Newspaper article The Canadian Press

Prep-Business Report

Newspaper article The Canadian Press

Prep-Business Report

Article excerpt



Canada's main stock index had its worst day of the year on heightened concerns about an economic slowdown in a disconnect from the Bank of Canada's more optimistic outlook.

The S&P/TSX composite index closed down 165.99 points to 16,131.47.

In New York, the Dow Jones industrial average was down 221.36 points at 25,126.41.

The S&P 500 index was down 19.37 points at 2,783.02, while the Nasdaq composite was down 60.04 points at 7,547.31.

The Canadian dollar traded at an average of 74.00 cents U-S compared with an average of 74.20 cents on Tuesday after the Bank of Canada kept its key interest rate on hold at 1.75 per cent.

The central bank pointed to "accumulating evidence" of improvements in the economy, but noted that trade risks remain.

The July crude contract was down 33 cents at US$58.81 per barrel and the July natural gas contract was up four cents at US$2.62 per mmBTU.

The August gold contract was up US$3.80 at US$1,286.30 an ounce and the July copper contract was down 3.2 cents at US$2.66 a pound.



Canada Mortgage and Housing Corporation says its net income was up 34 per cent in its first quarter over the same period last year.

The country's largest mortgage insurer says it earned 394-million dollars, returning it to a more normalized rate following the 293-million dollars recorded a year earlier.

Revenue was down six per cent to 1.48-billion dollars largely due to lower government funding.

C-M-H-C says overall arrears were at a rate of 0.3 per cent. (The Canadian Press)



The C-E-O of Canada Goose Holdings is defending the luxury parka retailer's growth plans as its shares closed down 20 per cent.

Shares started to tumble in the wake of the company's latest financial results and guidance, where it said it expects annual sales growth of at least 20 per cent this year. …

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