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rfmcdonaldThe Canadian Press has it.
I guess that the Canadian dollar is that much of a petrocurrency. As anyone working in the Ontarian industrial economy can tell you, the fall, at least, might be a good thing.
Stock markets were flabby Thursday following two days of steep losses caused by growing worries about the global economy.
Toronto's S&P/TSX composite index edged up 8.48 points to 9,245.36, after sliding 559 points in the previous session. The TSX financial sector lost early traction to move down 0.35 per cent after Finance Minister Jim Flaherty announced the creation of a Canadian Lenders Assurance Facility, guaranteeing wholesale borrowing by the country's banks.
Flaherty said the "temporary program" will support the banks "on commercial terms so there is no expected cost to Canadian taxpayers," while stressing that Canada's lending institutions are solid and "the Canadian housing market is sound."
Despite his boost, bank shares were down, with CIBC (TSX:CM) losing $3.32 to $54.03 and Scotiabank (TSX:BNS) down 80 cents to $40.30.
It has been a punishing week for the Toronto stock market with the main index down more than 1,000 points in the past two days, taking it down 33 per cent since the beginning of the year.
Worries about faltering economies and tumbling commodity prices continued to force the Canadian dollar lower.
The currency was down 0.64 cent to 79.06 cents US after falling 2.69 cents Wednesday to a three-year low.
I guess that the Canadian dollar is that much of a petrocurrency. As anyone working in the Ontarian industrial economy can tell you, the fall, at least, might be a good thing.
