The new North American trading week began on Monday June 5th with the three American markets in record territory while the Canadian markets were still trying to shake off their recent correction and the world free world mourning that London had become the target of another seemingly all too frequent terrorist attack.
Osisko Gold Royalties (OR-T) began the week by rising 13.5% to $16.35 after the streaming company announced it had purchased the mineral portfolio of diamonds, gold & silver from U.S private equity firm Orion Mine Finance in a cash & stock deal of some US$1.13-billion.
The price of Loxo Oncology (LOXO-Q) shares’ skyrocket up by 42% to US$69.52 on reports the pharma company’s experimental cancer drug was successful in reducing tumors in patients with a rare genetic anomaly in a small clinical trial.
Tuesday, June 6th had Ballard Power (BLDP-T) announce it had secured an $18-million contract to supply their 400 FCveloCity fuel bus/truck cell engines to China’s Zhongshan Broad-Ocean Motors.
IAMGOLD Corp. (IMG-T) shares’ rose by almost 12% to $6.78 on word that Japan’s Sumitomo Metal Mining had taken a 30% interest in the company’s Cote Gold Project in Ontario in an all-cash deal of some $195-million.
Conventional retailing continued to suffer as both Macy’s Inc. (M-N) and Michaels Co. (MIK-N) both saw their stock price drop by over 8% on lowered sales expectations for the year ahead.
One of the few brick & mortar retailers doing well is Dollarama (DOL-T) whose share price set a new record all-time high of $129.12 on Wednesday, June 7th after the discount store reported a 10% increase in 1st-quarter sales.
The International Energy Agency (IEA) reported that the number of global electric vehicles on the road rose by 750,000 in 2016 to a record of over 2-million vehicles. China was the leader with 336,000 new electric cars registered that year while Canada registered just 11,580 new electric vehicles.
Dragonwave Inc. (DRWI-T) shares’ soared up by almost 74.5% to $1.50 on word the company had been awarded a supply contract from SmartSky Network.
Alibaba Group (BABA-Q) shares’ surged up by over 13% to US$142.34 after the Asian internet retailer forecast a 45-49% increase in 2018 revenue to some US$34.3-billion.
On this side of the Pacific – Nordstrom Inc. (JWN-N) shares’ climbed by over 10% to US$44.64 on word the retailer was exploring the option of taking itself private.
Friday, June 9th has Statistics Canada report that the economy created a much greater than expected 54,500 new jobs in May although the official unemployment rate rose by 0.1% to 6.6% as more people entered the job market.
Moody’s investment Services lowered South Africa’s foreign currency rating by one level to Baa3.
Petroleum industry analyst Baker Hughes (BHI-N) reported that the number of active American drilling rigs increased by 11 last week to 927 active rigs, while the Canadian count rose by 3-rigs to 132 active drilling rigs.
Hudson’s Bay (HBC-T) shares’ tumbled by 10.5% to a new 52-week low of $8.61 after North America’s oldest retailer reported much lower than expected 1st-quarter financials.
During the Week – The NASDAQ advanced to a new all-time high of 6,319, while gold bullion advanced to a new 7-month high of US$1,296-an-ounce and the CRB Spot Commodity Index reached a new 2½ -year high of 441.
Brand Leaders Plus Income ETF (HBF-T) at $8.96, Fortis Inc. (FTS-T) at $45.87 and Shore Gold (SGF-T) at $0.44 all established new TSX 52-week trading highs while AltaGas Ltd. (ALA-T) at $29.54, Cenovus Energy (CVE-T) at $10.54 and Fairfax Financial (FFH-T) at $583.00 all sank to new 52-week trading lows.
For the Week – The Dow Industrials rose by 0.31% to 21,272, while the S&P 500 Index lost 0.29% to 2,432 and the NASDAQ Exchange fell by 1.55% to 6,208. Across the border – the TSX Composite Index improved by 0.19% to 15,473 while the TSX Venture Exchange dropped by 1.25% to 791.
With Commodities – gold bullion fell by 0.86% to US$1,269, while copper rose by 2.72% to US$2.64, as crude oil dropped by 3.73% to US$45.88 and natural gas gained 1.33% to US$3.04. Overall – the CRB Spot Commodity Index improved by 1.15% to finish the week at 441.
The Canadian dollar rose by 0.13% against its southern neighbour to end the week at US$0.7426.
And the closely watched CBOE Volatility Index or VIX rose by 0.93-point to finish the week at a slightly more nervous level of 10.68.
And Finally – Australia seems to attracting most of the world’s wealth as according to New World wealth, the island nation’s total wealth has increased by 85% in the past 10-years. By comparison – the United States had a 30% increase in total wealth in the same time period.
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