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The Week of September 11th to September 17th, 2017 “A Brief Look Back Into Tomorrow”

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The Week of September 11th to September 17th, 2017 “A Brief Look Back Into Tomorrow”

 

 

 

 

 

The new trading week began on Monday, September 11th with investors wishing that people were safe and wondering how the various markets would react to the after effects of Hurricane Irma.

 

 

 

Eldorado Gold (ELD-T) put the Greek government on notice when that Mediterranean country’s largest foreign employer threatened to leave the country if they did not get their long awaited production permits and licences within the next 10-days.

 

 

 

But sometimes things go well for a mining company as Tahoe Resources (THO-T) shares’ rose by almost 34% to $7.61 after the silver miner announced the Guatemalan Supreme Court had reinstated its right to operate its Excobal mine in that Central American country.

 

 

 

While in the same industry – Alamos Gold (AGI-T) announced it was taking over Richmont Mines (RIC-T) in an all-stock deal of some $933-million that would form a company that produces about 500,000 ounces of gold per year.

 

 

 

Lithium stocks rose in tandem on word that China had instructed its automotive industry to produce a fully electric fleet by the year 2013.

 

 

 

Tuesday, September 12th had the World Gold Council announce that total global gold demand fell by 10% in the 2nd-quarter of 2017 over the same quarter one year ago to    953-tonnes.

 

 

 

With great fanfare, Apple Inc. (AAPL-Q) introduced its new US$1,000 iPhone X.

 

 

 

Sage Therapeutics (SAGE-Q) shares’ fell by over 13.5% to US$76.39 after the companies Brexanolone drug designed to treat life-threatening seizures failed to meet its goal in a key medical trial.

 

 

 

 

Just 2-days after being challenged by Eldorado Gold (ELD-T) and Wednesday, September 13th saw the government of Greece folds and issues the gold miner two important permits for their operations in that all too laid back country.

 

 

 

Ballard Power (BLDP-T) shares’ soared up by over 26% to $5.72 after the energy efficiency company signed a deal with Nisshinbo Holdings to develop a non precious metal catalyst to be used in fuel cells.

 

 

 

The price of Nordstrom Inc. (JWN-N) rose by 6% to US$47.74 on word the Seattle based retailer was investigating the merits of taking itself private.

 

 

 

And Target Corp. (TGT-N) must be anticipating a strong Christmas season as the discount retailer is raising the number of holiday season workers it plans to hire by 30,000 to 100,000 workers.

 

 

 

Thursday, September 14th had one of Canada’s iconic retailers, Roots Corp. – with over   100-domestic and a number on American and overseas outlets – announce it had filed to go public on the TSX under the most appropriate trading symbol of ‘ROOT’.

 

 

 

Empire Inc. (EMP.A-T) shares’ surged up by almost 14.5% to $22.61 after the grocer beat analysts’ expectations with its 1st-quarter financials.

 

 

 

Similarly – south of the border – the price of United Natural Foods (UNFI-Q) stock rose by 5% to US$39.04 after the American grocery wholesaler released its full year financials.

 

 

 

TSO3 (TOS-T) stopped the bleeding of its stock price by announcing that a major Canadian hospital had chosen its Sterizone VP4 Sterilizer for sterilizing duodenoscopes.

 

 

 

Statistics Canada told us on Friday, September 15th that the amount of debt we carry as compared to our deposable income rose by another 1.2% in the 1st-quarter to a record 167.8%.

 

 

 

Petroleum industry analysts Baker Hughes (BHGE-N) reported the number of active American drilling rigs dropped by 8-rigs last week to 936 active rigs, while the number of active Canadian rigs rose by 10–rigs to 212 active drilling rigs.

 

 

 

Legalization of cannabis in Canada moved another step ahead as Organigram Holdings   (OGI-V) shares’ surged up by 14% to $2.59 after the grower announced it has reached an agreement with the government of New Brunswick to supply recreational cannabis to that province.

 

 

 

During the WeekThe Dow Industrials, S&P 500 and NASDAQ reached respective record closing highs of 22,268, 2,501 and 6,460. Crude oil and natural gas rose to respective        31/2-year closing highs of US$50.47 and US$3.15 and the Canadian dollar climbed to a new      21/3rd-year high of US$0.8250.

 

 

 

Avigilon Corp. (AVO-T) at $18.30, Norbord Inc. (OSB-T) at $46.90 and Westport Fuel Systems (WPRT-T) at $3.61 all set new TSX 52-week trading highs while Newalta Corp. (NAL-T) at $0.66, TransGlobe Energy (TGL-T) at $1.30 and U3O8 Corp. (UWE-T) at $0.21 all sank to new 52-week trading lows.

 

 

 

For the Week – the Dow Industrials rose by 2.17% to 22,268, with the S&P 500 Index up by 1.63% to 2,501 and the NASDAQ Exchange up by 1.38% to 6,448. In “Oh Joy! Hockey is about to start!” Canada – the TSX Composite Index rose by 1.25% to 15,173 and the TSX Venture Exchange was ahead by 1.04% to 780.

 

 

 

With Commoditiesgold bullion lost 2.0% to US$1,324, with copper off by 2.96% to US$2.95 while crude oil gained 6.30% to US$50.47 and natural gas was up by 6.92% to US$3.09. Overall, the CRB Spot Commodity Index fell by 1.38% to end the week at 428.

 

 

 

The Canadian dollar was lower by 0.19% against its America cousin to finish the week at US$0.8210.

 

 

 

And the closely watched CBOE Volatility Index dropped by 1.92-points to finish the week at a much calmer level of 10.20.

 

 

 

And Finally – For those living in a money is tight world – some comfort may be taken from a recent Canadian Payroll Association survey that found that 47% of people thought that would have difficulty meeting their financial obligations if their paycheque was delayed by just one week.

Posted September 18, 2017

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