MID-DAY: Crude prices continue to gain; MGA Entertainment bids to buy all North American Toys ‘R’ Us stores
As the price of oil continues to rally, it’s giving new life to the energy sector. Crude prices are nearing the biggest weekly jump in nine months up to 67.35 a barrel. Oil prices have jumped by more than eight per cent this week. This is helping mining and energy sector shares which are boosting Bay Street. The TSX is climbing to 15,303. Across the border the Dow has dropped slightly to 24,379.
The Loonie is down also to 79.35 cents US.
MGA Entertainment is putting in a bid for $890 million to buy the group of Toys ‘R’ US stores in North America. The US chain filed for bankruptcy recently with plans to close all its stores. Canada’s stores have remained unaffected by that move.