Market Report – Sinopec Plants to Invest in Canadian Oil Company

In today’s market report… Shares in China’s state-owned Sinpopec rose on plans to invest $4.65 billion in the huge Syncrude project in Canada’s oil sands, marking one of the country’s largest investments ever in North America.

The deal underlines the resurgence in interest in the vast but difficult-to-extract energy resource after signs of a global economic recovery pushed crude prices higher.

China has spent billions of dollars acquiring energy and mining assets around the world.

Asian markets were broadly down with Japan’s Nikkei led lower by chip-based shares such as Tokyo Electron.

But shares in Sanyo rose on reports its operating profit is likely to jump 50 percent this financial year aided by the distribution network of its parent company, Panasonic, which acquired a majority stake in December.

Sales may rise 10 percent, boosted by sales of solar cells in Japan and growth of digital cameras in emerging nations.

Foto: NTDTV