TORONTO -- The Toronto stock market closed lower Wednesday amid positive earnings news and signs of weakening Chinese growth. The S&P/TSX composite index lost 22.58 points to 14,533.39.
Crescent Point Energy Corp. is buying privately held oil and gas producer CanEra Energy Corp. for about $750-million in cash and stock to expand its position in a Saskatchewan oil formation that is seen as a potentially large new source of supply.
While media outlets across Canada are clamouring to warn drivers that gas prices are about to hit record highs, most are forgetting one detail: Gas prices are actually stabilizing, fluctuating less and are nowhere near their record highs.
The federal government's decision to phase out unsafe rail tank cars and immediately prevent 5,000 of them from carrying dangerous goods is �a big step forward� in rail safety, the president of the Federation of Canadian Municipalities said Wednesday.
The CNOOC executive who helped broker the deal that gave the Chinese state-owned oil giant a firm foothold in Canada's oil sands sector will become the head of the company's Calgary-based subsidiary, Nexen Energy ULC.