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Canadian stocks rise despite oil drop after Turkey coup

Xinhua, July 19, 2016 Adjust font size:

Canada's main stock market in Toronto stayed positive Monday despite a drop in energy stocks as crude oil prices fell after the failed coup attempt in Turkey over the weekend.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 49.98 point, or 0.35 percent, to close at 14,532.40 points. Six of the TSX index's eight main sub-sectors were higher.

North American stock markets were all higher as better Chinese economic data helped to calm jitters over Turkey's failed coup. Growth in China's economy held steady at 6.7 percent in the second quarter of the year, compared to a year earlier, supported by better-than-expected factory output and retail sales.

TSX stayed positive as banks, some consumer stocks, industrials and materials gained, while energy shares weighed with lower oil prices.

Oil prices dropped on Monday as rising U.S. crude rigs and fuel inventories spurred market concerns that another glut is building up.

U.S. WTI light sweet crude for August delivery lost 0.71 U.S. dollars to settle at 45.24 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery erased 0.65 U.S. dollars to close at 46.96 U.S. dollars a barrel on the London ICE Futures Exchange.

The most influential movers on the TSX index included Valeant Pharmaceutical International Inc., which jumped 2.84 percent to 30.40 Canadian dollars (23.50 U.S. dollars) after a company it has a licensing agreement with reported positive results for a new drug.

Canadian Natural Resources, the country's largest natural gas producer, rebounded 0.39 percent to 41.52 Canadian dollars per share.

Pipeline operators fell, with TransCanada Corporation down 1.32 percent to 60.38 Canadian dollars. Enbridge Inc. ticked up 0.37 percent to 54.31 Canadian dollars, while Suncor Energy, the country's largest oil and gas producer, took in 0.30 percent to 36.19 Canadian dollars.

Restaurant Brands International Inc., which owns Tim Hortons and Burger King, rose 4.06 percent to 56.18 Canadian dollars.

Pharmacy chain Jean Coutu Group declined 3.74 percent to 19.05 Canadian dollars after a class action lawsuit was filed against it by pharmacist-owners.

Industrials rose, led by Canadian National Railway's 0.76 percent advance to 81.19 Canadian dollars.

Economically speaking, Statistics Canada reported that offshore investors poured 14.7 billion Canadian dollars into Canada during May, mostly government bonds on the secondary market, while Canadian investors added 5.1 billion Canadian dollars in foreign holdings, mostly equities.

Meanwhile according to a report released by Royal Bank of Canada on Friday, there are four key reasons housing prices have soared in Vancouver and Toronto over the last two decades, and foreign investment is not one of them.

The report estimated that since 1999, home prices in Toronto have increased 162 percent in Vancouver and 140 percent in Toronto. There have been many theories as to why this has happened, but according to RBC, there isn't one singular factor to blame.

The main drivers of appreciating home prices include lower interest rates, higher incomes, higher percentage of income going to mortgage payments, and down payment gifts from family members. Endit