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by Stockwatch Business Reporter
West Texas Intermediate crude for July delivery added 86 cents to $37.12 on the New York Merc, while Brent for August added 99 cents to $39.72 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.30 to WTI, up from a discount of $10.20. Natural gas for July lost six cents to $1.67. The TSX energy index lost a fraction to close at 79.97.
Canada's main blue-chip index is making its first round of quarterly updates since oil prices collapsed in March, and to the surprise of no one, the rebalancing was nothing short of a bloodbath for energy stocks. According to an announcement from S&P Dow Jones Indices on Friday after the close, 14 stocks are being deleted from the S&P/TSX Composite Index, of which six are oil and gas producers, energy royalty companies or energy service companies. That is twice the number of deletions in the next hardest-hit sector, industrials, which saw three stocks removed (including Bombardier -- again, no surprise there. Other noteworthy names on the deletion list include airline company Chorus Aviation, cannabis producer Hexo and food court giant MTY Food Group). The six energy deletions comprise Baytex Energy Corp. (BTE: $0.67) and Frontera Energy Corp. (FEC: $4.14) among the producers, along with Enerflex, Freehold Royalties, Secure Energy Services and ShawCor in other energy categories. They will all get the boot effective June 22.
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