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The Week of July 30th to August 5th, 2018 “A Brief Look Back Into tomorrow”

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The Week of July 30th to August 5th, 2018 “A Brief Look Back Into tomorrow”

 

 

 

 

 

The new North American trading week began uneventfully on Monday, July 30th as the heat of summer seemed to be drawing investor interest away from geo-political and economic events that have been capturing the markets’ attention.

 

 

 

To which technical analysts David Tippin & Ron Meisels commented – “August could become a relatively sideways month….” (For a complete copy of this report please contact Rod.Blake@canaccord,com.)

 

 

 

Statistics Canada reported that foreign purchases of Canadian securities fell to $29-billion in the first 5-months of this year.

 

 

 

The National Energy Board reported that Canadian crude oil shipments by rail rose by 42% in the past year to May to an average of 198,788 barrels-per-day. Meanwhile – total Canadian crude oil production rose by over 15% to 4.4-million barrels-per-day.

 

 

 

Heavy machinery giant Caterpillar Inc. ‘CAT-N’ reported better than expected 2nd-quarter financials and better yet – raised its forecast for the year ahead.

 

 

 

Ivanhoe Mines ‘IVN-T’ shares’ rose by 5% to $2.55 after the African based mineral developer released a positive resource update for its Kipushi copper/zinc project.

 

 

 

Tuesday, July 31st started with Statistics Canada announcing that the country’s gross domestic product (GDP) improved from April to May by 0.5%.

 

 

 

Nuclear reactors eventual wear out, and SNC-Lavalin ‘SNC-T’ announced it was awarded a multi-million-dollar contract to decommission New Jersey’s Oyster Creek Nuclear Generating Station – the oldest nuclear power station in the United States.

 

 

 

The share price of WestJet Airlines ‘WJA-T’ fell by over 8% to $18.32 after Canada’s second largest airline posted its first quarterly loss in the past 13-years.

 

 

 

Shopify Inc. ‘SHOP-T’ shares’ fell by 5.5% to $181.22 after the online commerce company failed to impress the street with its 2nd-quarter financials.

 

 

 

The U.S. Federal Reserve (FED) did as expected on Wednesday, August 1st and left their key interest rate unchanged at 1.75 -2.00%.

 

 

 

Wednesday, August 1st saw the price of Enercare Inc. ‘ECI-T’ stock soar up by almost 53% to $28.90 on word the heating company received a $4.3-billion all-cash or stock take-over offer from real estate giant Brookfield Infrastructure Partners ‘BIP.UN-T’.

 

 

 

Molson Coors Canada ‘TPX.B-t’ announced they were working with The Hydropothecary Corp. ‘HEXO-T’ to develop cannabis based non-alcoholic beverages.

 

 

 

Similarly, insurer Manulife Financial ‘MFC-T ’and pharmacy Shoppers Drug Mart ‘L-T’ are teaming up to partner in a medical cannabis program.

 

 

 

Many eyes were on Apple Inc ‘AAPL-Q’ as the company’s shares’ rose by almost 6% to US$201.50 after the giant tech once again handily beat the streets’ expectations with its 2nd-quarter financials.

 

 

 

Thursday, August 2nd saw the price of Tesla Inc. ‘TSLA-Q’ stock surge up by over 16$ to US$349.54 after the world’s premier electric auto manufacturer reported better than expected production and forward guidance figures.

 

 

 

Gildan Activewear ‘GIL-T’ shares’ rocketed up by 21.5% to $41.10 after the clothing company reported record 2nd-quarter sales.

 

 

 

Bombardier Inc. ‘BBD.B-T’ stock rose by over 3% to $4.91 after the world’s largest commuter train and nosiness jet manufacturer reported a surprise 2nd-quarter profit.

 

 

 

And Apple Inc. ‘AAPL-Q’ – with a closing price of US$207.39 – became the first American based company to achieve a market cap of over US$1-trillion.

 

 

 

The U.S. Labor Department reported on Friday, August 3rd that their economy added a less than expected 157,000 new jobs in July and that the country’s unemployment rate eased lower by another 0.1% to 3.9%.

 

 

 

Petroleum industry consultant Baker Hughes ‘BHGE-N’ reported that the number of active American drilling rigs fell by 4-rigs last week to 1,044 active rigs. Up north – the number of active Canadian drilling rigs was unchanged at 223 active rigs.

 

 

 

During the Week – the TSX Venture Exchange fell to a new 2-year low of 700 while the price of gold bullion dropped to a new 1-year low of US$1,220-an-ounce. Meanwhile, the VIX dropped to a 6-month low of 11.07.

 

 

 

Husky Energy ‘HSE-T at $22.12, OceanaGold Corp. ‘OGC-T’ at $4.04 and Ur-Energy ‘URE-T’ at $1.02 all reached new TSX 52-week trading highs while Americas Silver ‘USA-T at $3.22, Gildan Active Wear ‘GIL-T’ at $33.12 and Sleep Country Canada ‘ZZZ-T’ at $30.27 all fell to new 52-week trading lows.

 

 

 

For the Week – the Dow Industrials rose by 0.05% to 25,463, with the S&P 500 up by 0.74% top 2,840 and the NASDAQ ahead by 0.97% to 7,812. Across the line – the TSX Composite gained 0.16% to 16,420 while the TSX Venture lost 0.71% to 702.

 

 

 

With Commoditiesgold bullion fell by 0.88% to US$1,222, with copper down by 1.3% to US$2.76, as crude oil dropped by 0.17% to US$68.62 while natural gas gained 2.16% to US$2.84. Overall – the CRB Spot Commodity Index fell by 1.15% to end the week at 428.

 

 

 

The Canadian dollar improved by 1.26% against the American dollar to finish the week at US$0.7696.

 

 

 

Ans the closely watched CBOE Volatility Index or VIX fell by 1.96-points to end the week at a much calmer level of 11.07.

 

 

 

And Finally – While we personally seem to be paying more and more taxes – the same is not so for corporations – as a recent University of Copenhagen study has found that the average global tax rate has fallen from 49% in 1985 to just 24% today.

Posted August 8, 2018

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