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The Week of December 10th to December 16th, 2018 “A Brief Look Back Into Tomorrow”

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The Week of December 10th to December 16th, 2018 “A Brief Look Back Into Tomorrow”






The new North American trading week began on Monday, December 10th with the knowledge that Canada had arrested a Chinese corporate official on behalf of the American government.



Canada Mortgage and Housing Corporation announced that the country’s new housing starts rose in November to a better than expected seasonally adjusted 215,941 units.



Badger Daylighting ‘BAD-T’ shares’ rose by 7% to $33.59 after the tunneling company announced charges to its board of directors.



The price of Tervita Corporation ‘TEV-T’ stock fell by 9.5% to $6.86 after the oil patch service company announced a more conservative operations outlook than expected for the year ahead.



Tuesday, December 11th saw Alberta Premier Rachel Notley announce her province was looking for expressions of interest in building more petroleum refineries as a way to help firm up oil prices in her land-locked province.



Winter parka manufacturer Canada Goose Holdings ‘GOOS-T’ shares’ fell by 1.4% to $73.98 on worries that the ill will from the recent arrest and detention Huawei Technologies’ CFO Meng Wanzhou might spread to other companies doing business in China.



Ero Copper ‘ERO-T’ stock rose by almost 13% to $10.74 after the mineral development company reported a positive quarterly exploration update for its Pilar, Vermelhos and Surubim projects in Bahia State, Brazil.



Canada Mortgage and Housing Corp. further reported on Wednesday, December 12th that the number of new mortgages fell by 11.9% in the 2nd-quarter as compared to the same quarter one year ago to 205,000 new mortgages.



Finning International ‘FTT-T’ announced it was diversifying into fuel distribution with the purchase of 4ReFuel – one pf Canada’s premier on-site refueling companies – in an all cash deal of some $260-million.



Synergy Pharmaceuticals ‘SGYP-Q’ shares’ plunged by 53% to $0.16 after the company filed for Chapter 11 bankruptcy protection.



Thursday, December 13th saw Altagas Ltd. ‘ALA-T’ shares rise by almost 10% to $15.05 after the beleaguered natural gas supplier took some pressure off its balance sheet by selling a hydroelectric powerplant for $1.39-billion and cutting its monthly dividend by 56% to $0.08.



Detour Gold ‘DGC-T’ stock rose by 0.5% to $10.92 after a John A. Paulson hedge fund led proxy battle managed to oust five of eight established directors of the Timmons, Ontario based gold producer.



The price of Empire Ltd. ‘EMP.A-T’ shares’ gained over 10.5% top $28.51 after the Safeway/Sobeys grocer handily beat the streets’ expectations with its 3rd-quarter financials.



Friday, December 14th had Statistics Canada report that the average Canadian’s household credit market debt as a proportion of disposable income rose by another 0.1% in the 3rd-quarter to a seasonally adjusted record 177.5%.



Petroleum sector consultant Baker Hughes ‘BHGE-N’ reported that the number of active American drilling rigs fell by 4-rigs last week to 1,071 active drilling rigs. Up north – the number of Canadian active drilling rigs dropped by 12-rigs to 174 active drilling rigs.



Costco Wholesale ‘COST-N’ shares’ fell by over 8.5% to US$207.06 after the giant big box merchandizer reported a drop in 3rd-quarter profit margins.



The price of Johnson & Johnson ‘JNJ-N’ stock dropped by 10% to US$133.00 on reports the giant pharmaceutical new for years that asbestos was an ingredient in their leading baby powder product.



Wheaton Precious Metals ‘WPM-T’ shares’ surged up by over 14% to $25.34 after the precious metal streaming company reached an agreement with the Canada Revenue Agency (CRA) on the taxation of foreign income.



During the Week – The TSX Venture Exchange fell to a new 1¾ -year low of 555 and the Canadian dollar dropped to a new 1½ -year low of US$0.7464.



Badger Daylighting ‘BAD-T’ at $33.59, Kirkland Lake Gold ‘KL-T’ at $32.71 and SSR Mining ‘SSRM-T’ at $15.25 all rose to new TSX 52-week trading highs, while Bank of Montreal ‘BMO-T’ at $89.90, BlackBerry Ltd. ‘BB-T’ at $10.18 and TORC Oil & Gas ‘TOG-T’ at $4.14 all fell to new 52-week trading lows.



For the Week – the Dow Industrials fell by 1.18% to 24,101, with the S&P 500 off by 1.25% to 2,600 and the NASDAQ down by 0.83% to 6,911. Further north – the TSX Composite dropped by 1.35% to 14,595 and the TSX Venture lost 2.97% to 555.



With Commoditiesgold bullion fell by 0.96% to US$1,241, while copper was unchanged at US$2.76, as crude oil dropped by 2.17% to US$51.47 and natural gas plunged by 19.60% to US$3.61. Overall – the CRB Spot Commodity Index fell by 0.48% to finish the week at 416.



The Canadian dollar dropped by 0.48% against its American counterpart to end the week at US$0.7470.



And the closely watched CBOE Volatility Index or VIX fell by 1.60-points to finish the week at a little more optimistic level of 21.63.



And Finally – Those environmentalists who feel that global electrification will eventually rid the world of crude oil may want to heed an International Energy Agency estimate that petrochemicals will make up a third of the growth in world oil demand by 2030 and nearly 50% of demand growth by 2050.



And Finally, Finallythe Week is taking a holiday season break. If all goes as planned this publication will once again reappear on or about Monday, January 7th, 2019. A seasonal best to all….

Posted December 17, 2018

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