Wednesday was a positive day for the Canadian stock market as the members of the Organization of Petroleum Exporting Countries agreed to curtail production somewhat. This boosted oil prices by about 8% to $49.44. The Toronto Stock index rose 0.5% while the S&P 500 was down 0.3%.
Individual stocks on our list that rose included: Melcor up 3.1% and Agrium up 2.6%. U.S. bank stocks rose with Bank of America up 4.5% and Wells Fargo up 2.0%.
Royal Bank was down 3.4% as its earnings apparently were somewhat lower than analysts had expected.
Statistics Canada reported GDP figures for September and Q3. Most sectors of the economy grew modestly in September and Q3.
Given the pipeline approvals and given the somewhat higher oil price, I believe that the recession conditions have bottomed in Alberta. I believe GDP growth will be positive in Alberta in the coming quarters.