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The Week of May 9th to May 15th, 2016 “A Brief Look Back Into Tomorrow”

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The Week of May 9th to May 15th, 2016 “A Brief Look Back Into Tomorrow”






The new trading week began on Monday, May 9th with Canadians and people from throughout the world fixated on the extreme destruction that the wildfires of Northern Alberta were inflicting on the city of Fort McMurray and surrounding areas.




Crude oil prices were also volatile as reports of up to 1-million barrels of oilsands bitumen production may be shut in, at least temporarily, as a result of the fires.




While on a related note – industry consultants IHS reported that new oil discoveries fell in 2015 to a 60-year low of 2.8-billion barrels.




Lucara Diamond (LUC-T) reported that its 813-carat, tennis ball sized Constellation diamond that came from the company’s Karowe mine in Botswana, was sold for some US$63-million.




The price of Krispy Kreme Doughnuts (KKD-N) soared up by over 24% to US$20.96 after the feel good restaurateur agreed to a US$1.35-billion takeover by German investment firm JAB Holding.




Tuesday, May 10thsaw some relief come to Fort McMurray as the weather cooled, the winds died down and firefighters were able to get the upper hand on the once massive fires, while its citizens were allowed to re-enter the city to see what, if anything, was left of their homes and belongings.




Pure Energy Minerals (PE-V) shares’ plunged by over 31% to $0.57 after the company reported disappointing lithium values from its Clayton Valley South lithium brine project in Nevada.




Shares’ of The Gap (GPS-N) fell by over 11.5% to US$19.30 when the retailer warned of weaker sales across its Gap, Banana Republic and Old Navy outlets.





But the price of Sodastream International (SODA-Q) stock surged up by over 23% to US$18.14 when the beverage company beat the streets’ expectations for its 1st-quarter earnings.




The shareholders’ of InnVest REIT (INN.UN-T) were pleased on Wednesday, May 11th to see their investment surged up by over 29% to $7.07 after the hotel property firm agreed to a $7.25-a-share takeover offer from Hong Kong controlled Bluesky Hotel & Resorts.




Office Depot (ODP-N) and Staples Inc. (SPLS-Q) both felt the wrath of government as their share prices fell by 40.5% and 18.5% respectively after a Federal judge sided with the U.S. antitrust officials and rejected the office supply retailers proposed US$6.3-billion merger.




Ivanhoe Mines (IVN-T) reported a substantial increased resource calculation in the company’s Platreef platinum group metals & gold project in South Africa.




Thursday, May 12th began with the mining markets abuzz with the knowledge that mining giant Goldcorp (G-T) had purchased junior mineral developer Kaminak Gold (KAM-V) and its Coffee gold deposit in Canada’s Yukon in an all-stock deal of some $520-million.




The International Energy Agency (IEA) reported that OPEC crude oil output rose in the       3rd-quarter to 32.7-million barrels-a-day.




The share price of Rock Energy (RE-T) plunged by almost 22% to $0.86 after the petroleum company presented a lower than expected production update.




Jack in The Box (JACK-Q) shares’ rose by over 15% to US$74.97 when the fast food restaurateur’s latest quarter handily beat the streets expectations.




The American economy continues to expand as U.S. Commerce Department the reported on Friday, May 13th that their retail sales rose in April by a 2016 high of 1.3%.




The shares price of New Flyer Industries (NFI-T) gained almost 9.5% to $40.73 when the Winnipeg based transit bus and motor coach manufacturer reported a solid 1st-quarter report.




Sirius XM Canada (XSR-T) shares’ rose by 8% to $4.57 after the Canadian satellite radio company agreed to a $351-million cash or stock privatization offer by U.S. parent Sirius XM Holdings   (SIRI-Q).




During the Week – the price of natural gas touched a new 4-month high of US$2.30/mmcf while crude oil rose to a new 7-month high of US$47.45-a-barrel and the TSX Venture Exchange reached a new 10-month closing high of 680.




Canadian Tire Corp. (CTC.A-T) at $146.31, Lucara Diamond (LUC-T) at $4.03 and Wi-Lan Inc. (WIN-T) at $3.38 all rose to new TSX 52-week trading highs while Enerflex Ltd. (EFX-T) at $8.58, Newalta Corp. (NAL-T) at $1.56 and Uranium Participation (U-T) at $4.25 all sank to new 52-week trading lows.




For the WeekThe Dow Industrials fell by 1.16% to 17,535, with the S&P 500 off by 0.49% to 2,047 and the NASDAQ Exchange down by 0.38% to 4,718. To the north, the TSX Composite Index was higher by 0.35% to 13,749 and the TSX Venture Exchange was up by 1.64% to 680.




With commoditiesgold bullion was down by 1.47% to US$1,275, with copper lower by 3.72% to US$2.07, while crude oil rose by 5.22% to US$46.99 and natural gas was higher by 7.14% to 2.25%. Overall, the CRB Spot Commodity Index improved by 0.48% to end the week at 415.




The Canadian dollar lost 0.19% against its southern counterpart to finish the week at US$0.7730.




And the closely watched CBOE Volatility Index gained 0.33-point to end the week at a little more nervous level of 15.05.




And Finally – After two very frustrating weeks and with the help of countless Canadians and others who gave time and millions of dollars of cash and donations – the 88,000 people of Fort McMurray began to return to their fire ravaged city.


Posted May 17, 2016

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