Canada Stocks-banks Drive Small Tsx Gain As Fed Meets
“The market seems to be relatively sanguine about things,” said Gavin Graham, chief strategy officer at Integris Pension Management Corp, adding that investors have already priced in a moderate trimming of stimulus. “The market is saying, ‘we’ve had this selloff in anticipation. When we actually hear tomorrow what the pace of tapering is, maybe it won’t be as bad as we expected’,” he added. Still, some investors warned that Canadian equities will vulnerable because of the market’s high exposure to natural resource prices. “I’m seeing some downside potential,” said Marcus Xu, portfolio manager at MY Capital Management Corp in Vancouver. “If the market gets hammered because of the Fed, the metals will go down with it,” he added. “The metals and the golds are still perceived as risky assets at this point.” The Toronto Stock Exchange’s S&P/TSX composite index closed 17.23 points, or 0.13 percent, higher at 12,834.11. Seven of the 10 main sectors on the index rose. Financials, the index’s most heavily weighted sector, advanced 0.4 percent. The group has been gaining steadily after Canadian banks reported strong results last month, with several raising dividends. Royal Bank of Canada, the country’s biggest lender, added 0.6 percent to C$66.32 and played the biggest role of any single stock in leading the index higher. Toronto-Dominion Bank climbed 0.7 percent to C$91.43.
EDF EN Canada and Enbridge Dedicate the 300 Megawatt Lac-Alfred Wind Project
and EDF EN Canada Inc. 2 hours 3 minutes ago 41.82 +0.47 AMQUI, QUEBEC–(Marketwired – Sep 18, 2013) – EDF EN Canada Inc., a subsidiary of EDF Energies Nouvelles, and Enbridge Inc. ( ENB.TO ) ( ENB ), along with over 100 attendees, dedicated the 300 megawatt (MW) Lac-Alfred Wind Project today. The project is the third to be placed into service for the EDF EN Canada and Enbridge partnership, bringing total installed wind capacity in Quebec to 530 MWs. Construction of Lac-Alfred commenced in June 2011 and reached commercial operation in two phases: Phase 1 (150 MW) in January, 2013; and Phase 2 (150 MW) in August 2013. In total, EDF EN Canada will develop and build 1,003.2 MW through seven wind energy projects awarded to EDF EN Canada through Hydro-Quebec call for tenders. This project represents one of four wind projects jointly owned by EDF EN Canada and Enbridge. With an investment of about CAD $700 million, the project created more than 350 jobs during the peak construction phase, and around 15 permanent operation and maintenance jobs. Lac-Alfred generates enough clean electricity to meet the needs of about 70,000 Quebec homes. “A project of this magnitude comes as a result of several years of work by a dedicated team of professionals, a quality relationship with Hydro-Quebec and more importantly the support and involvement of the local communities,” said Antoine Cahuzac, CEO, EDF Energies Nouvelles. “I am proud to take part in this dedication and extend my congratulations to the EDF EN Canada team not only for the completion of the largest wind project for our company, but also for their vision of renewable energy and priorities to develop and build each project with attention to safety and responsibility to the local environment. The Lac-Alfred project represents a best practice in wind farm development.” Al Kurzenhauser, COO, EDF EN Canada added, “Over the next 20 years of this contract with Hydro-Quebec, the local municipalities will receive a combined contribution of $750,000 annually. We offer our sincere gratitude to the local communities for their support and enthusiasm of this magnificent project. Furthermore, we acknowledge the outstanding efforts of the development, engineering, construction and commissioning teams who rose to the challenge and set a new standard for being ahead of schedule, and on budget.” “The Lac-Alfred Wind Project, in partnership with the municipalities, the regional county municipalities (MRC), the local development centers (CLD) and businesses in the region have greatly contributed to the economic development of the electoral district of Matane-Matapedia,” indicated the Minister of Tourism, minister responsible for the Bas-Saint-Laurent region, and deputy for Matane-Matapedia, Mr. Pascal Berube. “The benefits of this project are important for our community since they are not only financial but also enable us to develop an expertise in this rapidly expanding sector of excellence.