barrel while gold rallied in a big way, up $14.90 to $1,204 an ounce.
And after strengthening by more than half a cent yesterday on news of the USMCA agreement, the loonie was flat, down 8/100ths of a cent to $.07794 US.