MID-DAY: Oil shares gain; Enbridge makes a billion dollar deal with CPPIB
Oil stocks are booming following a decision by President Trump to pull out of the Iran Nuclear Agreement. The President is also threatening sanctions against the country, which experts say will hurt oil exports and overall increase crude prices. Both Chevron and Exxon shares have jumped over 1.5 per cent since the announcement. The price of crude in the US is also gaining to 70.90.
On Bay Street the TSX is down slightly to 15,842 and across the border the Dow is down to 24,342. The Loonie is growing to 77.79 cents US.
Enbridge is signing over a 49 per cent stake in its renewable energy assets to the Canada Pension Plan Investment Board in a $1.75 billion deal. Enbridge will continue to manage these assets across North America.