Air Canada Shares Gain After Oil Declines, Labour Talks Update
Air Canada shares rose almost 3% Monday in Toronto, trading stronger as the Canadian market firmed and oil prices dropped. A tentative deal with thousands of front-line staff also supported the stock. The shares changed hands near C$20.9, up from a previous close of C$20.30, moving between C$20.62 and C$20.98 during the day. Airlines are moving now as fuel-price headlines keep pressure on the sector. The S&P/TSX composite in Canada hit a record intraday high, up 0.7% to 34,778.98 at 10:21 a.m. ET, after oil dropped around 5%. The drop followed reports of U.S. and Iran talks to end their conflict. Brian Madden, chief investment officer at First Avenue Investment Counsel, said even a “non-zero chance” at peace could pull oil down and stocks up. Madden also said he wasn’t “100% convinced” the discussions would last.