The Daily Chase: TSX shoots for four straight wins; Nat gas collapse in Europe

The S&P/TSX Composite Index has strung together three straight days of gains that’s put it back within 550 points of its record close.

Canadian stocks will get all the attention today with U.S. markets dark in early observance of Christmas. The S&P/TSX Composite Index has strung together three straight days of gains that’s put it back within 550 points of its record close. It was the regular heavyweights – Shopify, Brookfield Asset Management, and RBC – that led the way yesterday.

WESTONS PARTING WITH (almost all of) LUXURY RETAIL UNIT

This has been a defining year for one of Canada’s best known family empires, which also mourned the passing of its patriarch in April. Late yesterday, the Westons confirmed they’d reached a deal to sell Selfridges Group, home to some of Europe’s renowned luxury department stores. Our Bloomberg News partners previously reported that a deal worth £4 billion ($6.9 billion) was in the works. Holt Renfrew is being excluded from the sale and will be retained by the Westons. Selfridges’ roots date back to 1909, and was built into what it is today after W. Galen Weston bought the namesake store in 2003. The transaction follows much smaller deals at home by the George Weston food, retail, and real estate conglomerate.

EUROPEAN NATURAL GAS ROUT CONTINUES

After plunging around 25 per cent yesterday, European natural gas futures have been down 20+ per cent again today as more LNG shipments from the United States appear to be on the way. Bloomberg data is now showing at least 15 vessels en route – 50 per cent more than what was reported yesterday. Despite the abrupt plunge deep into bear market territory, it’s worth repeating that perspective is important: the U.K. natural gas futures price is still up 385 per cent so far this year, and the Dutch benchmark has a year-to-date gain of almost 430 per cent.

RECORD IMMIGRATION GOAL HIT