BEFORE THE BELL: November starts with a big boost as TSX and Dow gain ahead of open; Oil prices slump as production booms
The TSX is likely to get a big boost this morning on energy stocks. Canada’s energy sector is boosting on positive earnings reports from corporations like Suncor and Canadian Natural Resources. A buyout deal between Encana and Newfield worth $5.5 billion is also helping the sector.
Across the border the Dow is also likely to see some traction leaving behind a dismal October for trading as tech stocks climb. Investors will be particularly interested in a report from Apple coming after the close today.
The price of crude is moving lower as OPEC reports production in countries like the US and Russia is likely more than enough to fill the gap left by Iranian exports drying up under US-led sanctions. The price of US crude is down to 64.98 a barrel.
The Loonie is growing to 76.30 cents US.