The new North American trading week began quietly on Monday May 27^th with the American markets were closed for the Memorial Day holiday.

Statistics Canada reported the country’s retail marijuana sales increased by 17.3^% in March to $60.5-million.

Fiat Chrysler ‘FCAU-N’ and Renault S.A. announced they were investigating a US$35-billion merger of equals to form the world’s 3^rd-largest vehicle company.

With an eye to the future – Canadian Utilities ‘CU-T’ announced it was selling 100^% of its Canadian coal and natural gas electrical generating plants for some $835-million and will look to replace the electricity production with renewable energy sources.

Eldorado Gold ‘ELD-T’ shares’ surged up by over 12^% to $4.68 on hope that the recently announced snap election in Greece may elect a government for friendly to the companies proposed projects in that Mediterranean country.

Tuesday, May 28^th had the U.S. Conference Board report that its consumer confidence index rose by 4.9-points in May to a 6-month high of 134.1.

The National Travel and Tourism Office reported that the number of Chinese tourists traveling to the United States fell in 2018 for the first time in 15-years– dropping by 5.7% to 2.9-million visits.

Domestic bus manufacturer NFI Group ‘NFI-T’ makes a move out on North America by purchasing Britain’s double-decker bus manufacturer Alexander Dennis in a cash & stock deal of some $546-million.

Osisko Mining ‘OSK-T’ shares’ rose by almost 8.5^% to $3.09 after the mineral explorer reported encouraging drill hole gold assays from its Windfall/Urban Barry project in Quebec.

The World Gold Council reported on Wednesday, May 29^th that global gold demand – led by central bank (up 68^%) and ETF (up 49^%) purchases – rose by 7^% in the 1^st-quarter from the same quarter one year ago to 1,053-tonnes.

The Bank of Canada did as expected and leaves their benchmark interest rate unchanged at 1.75^%.

Canada Goose ‘GOOS-T’ shares’ plunged by 31^% to $45.94 after the Ontario based high-end parka maker failed disappointed the street with its revenue and growth guidance for the rest of the year.

Canadian Natural Resources ‘CNQ-T’ announced it was buying Devon Energy’s ‘DVN-N’ Canadian assets in an all-cash deal of some $3.8-billion.

Thursday, May 30^th saw U.S. Vice-President Mike Pence in Ottawa to meet with Canadian Prime minister Justin Trudeau to discuss the new North American Trade Agreement and other cross border trade and diplomatic issues.

The price of BRP Inc. ‘DOO-T’ stock surgde up by over 15.5^% to $41.79 after the recreation vehicle manufacturer handily beat the streets’ expectations with its 1^st-quarter financials.

Statistics Canada reported on Friday, May 31^st that the country’s economy or gross domestic product (GDP) grew in the 1^st-quarter of the year by a less than expected 0.4^%.

Meanwhile – the U.S. Commerce Department reported American consumer spending increase by only 0.3^% in April – well down from the 2.2^% increase seen in March.

Petroleum industry analyst Baker Hughes ‘BHGE-N’ reported that the number of active American drilling rigs rose by 1-rig last week to 984 active drilling rigs. In Raptors country – the number of Canadian active drilling rigs rose 7-rigs to 85 active drilling rigs.

The markets sold off on after U.S. president Donald Trump warned Mexico of further trade tariffs if its southern neighbour didn’t do more to stop illegal immigrants from crossing through their common border.

Gap Inc. ‘GPS-n’ shares plunged by to after the casual wear retailer disappointed with its 1^st-quarter financials and worse yet – lowered its forecast for the rest of the year.

During the Week – Crude oil fell to 3½-month low of US$53.25-a-barrel, copper dropped to 4½ -month low of US$2.64-a-pound and natural gas plunged to a 3-year low of US$2.45/1mmBTUs.

Fortis Inc. ‘FTS-T’ at $51.18, Park Lawn Corp. ‘PLC-T’ at $29.77 and Waste Connections ‘WCN-T’ at $126.42 all rose to new TSX 52-week trading highs while Cott Corporation ‘BCB-T’ at $17.56, SNC-Lavalin Group ‘SNC-T’ at $24.98 and West Fraser Timber ‘WFT-T’ at $52.69 all fell to new 52-week trading lows.

For the Week – the Dow Industrials lost 3.01^% to 24,815, with the S&P 500 down by 2.62^% to 2,752 and the NASDAQ off by 2.41^% to 7,453. In We the North – the TSX composite fell by 1.19^% to 16,037 and the TSX Venture dropped by 0.99^% to 602.

With Commodities – gold bullion rose by 1.71^% to US$1,311, while copper fell by 2.59^% to US$2.63, as crude oil dropped by 8.75^% to US$53.50 and natural gas lost 6.13^% to US$2.45. Overall – the CRB Spot Commodity Index gained 0.24^% to end the week at 416.

The Canadian dollar lost 0.55^% against the American dollar to finish the week at US$0.7399.

And the closely watched CBOE Volatility Index or VIX rose by 2.85-points to end the week at a somewhat more nervous level of 18.71.

And Finally – After 33-years at this desk I have decided it is time to leave Canaccord and see what other opportunities and adventures life has to offer. That said – this will be my last edition of The Week. It has for the most part been an enjoyable journey and I’ve enjoyed bringing my insights to you and hopefully they have been of some value as well. Take care and perhaps our paths will cross again. Cheers – Rod