The Canadian energy sector has offered its investors little in the way of hope since a global oil price war made the price of a barrel of the country’s crude cheaper than a pint of beer, forcing companies to slash dividends and threatening the continuity of others.
But amid a torrent of bad news, the energy sector was quietly rallying as the S&P/TSX Capped Energy Index had gained more than 34 per cent in nearly two weeks. So when it finally delivered good news on Tuesday, investors loudly voiced their excitement in the form of investment dollars.
TC Energy Corp. announced that it will be going ahead with the construction of the Keystone XL pipeline in early April after the Alberta government bought a US$1.1 billion equity stake in the project and said it would be providing another US$6 billion through a loan guarantee.
On the back of that news,