The new North American trading week began on Monday, September 17th with the American markets still consolidating at or near all-time highs while their Canadian counterparts continued to lag behind. To which technical analysts David Tippin & Ron Meisels commented – “The S&P 500’s chart and supporting indicators remain very bullish.….The TSX Composite needs more time to complete its correction.
The United States and China continued to make rumblings of increased tariffs and repercussions toward each other.
The Canadian Real Estate Association (CREA) announced that the country’s national home sales rose by 0.9% in August to 39,366 units.
In order to meet increasing demand – USD-Partners ‘USDP-N’ announced it was increasing the loading capacity of its crude oil by rail facility at Hardisty, Alberta by 50% to three 120-car trains or 225,000 barrels-a-day of crude oil.
Aurora Cannabis ‘ACB-T’ shares’ surged up by almost 17% to $9.98 on media reports that beverage giant Coca-Cola Co. ‘KO-N’ was seeking a position in the Alberta based marijuana company.
Tuesday, September 18th saw Statistics Canada report that foreign holdings of Canadian securities rose by $1.58-billion in July to $21.4-billion.
The price of Tesla Inc. ‘TSLA-Q’ stock dropped by over 3% to US$284.96 on word that regulators were investigating company chairman Elon Musk’s – “taking the company private at $420” – statements of a few weeks’ ago.
Tilray Inc. ‘TLRY-Q’ shares surged up by 29% to US$154.98 after the Nanaimo, BC based cannabis company announced it had obtained a license to import marijuana into the United States for medical testing purposes.
Wednesday, September 19th had gold miner Kirkland Lake Gold ‘KL-T’ announce it had acquired 13.6% of the outstanding shares of Quebec based gold explorer Osisko Mining ‘OSK-T’.
The price of White Gold ‘WGO-V’ shares surge up by 28% to $0.96 after the mineral explorer reported it had acquired three more prospective exploration properties in the White Gold area of Yukon.
Similarly, the price of Imperial Metals ‘III-T’ stock rose by 10% to $1.54 after the company was looking at strategic alternatives to enhance shareholder value.
Thursday, September 20th had Canopy Growth ‘WEED-T’ spin out Canopy Rivers ‘RIV-V’ as an investment arm of Canada’s largest marijuana company.
New Gold ‘NGD-T’ shares’ fell by 9% to $1.31 after the miner announced it sold it Mesquite gold mine in California to Equinox Gold ‘EQX-V’ in an all-cash deal of some $158-million.
Friday, September 21st saw Statistics Canada report that the country’s inflation rate eased by 0.2% in July to an annualized 2.8%.
Petroleum industry consultant Baker Hughes ‘BHGE-N’ reported that the number of active American drilling rigs fell by 2-rigs last week to 1,053 active drilling rigs, while the number of active Canadian drilling rigs dropped by 29-rigs to 197 active drilling rigs.
Darden Restaurants ‘DRI-N’ shares’ fell by 3% to uS$112.89 after the parent of the Olive Gardener chain failed to impress the street with its 1st-quarter financials.
During the Week – the Dow Industrials and S&P 500 rose to new respective record closing highs of 26,744 and 2,931.
Capital Power ‘CPX-T’ at $29.24, Lucara Diamond ‘LUC-T’ at $2.31 and Royal Nickel ‘RNX-T’ at $0.43 all rose to new TSX 52-week trading highs while AltaGas Ltd. ‘ALA-T’ at $21.11, Nexus Real Estate Investment Trust ‘NXR.U-T’ at $2.03 and Turquoise Hill ‘TRQ-T’ at $2.80 all dropped to new 52-week trading lows.
For the Week – the Dow Industrials gained 2.25% to 26,744, with the S&P 500 up by 0.86% to 2,930 while the NASDAQ lost 0.29% to 7,987. Up north – the TSX Composite rose by 0.13% to 16,244 and the TSX Venture improved by 0.70% to 720.
With Commodities – gold bullion was up by 0.25% to US$1,204 while copper was unchanged at US$2.86, as crude oil rose by 2.03% to US$72.22 and natural gas was ahead by 0.67% to US$2.99. Overall – the CRB Spot Commodity index rose by 1.22 to finish the week at 414.
The Canadian doll gained 0.92% against its American counterpart to end the week at US$0.7742.
And the closely watched CBOE Volatility Index or VIX dropped by 0.39-point to finish the week a l calmer level of 11.68.
And Finally – While some pension plans seem to be in jeopardy – it seems that is not the case for the Canada – as the Canadian Pension Plan Investment Board (CPPIB), the investment arm of the national Canada Pension Plan, recently announced that its assets grew by 11.6% in the past year to $366.6-billion.
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