by The Canadian Press Posted Oct 27, 2016 9:34 am MDT Last Updated Oct 27, 2016 at 4:06 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Price of oil rises after three-day losing streak; TSX inches higher TORONTO – The price of oil recouped some of its value Thursday after three consecutive days of losses, while the Toronto Stock Exchange inched higher.The December crude contract gained 54 cents to US$49.72 per barrel. This was an improvement from Wednesday’s close which saw its three-day losses total US$1.67, after investor sentiment soured following news that Iraq sought an exemption from an anticipated OPEC deal to cut oil production.Allan Small, a senior investment adviser at Holliswealth, said oil’s gain Thursday can be explained by the regular ups and downs in the price of the commodity.He said he would be surprised to see oil move significantly higher than the roughly US$49.00 a barrel its been priced at recently, noting that production ramps up when the price reaches or surpasses the US$50 a barrel mark.“And, all of a sudden, you have a drop in price,” he said.Strength in the energy sector, which gained nearly two per cent, helped lift the S&P/TSX composite index by a modest 26.19 points to 14,833.75.Interest rates also helped move markets Thursday, said Small, with yields on 10-year bonds in Canada and America on the rise.That spurred on the financial sector, he said, which was among the best performing sectors of the day.Gold was another commodity that saw a small spike, with the December gold contract rising US$2.90 to US$1,269.50 an ounce.Small said that isn’t a significant increase and he expects the price of gold to drop as the U.S. Federal Reserve will likely hike interest rates in December.The Canadian dollar dropped 0.03 of a U.S. cent to 74.70 cents US.South of the border, markets did not fare as well. In New York, the Dow Jones industrial average fell 29.65 points at 18,169.68, while the broader S&P 500 shed 6.39 points at 2,133.04. The Nasdaq composite lost 34.30 points to 5,215.97.The next two months, though, are historically the best time of the year for market performance, said Small, with American Thanksgiving and Christmas coming up.“So, a lot of positives on the horizon,” he said, cautioning that it’s still important to be mindful of the upcoming American central bank interest rate decision, the Nov. 8 U.S. election and the Nov. 30 OPEC meeting — all which could “spoil the party a little bit.”Elsewhere in commodities, December natural gas gained 3.2 cents to about US$3.07 per mmBTU and December copper increased by 1.8 cents to US$2.16 a pound.Follow @AleksSagan on Twitter.
BRITISH AIRWAYSUBS expects that British Airways’ (BA’s) strong yield recovery will continue until the end of the year after the airline showed a strong yield delivery in the first quarter, up 13.5 per cent, and surpassing European rivals. UBS said that BA is trading well post its year-end results and continues to rate the shares a “buy”.LEGAL & GENERALLegal & General (L&G) has been upgraded by JP Morgan Cazenove from “underweight” to “neutral” as its investment management business is currently performing well and is seen by JP Morgan as a valuable asset. Along with the international dividends, it should be more than funding the total group dividend, JP Morgan believes.PETROPLUSDeutsche Bank has upgraded Petroplus to a “buy” rating after the bank said that it sees value in the utility giant’s stock. This rating comes despite a 32 per cent plummet in Petroplus’ stock, which has hit an all-time low since the group’s second quarter results. Deutsche Bank said that it sees no obvious reason for the earlier fall. Show Comments ▼ BEST OF THE BROKERS by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy Fan whatsapp Tags: NULL Share Tuesday 7 September 2010 10:32 pm KCS-content More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com whatsapp