The new North American trading week began on Monday, July 11th with investors fully aware that after a long 18-months, the S&P 500 Index was with a few points of its all-time high and wondering if post Brexit, the broad market would have enough incentive to finally crack the historic 2,132 level.
Ascot Resources (AOT-V) at $1.50 and Northern Dynasty (NDM-T) at $0.69 moved up by 20.0% and 23.3% respectively on word that resource investor Sprott Securities had taken up significant positions in the mineral exploration companies.
Nintendo Co. (NTDOY-Q) shares’ surged up by over 33.5% to US$27.70 after the gaming company announced its new Pokémon Go game was the top ranked smartphone app.
Tuesday, July 12th saw the price of Sage Therapeutics (SAGE-Q) soar up by almost 37% to US$12.36 after a small mid-stage study found its SAGE-547 drug was effective in alleviating symptoms of severe postpartum depression (PPD).
The price of Seagate Technology (STX-N) shares’ surged up by almost 22% to US$29.33 after the computer disk drive maker reported a better than expected 4th-quarter report.
The Bank of Canada held fast on Wednesday, July 13th and held the country’s key benchmark lending rate steady at 0.5%.
Amazon.com (AMZN-Q) held their second Prime Day and reported that sales increased by an amazing 60% over the inaugural sales day held one year ago to become the internet retailer’s biggest sakes day ever.
Computer hacks were invited into the fold by Fiat Chrysler (FCAU-Q) as the automaker said it would pay between US$150 & UA$1,500 to anyone who could uncover security flaws in any of their vehicles.
Thursday, July 14th had the Bank of England follow their Canadian counterparts lead and keep Britain’s key lending rate steady at 0.5% and perhaps helping to add stability to global interest rates.
Ascot Resources (AOT-V) shares’ soared up by 30% to $1.95 on word that Sprott Securities had taken a large position in the mineral exploration company and its flagship past producing Premier gold project in northwest British Columbia.
Tesla Motors (TSLA-Q) rejected a Consumer Reports request that the electric automaker disable its automatic steering function pending the outcome of a U.S. regulator’s inquiry into the death of a person in Florida while apparently using the hands free option.
The American economy continued to grind ahead as Friday, July 15th had the U.S. Commerce Department report that consumer sales grew by another 0.6% in June and are now 2.7% ahead of the same time one year ago.
Timmons Gold (TMM-T) shares’ rose by over 16.6% to $0.70 after the junior gold producer reported better than expected 2nd –quarter gold production from its San Francisco gold mine in Mexico.
And the price of Herbalife Ltd. (HLF-N) shares’ rose by almost 10% to US$65.25 after the U.S. Federal Trade Commission finally determined that the nutritional supplement marketer was not a pyramid scheme.
During the Week – The NASDAQ Exchange closed at a new 7-month high of 5,036, while the TSX Composite Index set a new 1-year high of 14,515, the TSX Venture Exchange reached a new 20-month high of 766, the DJIA and S&P 500 set new respective record highs of 18,517 and 2,164. And the VIX fell to a 1-year low of 12.67.
Canadian Zinc (CZN-T) at $0.41, Rogers Sugar (RSI-T) at $5.99 and Waste Connections (WCN-T) at $96.75 all established new TSX trading highs while Echelon Financial (EFH-T) at $10.92, Nautilus Minerals (NUS-T) at $0.10 and Westport Fuel Systems (WPT-T) at $1.66 all sank to new 52-week trading lows.
For the Week – The Dow Industrials gained 2.04% to 18,517, with the S&P 500 Index up by 1.98% to 2,162 and the NASDAQ Exchange ahead by 1.47% to 5,030. On the north side of 49 the TSX Composite Index rose by 1.56% to 14,482 and the TSX Venture Exchange gained 1.86% to 766.
With commodities – gold bullion fell by 1.91% to US$1,332, while copper gained 5.66% to US$2.24, with crude oil up by 2.64% to US$46.61 and natural gas down by 2.15% to US$2.73. Overall, the CRB Spot Commodity Index advanced by 0.97% to end the week at 415.
The Canadian dollar gained 0.69% against its American counterpart to finish the week at US$0.7718.
And the closely watched CBOE Volatility Index or VIX dropped by 0.53-point to end the week at a very calm level of 12.67.
And Finally – The Canadian Radio-television and Telecommunications Commission reported that 99.3% of Canadians now have access to wireless phone services.
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