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The Week of September 4th to September 9th, 2018 “A Brief Look Back Into Tomorrow”

 

 

 

 

 

The Labour Day shortened North American trading week began on Tuesday, September 4th with the major market once again at or near all-time highs. To which technical analysts David Tippin & Ron Meisels commented – “The rapid gains of the past few weeks have increased the risk of a short-term pullback…we expect any bearish pressure to be overcome.” (For a complete copy of this report please contact rod.blake@canaccord.com.)

 

 

 

Giant sports apparel company Nike Inc. ‘NKE-N’ drew much attention to itself after naming controversial sports figure Colin Kaepernick as the face of its new advertising campaign.

 

 

 

Amazon.com ‘AMZN-Q’ at US$2,039.51 became the second company after Apple Inc.  ‘AAPL-Q’ to achieve US$1-trillion in market capitalization.

 

 

 

Tahoe Resources ’THO-T’ stock plunged by over 19.5% to $3.61 after the company had to suspend operations at its La Arena silver mine in Peru after protesters compromised the safety of the operation.

 

 

 

Wednesday, September 5th saw the Bank of Canada do as expected and leave the country’s key interest rate unchanged at 1.5%.

 

 

 

Kinder Morgan Canada ‘KML-T’ announced it will spin off about $1.2-billion back to its shareholders of the $4.5-billion it got from the Canadian Government for the sale if its Trans Mountain Pipeline.

 

 

 

Nevsun Resources ‘NSU-T’ surged up by almost 18% to $5.82 after the African based copper/gold miner announced it had accepted a $1.86-billion take-over offer from China’s Zijin Mining Group.

 

 

 

The price of BlackBerry Ltd. ‘BB-T’ fell by 6% to $13.15 on word that internet giant Facebook Inc. ‘FB-Q’ was suing the Canadian based tech company for patent infringement.

 

 

 

Thursday, September 6th – had Statistics Canada report the country’s global merchandise trade deficit fell in July to a 2½ -year low of $114-million.

 

 

 

Statistics Canada also reported the country’s manufacturing sales rose by 1.1% in June to to $58.1-billion.

 

 

 

The price of Alimentation Couche-Tard ‘ATD.B-T’ stock rise by 4.5% to $66.01 after the giant corner store company reported better than expected 1st-quarter financials.

 

 

 

Friday, September 7thStatistics Canada reported the economy lost an unexpected 51,600 jobs in August and that the unemployment rate rose by 0.2% to 6.0%.

 

 

 

Down south – the U.S. Department of Labor said their country added 201,000 new jobs in August and their unemployment rate remained at an 18-year low of 3.9%.

The price of Tahoe Resources ‘THO-T’ stock rose by 10% to $3.76 after the beleaguered miner once again restarted operations at its La Arena silver mine in Peru.

 

 

 

Tesla Inc. ‘TSLA-Q’ shares fell by 6.30% to US$263.24 on word that two key officers were leaving the electric auto company.

 

 

 

Petroleum industry analyst Baker Hughes ‘BHGE-N’ reported that the active American drilling rig count was unchanged last week at 1,048 active drilling rigs – while up north – the number of active Canadian drilling rigs fell by 24-rigs to 204 active drilling rigs.

 

 

 

During the WeekThe CRB Spot Commodity Index fell to a new 1½-year low of 410.

 

 

 

Canopy Growth Corp. ‘WEED-T’ at $68.83, Ritchie Bros. Auctioneers ‘RBA-T’ at $50.42 and Waste Connections ‘WCN-T’ at $106.40 all rose to new TSX 52-week trading highs while

 

BCE Inc. ‘BCE-T’ at $52.57, Goldcorp Inc. ‘G-T’ at $13.38 and Pizza Pizza Royalty ‘PZA-T’ at $9.47 all dropped to new 52-week trading lows.

 

 

 

For the Week – the Dow Industrials fell by 0.18% to 25,917, with the S&P 500 off by 1.03% to 2,872 and the NASDAQ down by 2.55% to 7,903. On the Canadian side – the TSX Composite dropped by 1.08% to 16,090 and the TSX Venture fell by 0.18% to 712.

 

 

 

With Commoditiesgold bullion fell by 0.50% to US$1,201, with copper off by 0.19% to US$2.62 as crude oil dropped by 2.79% to US$67.85 and natural gas was down by 5.79% to US$2.78. Overall – the CRB Spot Commodity Index rose by 0.24% to end the week at 412.

 

 

 

The Canadian dollar dropped by 1.07% against its American counterpart to finish the week at US$0.7587.

 

 

 

And the closely watched CBOE Volatility Index or VIX rose by 2.07-pounts the end the week at a little more nervous level of 14.93.

 

 

 

And Finally – It turns out that single women are much more active in the real estate market than are single men – as the National Association of Realtors recently reported that single women accounted for 18% to real estate transactions in 2017 as opposed the 7% of real estate transactions carried out by single men.

 

Posted September 10, 2018

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