A sharp drop in Bombardier shares factored into a flat day on Canada’s stock exchange.
The aerospace giant was the most actively traded company on the TSX, and its stock plummeted 20 percent on news of its executive stock-sale program being investigated by Quebec’s securities regulator.
The Autorité des marchés financiers has asked Bombardier to suspend all sales of securities under the Automatic Securities Disposition Plan (ASDP) until further notice, and to notify the executing brokers.
But even with Bombardier’s downturn and a slip into the red by Canada’s top marijuana producers, the TSX managed to move 10 points higher.
Propping up the index were gains in seven of 11 sectors and a StatsCan report showing that manufacturing sales in Canada had edged up 0.2 percent in September, following a 0.5 percent decrease in August.
Materials moved up 0.9 percent after gold hit a one week high, as the greenback weakened over fears of Britain exiting the European Union.
The energy, financials, and health care sectors all traded lower, with health care losing 1.9 percent as cannabis stocks turned from green to red.
After yesterday’s gains, Aurora Cannabis, Aphria, and Canopy Growth lost value today.
In New York, the Dow rose 123 points after optimistic comments from U.S. President Donald Trump on China/U.S. trade relations sent the index higher.
Trump told reporters in Washington that China “wants to make a deal” on trade with America, but warned that “we have to have reciprocal trade.”
The tech sector also boosted the exchange with Apple, Intel and Microsoft gaining.
The Nasdaq edged 11 points lower, dragged mostly by an 18.7 percent plunge in Nvidia shares after the hardware giant reported a drop in its third quarter revenue.
Oil increased for a third straight day, rising 38 cents to $56.84 US a barrel as OPEC looks at cutting supply in an effort to keep prices from crashing.
Crude has been on a steady decline due to an overabundance of U.S. domestic stockpiles.
Against a softer greenback, gold jumped $7.10 to $1,222 an ounce while the loonie strengthened 18/100ths of a cent to $07605 US.
