The new trading week began on Monday, June 6th with the major North American markets at or near multi-month highs and the Fraser Institute declaring that “Today is Canada’s Tax Freedom Day.”
Agriculture stocks such as Agrium Inc. (AGU-T), Mosiac Co. (MOS-N) and Potash Corp. of Saskatchewan (POT-T) all rose in tandem on a report that China will soon be importing more potash.
Conversely, pharmaceutical stocks such as Adamis Pharmaceuticals (ADMP-Q), Ocular Therapeutix (OCUL-Q) and Pronai Therapeutics (DNAI-Q) all plunged on poor testing or regulator reports.
Fortress Paper (FTP-T) shares’ surged up by over 33% to $3.84 on word the banknote company had sold its Swiss land & buildings to GAM Investment Management in an all-cash deal of some $59-million.
Tuesday, June 7th once again saw Valeant Pharmaceuticals (VRX-T) once again make headlines for the wrong reason as the giant pharma company’s shares’ fell by another 15% to $31.47 following a much less than expected 1st-quarter and fiscal 2016 financial reports.
Michaels (MIK-N) stock dropped by over 11% to US$26.70 after the crafts retailer reported an unexpected weakness is same store 1st-quarter sales.
With a move of great community spirit, Shell Canada donated 8,600 square kilometers of its offshore Baffin Island exploration leases to the Nature Conservancy of Canada – an area of the Arctic Ocean that has been selected by the Government of Canada as part a much larger marine conservation area.
Wednesday, June 8th gave us a good example of today’s changing market place as deep discount retailer Dollarama Inc. (DOL-T) reported much better than expected 1st-quarter profits to go along with an improved guidance for the rest of the year, while legacy department store Sears Canada (SCC-T) reported a continued quarterly loss and further cost-cutting measures for the year ahead.
The shareholders’ of Goldrock Mines (GRM-V) were pleased to see their investment surge up by almost 51% to $1.01 after the company announced a $129-million merger with fellow mineral explorer Fortuna Silver Mines (FVI-T).
The share price of VeriFone Systems (PAY-N) plunged by over 24.5% to US$21.27 after the payments processing company failed to impress the street with its 2nd-quarter financials.
DAVIDsTEA Inc. (DTEA-Q) shares’ fell by almost 14.5% to US$10.14 in spite of the Montreal based company turning a year ago quarterly loss into a small quarterly profit.
Similarly, the price of Fuelcell Energy (FCEL-Q) dropped by over 16.5% to US$6.08 after the fuelcell manufacturer reported a smaller drop in 2nd-quarter sales.
And Restoration Hardware (RH-N) stock plunged by over 21% to US$28.40 after the retailer lowered its guidance for the year ahead.
Friday, June 10th had Statistics Canada report that the country created a better than expected 13,800 new jobs in May and that the unemployment rate fell by 0.2% to an 11-month low 6.9%.
Markets fell going into the weekend after Japan once again lowered its already negative key banking interest rate.
During the Week – crude oil reached a new 11-month high of US$51.37, while natural gas rose to a new 7-month high of US$2.60/mmbtus and the CRB Spot Commodity Index climbed to a new 11-month high of 421. The S&P 500 rose to a new 1-year high of 2,119 with the TSX Composite up to a new 10-month high of 14,366 while the TSX venture reached a new 11/2-year high of 720.
Atco Ltd. (ACO.Y-T) at $45.00, Clearwater Seafoods (CLR-T) at $14.85 and Peyto Exploration & Development (PEY-T) at $36.50 all rose to new TSX 52-week trading highs while HBP S&P/TSX Energy Bear+ ETF (HED-T) at $11.04, HBP S&P/TSX Gold Bear+ ETF (HGD-T) at $10.19 and HBP S&P 500 Bear+ ETF (HSD-T) at $7.92 all fell to new 52-week trading lows.
For the Week – The Dow industrials gained 0.33% to 17,865, while the S&P 500 Index eased by 0.14% to 2,096 and the NASDAQ Exchange fell by 0.97% to 4,895. North of the border, the TSX Composite Index dropped by 1.33% to 14,038 while the TSX Venture Exchange gained 3.17% to 716.
With commodities – gold bullion rose by 2.74% to US$1,277, while copper fell by 3.79% to US$2.03, as crude oil improved by 0.74% to US$48.98 and natural gas gained 7.08% to US$2.57. Overall the CRB Spot Commodity Index rose by 0.24% to finish the week at 418.
The Canadian dollar gained 1.38% against its American cousin to end the week at US$0.7837.
And the closely watched CBOE Volatility Index or VIX rose by 3.52-points to end the week at a more nervous level of 16.99.
And Finally – PricewaterhouseCoopers’ predicts that 2017 will mark the first time that digital advertizing revenues at US$75.3-billion will outdo those of US$70.4-billion that television broadcasters are expected to receive.
And Finally, Finally – The Week will be taking the next few weeks off to take some much needed R&R. If all goes well this publication will reappear on or about Monday, July 11th.
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