The TSX is up 47 points this morning, boosted by stronger commodities. Miners are the biggest gainers so far, up 2.96%, followed by energy (+0.56%). Crude oil is now trading at US$53.76, up 073%, after Russia indicated it may agree to extend a pact with OPEC to keep 1.2 million barrels of oil per day off the market. OPEC and Russia are scheduled to meet to discuss extending their production cut agreement, with expires at month end.
Meanwhile, Reuters reports in an exclusive interview that the Zambia government has no plans to seize the assets of First Quantum Minerals Ltd (FM.TO). First Quantum is embroiled in a dispute with the Zambian government over a US$5.8 billion tax bill for unpaid import duties. FM intends to stay in the country despite the government’s move to wrest control of a rival miner, government and industry sources told Reuters.
Healthcare (-0.56%) and utilities (-0.43%) are the sole decliners.