Senate expenses climbed to $7.2 million in 2023, up nearly 30%
Senators in Canada claimed $7.2 million in expenses in 2023, a nearly 30 per cent increase over the previous year.
Canada's main stock index climbed nearly 1.5 per cent on its best day in 10 months amid a broad-based rally with strength in financials despite uncertainty about the latest COVID-19 variant.
The S&P/TSX composite index closed up 297.43 points to 20,762.03 for its strongest performance since Feb. 1.
In New York, the Dow Jones industrial average was up 617.75 points or 1.8 per cent at 34,639.79. The S&P 500 index was up 64.06 points at 4,577.10, while the Nasdaq composite was up 127.27 points at 15,381.32.
Markets bounced back strongly from Wednesday when the first confirmed U.S. case of the Omicron variant caused an afternoon collapse.
"The down days are headline news induced, the up days seem to be more fundamentally induced," said Kevin Headland, co-chief investment strategist at Manulife Investment Management.
He said the COVID variant will remain a concern until there is concrete information from vaccine manufacturers. However, initial information suggests that those who are vaccinated face mild symptoms.
"There was a knee-jerk reaction to the announcement of new cases," he said in an interview.
Headland said the fundamentals remain quite strong with companies that beat estimates being rewarded while headline news resulting in a "short-term hiccup."
None of the 11 major sectors lost ground on the TSX Thursday with nine exceeding one per cent gains and four above two per cent.
The heavyweight financials sector which accounts for about 30 per cent of the Toronto market increased 2.2 per cent.
Toronto-Dominion Bank led the way, gaining 4.9 per cent after reporting strong quarterly results that beat expectations and raising its dividend.
"Even other banks that perhaps sold off after their earnings, notably Royal Bank, they're rallying again as well today," said Headland.
"I think there's good guidance for that sector going forward, especially with the expectation of dividend increases and share buybacks resuming now that OSFI has taken away the moratorium that was in place during COVID crisis."
Consumer discretionary, consumer staples and health care led the way.
Energy climbed 1.4 per cent as crude oil prices rallied after recent weakness, with shares of Imperial Oil and Vermilion Energy Corp. up 4.1 and 3.9 per cent, respectively.
The January crude oil contract was up 93 cents at US$66.50 per barrel and the January natural gas contract was down 20.2 cents at nearly US$4.06 per mmBTU.
"The recent drop was overdone when we think about supply-demand fundamentals," he said.
OPEC and its allies confirmed on Thursday that it would stick to its plan of adding 400,000 barrels per day in January.
Headland said there was no expectation that OPEC+ would open its spigots because cartel members are happy with US$80 per barrel oil prices.
Still, the Canadian dollar fell to its lowest level in 10 weeks, trading for 78.03 cents US compared with 78.27 cents US on Wednesday.
Materials was unchanged with the February gold contract was down US$21.60 at US$1,762.70 an ounce and the March copper contract was up 5.2 cents at US$4.30 a pound.
This report by The Canadian Press was first published Dec. 2, 2021.
Senators in Canada claimed $7.2 million in expenses in 2023, a nearly 30 per cent increase over the previous year.
Police say a baby and a pedestrian suffered non-life-threatening injuries after a vehicle struck a baby stroller and dragged it for two blocks before stopping in Squamish, B.C.
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
Individuals being barred from entering Ontario’s legislature while wearing a keffiyeh say the garment is part of their cultural identity— and the only ones making it political are the politicians banning it.
The RCMP says it has uncovered a plot by two men in Montreal to sell Chinese drones and military equipment to Libya illegally.
The U.S. Justice Department announced a US$138.7 million settlement Tuesday with more than 100 people who accused the FBI of grossly mishandling allegations of sexual assault against Larry Nassar in 2015 and 2016, a critical time gap that allowed the sports doctor to continue to prey on victims before his arrest.
The Vancouver Canucks will be without all-star goalie Thatcher Demko when they face the Nashville Predators in Game 2 of their first-round playoff series.
A 35-year-old man wanted in connection with the murder of Toronto resident 29-year-old Sharmar Powell-Flowers nine months ago has topped the list of the BOLO program’s 25 most wanted fugitives across Canada, police announced Tuesday.
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Molly Knight, a Grade 4 student in Nova Scotia, noticed her school library did not have many books on female athletes, so she started her own book drive in hopes of changing that.
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.