By Ketki Saxena
Investing.com – The Canadian index tracked Wall Street higher at midday, as banking stocks gained ground following news that First Citizens Bank will acquire the deposits and assets of Silicon Valley Bank.
The move appears to have allayed fears about a contagion in the banking system - for the moment.
The commodity heavy Canadian index was also supported by a jump in oil prices, boosted by renewed confidence in the global banking sector.
The Biggest Stories on Bay Street
The Canada Infrastructure Bank is committing $277 million to a biofuels facility under construction in Quebec, which is set to be the largest biofuels facility in the country once completed in 2025. The facility, Varennes Carbon Recycling, is a joint-venture project between Shell (LON:RDSa), Suncor Energy Inc (TSX:SU)., Swiss natural gas company Proman and the government of Quebec. THe project has a total price tag of $1.2 billion
Cameco Corp (TSX:CCO). says it expects to receive a refund of about $300 million after the Canada Revenue Agency issued revised reassessments for the 2007 through 2013 tax years. The refund includes $89 million in cash and $211 million in letters of credit. Cameco has been tied up for years in a dispute with the tax agency over a foreign subsidiary. The company says CRA continues to hold $480 million, including $206 million in cash and $274 million in letters of credit, that it has remitted.
Dye & Durham (TSX:DND) Ltd. is considering spinning out its TM Group business in addition to a possible sale after agreeing with the UK's competition regulator last year to dispose of the business. Dye & Durham says that while a sale remains its preferred option,having two options will generate maximum shareholder value. The company is engaging with multiple bidders as part of an auction process.
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No major Canadian economic data expected