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The Week of March 4th to March 10th, 2019 “A Brief Look Back Into Tomorrow”

 

 

 

 

 

The new North American trading week began on Monday, March 4th with Newmont Mining ‘NEM-N’ formally rejecting Barrick Gold’s ‘ABX-T’ unsolicited takeover attempt of the American gold mining giant.

 

 

The Chinese government lowered the country’s economic growth for 2019 to a 30-year low of 6.0% – 6.5%.

 

 

Enbridge Inc. ‘ENB-T’ shares’ fell by almost 6% to $46.65 on word that there were going to be more delays in getting the company’s long-awaited Line 3 Replacement pipeline thru the state of Minnesota.

 

 

The price of Ascendis Pharma A/S Sponsored ADR ‘ASND-Q’ stock soared up by 74% to US$120.60 after the biopharma company announced a positive phase-3 pivotal endpoint report for its TransCon GH growth hormone deficiency study.

 

 

Tuesday, March 5th had the U.S. Treasury Department report their government’s budget deficit rose by 77% in the first 4-months of the current fiscal year to US$310.3-billion.

 

The U.S. Commerce Department reported their new housing starts rose by 3.7% in December to an 8-month high of an annualized 621,000 units.

 

 

Target Corporation ‘TGP-N’ shares’ rose by over 4.5% to US$76.00 after the giant discount retailer reported a 31% increase in the important 4th-quarter online sales.

 

The price of General Electric ‘GE-N’ stock dropped by almost 5% to US$9.89 after the giant conglomerate warned of a surprising negative net cash flow for the rest of the year.

 

 

Wednesday, March 6th saw the Bank of Canada do as expected and left its key interest rate steady at 1.75%.

 

 

Statistics Canada reported the country’s trade deficit – helped by a 10-year slump in exports – rose in December to a record $4.59-billion.

 

 

The U.S. Environment Protection Agency (EPA) announced that the fuel efficiency of the average American passenger vehicle rose by 0.2-miles-per-gallon (mpg) in 2017 to a record high of 29.4-mpg.

 

 

Great Canadian Gaming ‘GC-T’ shares’ fell by almost 7% to $51.94 after the country’s largest casino operator failed to meet the streets’ expectations with its 4th-quarter financials.

 

 

Conversely – Abercrombie & Fitch ‘ANF-N’ stock surged up by 20% to US$25.70 after the fashion retailer announced better than expected year end financials and an aggressive upgrading of its retail network.

 

 

Thursday, March 7th saw the price of Spin Master ‘TOY-T’ stock drop by over 10.5% to $38.00 after the toy and entertainment company warned of product disruptions due to the recent bankruptcy of U.S based Toys ‘R’ Us.

 

 

Crescent Point Energy ‘CPG-T’ shares fell by almost 3.5% to $3.94 after the Calgary based petroleum producer disappointed with its year-end 2018 financial and production figures.

 

 

Statistics Canada announced on Friday, March 8th that the country created a much better than expected 55,900 new jobs in February while the unemployment rate remained at 5.8%. South of the border – the U.S. Labor Department reported their economy created a disappointing 20,000 new jobs in February, but their unemployment rate fell by 0.2% to a 50-year low of 3.8%.

 

 

Statistics Canada also reported that new housing starts fell in February to an annualized seasonally adjusted 173,200 units.

 

 

Petroleum industry consultant Baker Hughes ‘BHGE-N’ reported that the number of active American drilling rigs fell by 11-rigs last week to 1,027 active drilling rigs. Up north – the number of Canadian active drilling rigs dropped by 22-rigs to 189 active drilling rigs.

 

 

Costco Wholesale ‘COST-N’ shares’ rose by 5% to US$227.82 after the giant big box retailer’s 2nd-quarter financials beat analyst expectations.

 

 

During the WeekThe TSX Composite Index rose to a new 5-month high of 16,092.

 

 

Emera Inc. ‘EMA-T’ at $47.90, Pembina Pipeline ‘PPL-T’ at $49.69 and Waste Connections ‘WCN-T’ at $112.43 all rose to new TSX 52-week trading highs while Cascades Inc. ‘CAS-T’ at $8.09, Fission Uranium ‘FCU-T’ at $0.47, and Wall Financial ‘WFC-T’ at $22.00 all fell to new 52-week trading lows.

 

 

The Dow Industrials lost 2.22% to 25,450, with the S&P 500 down by 2.18% to 2,743 and the NASDAQ off by 2.46% to 7,408. Meanwhile – the TSX Composite fell by 0.20% to 15,996 and the TSX Venture lost 0.12% to 618.

 

 

With Commoditiesgold bullion was unchanged at US$1,299, with copper off by 1.37% to US$2.89, while crude oil gained 0.48% to US$56.07 and natural gas rose by 0.35% to US$2.87. Overall – the CRB Spot Commodity Index was unchanged over the week at 414.

 

 

The Canadian dollar fell by 0.90% against its America counterpart to end the week at US$0.7453.

 

 

And the closely watched CBOE Volatility Index rose by 2.48-points to finish the week at a heightened nervous level of 16.05.

 

 

And Finally -This week marks the 10th anniversary of the U.S. bull stock market that grew out of the Great Recession rubble of the American asset back securities and the housing bubble.

Posted March 11, 2019

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