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Norway’s trillion-dollar sovereign wealth fund is proposing to drop oil and gas companies from its benchmark index, which would mean cutting its investments in those companies, the deputy central bank chief supervising the fund told Reuters, sending energy stocks lower.
Seven Generations shares slide after it increases 2018 capital spending plan
– canadianbusiness.com
CALGARY _ Shares in Seven Generations Energy Ltd. (TSX:VII) fell by almost 10 per cent in morning trading after it announced plans to increase spending by five per cent to about $1.75 billion next year, despite an uncertain oil and gas price outlook.
The Calgary-based company says its budget will allow it to grow production from its Montney wells in northwestern Alberta by around 15 per cent to roughly 205,000 barrels of oil equivalent per day in 2018.
Shares fell as much as $1.80 to $16.45 by noon on the Toronto Stock Exchange.
Seven Generations CEO Marty Proctor says spending next year will outstrip cash inflows but the company plans to present a more balanced budget in 2019.
He says its updated five-year plan envisions growing production by about 50 per cent to 300,000 barrels of oil equivalent per day in 2022.
About 55 to 60 per cent of the output will come in the form of high-value natural gas liquids such as condensate, a light oil used to dilute bitumen for pipeline transport.
The post Seven Generations shares slide after it increases 2018 capital spending plan appeared first on Canadian Business – Your Source For Business News.
The Calgary-based company says its budget will allow it to grow production from its Montney wells in northwestern Alberta by around 15 per cent to roughly 205,000 barrels of oil equivalent per day in 2018.
Shares fell as much as $1.80 to $16.45 by noon on the Toronto Stock Exchange.
Seven Generations CEO Marty Proctor says spending next year will outstrip cash inflows but the company plans to present a more balanced budget in 2019.
He says its updated five-year plan envisions growing production by about 50 per cent to 300,000 barrels of oil equivalent per day in 2022.
About 55 to 60 per cent of the output will come in the form of high-value natural gas liquids such as condensate, a light oil used to dilute bitumen for pipeline transport.
The post Seven Generations shares slide after it increases 2018 capital spending plan appeared first on Canadian Business – Your Source For Business News.
Aphria defiant amid possible ban from TSX
– theglobeandmail.com
TSX parent TMX Group could force the cannabis company to choose between its TSX listing or its stake in the fast-growing marijuana industry south of the border
S&P bond rating agency hands B.C. highest mark, confirming healthy economy
– canadianbusiness.com
VICTORIA _ British Columbia’s finance minister is pointing to what she says is another confirmation of the province’s healthy economy.
Bond rating agency Standard and Poor’s has confirmed B.C.’s triple-A long-term credit rating.
James says in a release that the rating reflects the province’s superior financial management practices, strong economy and robust liquidity.
B.C. has been rated triple-A with Standard and Poor’s since May 2007, when the province was upgraded from a double-A plus rating.
The release from the Finance Ministry says B.C. is the only province rated triple-A with all three international credit rating agencies, which include Standard and Poor’s, Moody’s and Fitch.
James says the latest rating report verifies that B.C.’s path forward is a fiscally prudent one.
“Our government will continue to take action to make life more affordable, improve the services that British Columbians count on, and ensure strong economic growth that benefits the entire province,” James says in the release…
Bond rating agency Standard and Poor’s has confirmed B.C.’s triple-A long-term credit rating.
James says in a release that the rating reflects the province’s superior financial management practices, strong economy and robust liquidity.
B.C. has been rated triple-A with Standard and Poor’s since May 2007, when the province was upgraded from a double-A plus rating.
The release from the Finance Ministry says B.C. is the only province rated triple-A with all three international credit rating agencies, which include Standard and Poor’s, Moody’s and Fitch.
James says the latest rating report verifies that B.C.’s path forward is a fiscally prudent one.
“Our government will continue to take action to make life more affordable, improve the services that British Columbians count on, and ensure strong economic growth that benefits the entire province,” James says in the release…
Broad based rally lifts Toronto stock index and Wall Street higher, loonie up
– canadianbusiness.com
TORONTO _ A broad-based rally pushed North American stock indexes higher today, as markets bounced back from modest declines a day earlier.
The S&P/TSX composite index was up 56.89 points to 15,935.37, with dragging energy shares one of few decliners.
In New York, the Dow Jones industrial average climbed 187.08 points to 23,458.36. The S&P 500 index advanced 21.02 points to 2,585.64 and the Nasdaq composite index added 87.08 points to a record high of 6,793.29.
The Canadian dollar was trading at 78.46 cents US, up 0.17 of a U.S. cent.
In commodities, the January crude contract was down 17 cents at US$55.35 per barrel and the December natural gas contract dropped three cents at US$3.05 per mmBTU.
The December gold contract was up 50 cents to US$1,278.20 an ounce and the December copper contract was unchanged at US$3.05 a pound.
The post Broad based rally lifts Toronto stock index and Wall Street higher, loonie up appeared first on Canadian Business – Your Source For Business News.
The S&P/TSX composite index was up 56.89 points to 15,935.37, with dragging energy shares one of few decliners.
In New York, the Dow Jones industrial average climbed 187.08 points to 23,458.36. The S&P 500 index advanced 21.02 points to 2,585.64 and the Nasdaq composite index added 87.08 points to a record high of 6,793.29.
The Canadian dollar was trading at 78.46 cents US, up 0.17 of a U.S. cent.
In commodities, the January crude contract was down 17 cents at US$55.35 per barrel and the December natural gas contract dropped three cents at US$3.05 per mmBTU.
The December gold contract was up 50 cents to US$1,278.20 an ounce and the December copper contract was unchanged at US$3.05 a pound.
The post Broad based rally lifts Toronto stock index and Wall Street higher, loonie up appeared first on Canadian Business – Your Source For Business News.
