The new North American trading week began on Monday. March 12th with investors hopeful that for the most part – February’s abrupt correction was over and that better markets were ahead. To which technical analysts David Tippin & Ron Meisels commented – “The February low was clearly an important low, but whether it was the final low in this corrective phase remains to be seen.” (For a complete copy of this report please contact Rod.Blake@canaccord.com.)
Assure Holdings ‘IOM-V’ shares’ plunged by over 55% to $1.70 on word that the neuromonitoring company’s auditors had resigned.
The price of Cara Operations ‘CARA-T’ rose by 12% to $26.99 after the restaurant group holding company reported better than expected 4th-quarter and annual financials.
Tuesday, March 13th had the White House issue a Presidential Order to block semiconductor giant Broadcom Limited’s. ‘AVGO-Q’ proposed takeover of Qualcomm Inc. ‘QCOM-Q’ as it was deemed to be a threat to the national security of the United States.
A recent Harris Poll Reputation Quotient poll report that – for a third consecutive year – Amazon.com ‘AMZN-Q’ was once again the world’s most recognized corporate brand.
The price of Canada Jetlines ‘JET-V’ plunged by over24.5% to $1.07 on Wednesday, March 14th after the upstart air carrier delayed its June launch date due to a shortage of aircraft.
Signet Jewelers ‘SIG-N’ shares’ dropped by over 20% to US$38.19 after the retailer said it would be closing over 200-stores in the coming fiscal year.
Thursday, March 15th saw most pipeline stocks fall in tandem after the Federal Energy Regulatory Commission (FERC) announced it was voiding some tax allowances for users of American pipelines.
Arizona Mining ‘AZ-T’ stock rose by 9.5% to $4.27 after the company reported more encouraging drill hole zinc assays from its Hermosa-Taylor Project in Arizona.
The price of Element Fleet ‘EFN-T’ sank by aver 24% to $3.78 after the vehicle fleet company announced a number of cost saving initiatives.
The U.S. Labor Department reported on Friday, March 16th that American employers were looking to fill a record 6.3-million jobs in January.
Meanwhile, Statistics Canada reported that Canadian manufacturing sales fell by a greater-than-expected 1% in January to $53.9-billion.
Petroleum industry analyst Baker Hughes ‘BHGE’ reported that the number of active American drilling rigs rose by 6-rigs last week to 990 active drilling rigs, while the number of active Canadian rigs fell by 54-rigs to just 219 active drilling rigs.
The price of Zscaler Inc. ‘ZS-N’ surged up by 102% to US$32.35 on the global cloud security company’s first day of trading.
During the Week – CAE Inc. ‘CAE-T’ at $24.07, Pollard Banknote ‘PBL-T’ at $23.55 and Waste Connections ‘WCN-T’ at $97.24 all rose to new TSX 52-week trading highs while Alamos Gold ‘AGI-T’ at $6.19, Callidus Capital ‘CBL-T’ at $7.16 and TSO3 Inc. ‘TOS-T’ at $1.16 all dropped to new 52-week trading lows.
For the Week – the Dow Industrials fell by 1.54% to 24,947, with the S&P 500 off by 1.29% to 2,751 and the NASDAQ Exchange down by 1.04% to 7,482. To the north – the TSX Composite index rose by 0.85% to 15,711 and the TSX Venture Exchange gained 0.60% to 834.
With Commodities – gold bullion was off by 0.76% to US$1,314, with copper down by 0.96% to US$3.11, while crude oil gained 0.63% to US$62.31 while natural gas was unchanged at US$2.73. Overall, the CRB Spot Commodity Index fell by 0.23% to finish the week at 444.
The Canadian dollar fell by 2.11% against its American cousin to end the week at US$0.7638.
And the closely watched CBOE Volatility Index or VIX rose by 1.06-points to finish the week at a little more nervous level of 15.70.
And Finally – Equifax Canada reported that the country’s consumer debt rose by 6% in the 2017 to a record $1.821-trillion.
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