MID-DAY: Kinder Morgan shares boosted by Ottawa investment; TSX weighted for fifth day by financial and energy losses
Kinder Morgan’s stock is getting a bump thanks to a federal investment.
Ottawa’s agreement to buy the pipeline for over 4 billion has pushed the stock up 2.5 per cent.
Following the announcement, the TSX opened lower weighted by the Energy and Financial markets. This was led by a 2.7 per cent drop in Bank of Nova Scotia despite a strong Q2 report from the company. The Bay Street exchange is down 17 points to 15,998.
Across the border the Dow has opened lower following a three-day long weekend and is down 163 points to 24,590.
The price of US crude is sliding again to 66.82 a barrel.
The Loonie is falling to 76.80 cents US.