TSX Jumps 150 Points But Hydro One Flops -- Canadian Commentary

WASHINGTON (Alliance News) - Canadian stocks rebounded Thursday, with Toronto's main index ...

Alliance News 12 July, 2018 | 9:45PM
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WASHINGTON (Alliance News) - Canadian stocks rebounded Thursday, with Toronto's main index holding near record highs despite US trade tensions.

Investors were in a better mood a day after the Bank of Canada raised interest rates but hinted they will hold off on further tightening.

The BoC noted risks associated with US tariffs, including dramatic downturn in the Canadian auto sector.

The TSX Composite index was up 150 points to 16,567.42.

Crude oil futures failed to rally Thursday after the International Energy Agency's (IEA) warning that the world's oil supply cushion "might be stretched to the limit" due to production losses.

"Rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world's spare capacity cushion, which might be stretched to the limit," the energy watchdog said in its monthly report.

"This vulnerability currently underpins oil prices and seems likely to continue doing so," the IEA added.

Ontario Premier Doug Ford said he has kept his campaign promise of firing the CEO and replacing the entire board of directors of electric utility Hydro One Ltd. (H.TO) if he was elected.

CEO Mayo Schmidt of the partially privatized Hydro One stepped down amid growing resentment in the province over rising electricity rates. Shares slipped 3.2%.

Copyright RTT News/dpa-AFX

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