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The Week of April 9th to April 15th, 2018 “A Brief Look Back into Tomorrow”

 

 

 

 

 

The new North American trading week began on Monday, April 9th with investors still trying to digest the violent market oscillations caused by the previous week’s barrage of trade tariffs launched by both the United States and China.

 

 

 

Canadian federal – provincial constitutional authority came to a head after Kinder Morgan Canada ‘KML-T’ sighted Province of British Columbia interference as reason to suspend work on its controversial Trans Mountain Pipeline Expansion – a project that already had federal approval.

 

 

 

Evrim Resources ‘EVM-V’ stock soared up by 36% to $0.66 after the junior mineral explorer reported encouraging drill hole gold assays from its Cuale gold project in Jalisco, Mexico.

 

 

 

The shareholders’ of Avexis Inc. ‘AVXS-Q’ were pleased to see their investment rocket up by over 81% to US$210.01 after the pharmaceutical company had agreed to a US$8.7-billion takeover by Swiss counterpart Norartis AG ‘NVS-N’.

 

 

 

Global affairs Canada reported that British Columbia’s softwood lumber exports to the United States fell by a much greater than expected 20% in March to 514.4-million-board-feet (mbf).

 

 

 

Tuesday, April 10th saw the markets rally after China’s President Xi Jinping indicated his country would be susceptive to opening its economy and lowering import tariffs.

 

 

 

Roxgold Inc. ‘ROXG-T’ shares’ rose by over4% to $1.07 after the African miner delivered a better than expected 1st-quarter production report.

 

 

 

The price of Sprint Corp. ‘S-N’ shares’ surged up by 17% to US$6.02 on word that telecommunications company was in takeover talks with T-Mobile ‘TMUS-N’.

 

 

 

Verifone Systems ‘PAY-N’ stock rocketed up by almost 52% to US$22.78 after the electronic payment processing company agreed to be taken private by a group led by Francisco Partners.

 

 

 

Gold miners B2Gold Corp. ‘BTO-T’ and Pretium Resources ‘PVG-T’ saw their share price rise by 4% and 19% respectively on Wednesday, April 11th after they each beat the street with their 1st-quarter production figures.

 

 

 

Similarly, Torex Gold ‘TXG-T’ shares’ surged up by 20% to $13.69 on word that the Los Mineros Union had withdrawn its application to represent the company’s workforce at its flagship El Limon-Guajes mine southwest of Mexico City, Mexico.

 

 

 

Thursday, April 12th saw the price of Second Cup ‘SCU-t’ soar up by almost 29% to $3.54 after the coffee retailer announced it was getting into the marijuana business by entering into a supply deal with National Access Cannabis.

 

 

 

Bed Bath & Beyond ‘BBBY-N’ stock plunged by 20% to US$17.19 after the household retailer lowered its profit forecast for the rest of the year.

 

 

 

Shaw Communications ‘SJR.B-T’ shares’ rose by over 9% to $26.42 after the Calgary based cable company reported a greater than expected number of new 2nd-quarter subscribers.

 

 

 

The Canadian home owners piggy bank program may be coming to an end as the Canadian Real Estate Association reported on Friday, April 13th that the average price of a residential property fell by 10.4% in the past year to $491,000.

 

 

 

Petroleum industry analyst Baker Hughes ‘BHGE-N’ reported that the number of active American drilling rigs rose by 5-rigs last week to 1,008 active rigs. Across the line – the number of active Canadian drilling rigs fell by 9-rigs to 103 active drilling rigs.

 

 

 

 

 

Nemaska Lithium ‘NMX-T’ shares’ gained 3% to $1.32 after the Quebec based company signed a US$150-million production streaming deal with Orion Mine Finance II LP to advance its Whabouchi lithium mine.

 

 

 

Marijuana stocks – especially those with interests in the United States – rose in unison after American President Donald Trump indicated that cannabis companies operating under state authority would not be subject to federal regulations.

 

 

 

During the WeekCrude oil rose to a new 31/3-year high of US$67.19-a-barrel (bbl).

 

 

 

Abitibi Royalties ‘RZZ-T’ at $10.45, Canfor Pulp Products ‘CFX-T’ at $17.70 and Magna International ‘MG-T’ at $77.21 all established new TSX 52-week trading highs while Alimentation Couche-Tard ‘ATD.B-T’ at $53.35, Becker Milk Co. ‘BEK.B-T’ at $14.25, Kinder Morgan Canada ‘KML-T’ at $14.93 all fell to new 52-week trading lows.

 

 

 

For the Week – the Dow Industrials rose by 1.78% to 24,360, with the S&P 500 up by 2.00% to 2,656 and the NASDAQ ahead by 2.78% to 7,107. Up north – the TSX Composite gained 0.44% to 15,274 while the TSX Venture improved by 3.51% to 796.

 

 

 

With Commoditiesgold bullion gained 0.90% to US$1,348, with copper up by 0.33% to US$3.07, as crude oil rose by 8.27% to US$67.19 and natural gas was up by 1.48% to US$2.74. Overall, the CRB Spot Commodity Index fell by 0.23% to end the week at 440.

 

 

 

The Canadian dollar rose by 1.41% against its southern cousin to finish the week at US$0.7931.

 

 

 

And the closely watched CBOE Volatility Index or VIX dropped by 4.12% to end the week at a much calmer level of 17.37.

 

 

 

 

And Finally – Canada’s largest food processor Maple Leaf Foods ‘MFI-T’ is branching out from its traditional meat business by investing in Entomo Farms an Ontario based company that specializes in the growing and processing of…….now wait for it……crickets and insects.

 

 

Posted April 16, 2018

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