The TSX kicked off the week with a triple-digit gain, bucking the North American trend as all major U.S. markets reversed course midway through the trading day to end in the red.
The S&P/TSX Composite Index kicked off the week with a triple-digit gain, bucking the North American trend as all major U.S. markets reversed course midway through the trading day to end in the red.
Apple was a big drag on U.S. markets after Bloomberg news reported the company plans to slow hiring and spending on certain divisions next year to conserve cash in the face of a potential economic downturn. Shares closed more than two per cent lower and continued to lose ground in afterhours trading.
When it comes to the right buyer for Petro-Canada, Ryan Bushell, president and portfolio manager at Newhaven Asset Management, said Canadian players Alimentation Couche-Tard Inc. and Parkland Corporation might run into competition problems should they seek to purchase Suncor’s retail business.Ryan Bushell, president and portfolio manager at Newhaven Asset Management, joins BNN Bloomberg to discuss the Suncor-Elliott pact.
Bushell added Suncor has “accumulated some baggage” and for a long time, it was a premium-multiple company with “inferior assets,” but he thinks Elliott’s call for change is a good sign for Canada’s energy sector.
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