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The Toronto stock index, S&P/TSX, rose almost 2%.
Photo: The Canadian Press / Darren Calabrese
Posted at 5:11 p.m. EST
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Canadian oil and gas stocks rose on Monday after the announcement of the resignation of Prime Minister Justin Trudeau. As of mid-afternoon, energy was the fastest growing sector on the Toronto Stock Exchange. The S&P/TSX, the main stock index in Canada, increased by almost 2%.
Some investors and energy traders also welcomed Mr. Trudeau’s announcement on social networks.
Canada’s oil and gas sector has had a difficult relationship with the Trudeau government over the past decade. Under his leadership, the federal government made a major investment in the sector by purchasing the Trans Mountain pipeline in 2018. But he also introduced a number of policies seen by many as hostile to oil and gas development.
The Trudeau government’s proposed cap on oil and gas emissions, which has not yet been finalized, has faced strong opposition from the industry as well as the oil-producing provinces of Alberta and of Saskatchewan.
With information from The Canadian Press
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