By Commodity News Service Canada
Nov. 1 (CNS Canada) — The Canadian dollar gained early Thursday, even as energy sector earnings fell under pressure from declining oil prices.
Canada’s Encana Corp. announced it was buying Newfield Exploration for C$5.5 billion to give it better access to key oilfield patches in North America. As well, pipeline company TransCanada said it expected a Nebraska Supreme Court decision on its Keystone XL pipeline in the first quarter of 2019, which would provide it with an alternative route that has already been given environmental approval by the United States State Department.
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The S&P/TSX composite climbed in early trading, up 52.82 points, or 0.35 per cent, to 15,080.35. Precious metals stocks led the gains.
In the U.S., markets also opened higher, with the Dow Jones up 0.10 per cent at 25,142.08, the S&P 500 up 0.22 per cent to 2,717.58 and the Nasdaq up 0.30 per cent to 7,327.82.
West Texas Intermediate (WTI) crude oil was trading at US$65.33 per barrel early this morning, a decline of two U.S. cents.
