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Inside the Market

Up-to-the-minute insights
on developing market news

Entry archive:

At midday: TSX reaches record high as oil rises

Canada’s main stock index reached a new record high on Tuesday, led by Restaurant Brands International Inc after it announced an acquisition, while heavyweight financial and energy shares also gained as oil prices rose.

The Toronto Stock Exchange’s S&P/TSX composite index gained as data showed the fastest pace of growth in euro zone business activity for six years, while Wall Street also reached record-highs as investors cheered strong results of top U.S. retailers.

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Is time for dividend investors to switch back to bonds?

ROB CARRICK

It’s a sign of how depressingly low bond yields were that, even after a huge rise in the past year, we’re still not even close to a decent return.

Bond yields have shot up dramatically in the past 12 months, in large part because of expectations that the economic policies of Donald Trump will generate increased economic growth and inflation. The yield on the five-year Government of Canada bond, probably the bond maturity with the most impact on everyday people, has just about doubled over that period.

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Gordon Pape: Ignore Trump and his noise with your RRSPs

GORDON PAPE

What do you do about your RRSP when the whole world seems to be going crazy? The answer is simple: ignore all the background noise and carry on as before. Your RRSP is going to be around a lot longer than Donald Trump!

I admit it’s not easy to tune out everything that’s happening in Washington. Not a day goes by without some Trump pronouncement grabbing the newspaper headlines and the lead slots on the television news.

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At the open: TSX rises to record high, led by financials and energy

Canada’s main stock index rose to a new record high on Tuesday, led by the heavyweight financial and energy groups as oil prices climbed, while lower gold prices weighed on gold miners.

The Toronto Stock Exchange’s S&P/TSX composite index was up 38.28 points, or 0.24 per cent, at 15,876.91, shortly after the open. Eight of the index’s 10 main groups rose.

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Tuesday’s analyst upgrades and downgrades

DAVID LEEDER

Inside the Market’s roundup of some of today’s key analyst actions

Freshii Inc. (FRII-T) brings investors an attractive investment opportunity, according to RBC Dominion Securities analyst Sabahat Khan.

Believing the Toronto-based company can successfully deliver against its network expansion and earnings growth targets, he initiated coverage of the stock with an “outperform” rating.

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Hedge funds bet big - a billion barrels big - on rising crude prices

Scott Barlow

A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading this morning on the Web

Crude prices are higher Tuesday morning as speculative investor bets on future prices reach all-time highs. The net futures position in oil – long contracts minus short contracts – has reached one billion barrels for the first time ever,

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Before the Bell: Gold prices could weigh on TSX

Colin Cieszynski

The Before the Bell report is compiled by editors of The Globe and Mail and is updated throughout the morning to reflect latest developments. Colin Cieszynski, Chartered Financial Analyst and Chartered Market Technician, is chief market strategist with CMC Markets.

North American traders appear to be returning from a long weekend in a good mood with both U.S. stocks and the greenback in rally mode. U.S. index futures are up 0.25 per cent so far with the FTSE flat and the Dax up 0.5 per cent. Positive flash manufacturing reports for France and Germany overnight have boosted continental stocks a bit.

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Tuesday's small-cap stocks to watch

Brenda Bouw

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

BMTC Group Inc. (GBT-T) reported fourth-quarter revenue of $197-million, compared to $190.3-million a year earlier. 

Net earnings for the quarter ended Dec. 31 were $17.7-million versus $16.3 million a year earlier.

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Premarket: HSBC slump eclipses punchy euro zone growth signals

Jamie McGeever

Weak earnings trumped strong economic data for European stocks on Tuesday, as investors took their cue from banking giant HSBC’s surprise slump in profits rather than stellar reports on the euro zone economy.

Europe’s benchmark index of 300 leading shares fell 0.2 per cent to 1,459 points, with the region’s banking index down as much as 2 per cent in early trade.

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Canadian dollar weakens on corporate selling as greenback climbs

Fergal Smith

The Canadian dollar weakened against its U.S. counterpart on Friday, pressured by corporate selling ahead of a long weekend and broader gains for the greenback.

For the week, the loonie dipped 0.1 per cent. It was the second straight week that the loonie edged lower after having reached on Jan. 31 its strongest level in four months of $1.2969 against the greenback.

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Northern Dynasty directors buy as stock falls on short seller claims

TED DIXON

On Tuesday, Kerrisdale Capital Management LLC published a report claiming that Northern Dynasty Minerals' Pebble deposit in Alaska is not commercially viable.

Kerrisdale had a short position in Northern Dynasty and would benefit if the share price fell.

And fall it did, plunging 21.9 per cent on the news. As the stock dropped, two directors spent $87,000 buying shares.

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The close: TSX breaks record streak as commodity prices sink

Noel Randewich

Canada’s main stock index closed lower Friday, its first decline in nine days as it pulled back from Thursday’s record high, pressured by losses for resource shares as oil and copper prices fell.

Losses for the Toronto Stock Exchange’s S&P/TSX composite index came as concerns over the French election and weak data in Britain weighed on global stocks, while investors looked for clarity on U.S. President Donald Trump’s policies on tax and trade.

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Calendar: What investors need to know for the week ahead

A daily rundown of the economic reports and corporate earnings that will be grabbing the market's attention in the week ahead.

Monday February 20

Japan trade deficit
Euro Area consumer confidence and finance ministers meet in Brussels
Germany producer price index

(8:30 a.m. ET) Canada wholesale trade for December. The estimate is an increase of 0.3 per cent from November.

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At midday: TSX retreats from record high as commodity prices fall

Canada’s main stock index fell on Friday, heading for its first decline in nine days as it pulled back from the previous day’s record high, pressured by losses for resource shares as oil and copper prices fell.

Losses for the Toronto Stock Exchange’s S&P/TSX composite index came as concerns over the French election and weak data in Britain weighed on global stocks, while investors looked for clarity on U.S. President Donald Trump’s policies on tax and trade.

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14 companies with recent insider buying and selling activity

JENNIFER DOWTY

Industry leaders are under accumulation by insiders.

Of the eight stocks purchased in recent days by insiders, five of the companies are members of the S&P/TSX 60 Index. In contrast, only one stock from the S&P/TSX 60 Index experienced notable selling action by insiders.

Listed below are 14 companies that have experienced recent insider buying and selling activities in the public market through their direct and indirect ownerships.

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At the open: TSX retreats as financials, energy fall

Canada’s main stock index fell for the first day in nine on Friday, pulling back from a fresh record high the day before, pressured by losses for heavyweight financial and energy groups.

The Toronto Stock Exchange’s S&P/TSX composite index was down 60.89 points, or 0.38 per cent, at 15,803.28, shortly after the open. Nine of the index’s 10 main groups were lower.

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Investors showing ‘breathtaking complacency’

Scott Barlow

A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading this morning on the Web

The Financial Times details five new technologies that are set to "change how we live" – biotechnology , artificial intelligence, renewable energy , connectivity and smart appliances. The section on biotech was interesting,

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Friday’s analyst upgrades and downgrades

DAVID LEEDER

Inside the Market’s roundup of some of today’s key analyst actions

The fourth-quarter results from Canadian Tire Corporation Ltd. (CTC.A-T) drew contrasting reactions from a pair of equity analysts.

In response to Thursday’s announcement, Desjardins Securities’ Keith Howlett downgraded his rating for the stock to “hold” from “buy,” expressing concern about the impact of online retailing on future sales.

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Before the Bell: Stock futures sink as Trump rally pauses

Colin Cieszynski

The Before the Bell report is compiled by editors of The Globe and Mail and is updated throughout the morning to reflect latest developments. Colin Cieszynski, Chartered Financial Analyst and Chartered Market Technician, is chief market strategist with CMC Markets.

It's a long weekend coming up in the U.S. and much of Canada.  I've been thinking that the enthusiasm of traders to hold positions over the weekend would be a true test of whether the current rally has any legs left or is totally exhausted and vulnerable to a correction.

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Friday's small-cap stocks to watch

Brenda Bouw

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Aimia Inc. (AIM-T) reported fourth-quarter revenue of $689-million, down 6 per cent from $734.3-million a year earlier.

Analysts were expecting revenue of $682.9-million. 

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Premarket: Global stocks lose momentum after record-breaking week

Helen Reid

Global equity markets were set to end the week on a softer footing on Friday, after setting record highs in the previous two sessions, as investors looked for clarity on U.S. President Donald Trump’s policies on tax and trade.

The MSCI All-Country World index was still headed for its fourth straight week of gains after hitting a record high on Thursday, buoyed by positive signs for global economic growth, but Asian and European markets eased as investors cashed in recent gains.

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Canadian dollar pulls back from 10-day high

Fergal Smith

The Canadian dollar edged lower against its U.S. counterpart on Thursday, pulling back from an earlier 10-day high even as oil rose and the greenback lost ground against a basket of major currencies.

The loonie touched its highest since Feb. 6 at $1.3010, stalling just in front of the $1.3000 threshold.

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The close: TSX edges up on Barrick Gold, materials shares

Canada’s main stock index edged up on Thursday to notch a fresh record high as Barrick Gold Corp jumped on the company’s better-than-expected profits, though a drop in shares of Sun Life helped keep overall gains in check.

Despite firmer oil prices, the energy sector gave up earlier gains to decline 0.2 per cent as shares of Enbridge Inc fell 0.9 per cent to C$55.43 ahead of the company’s earnings after the bell.

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This dividend stock is on the move as a bullish ‘golden cross’ emerges

JENNIFER DOWTY

Genworth MI Canada Inc. (MIC-T) is the best performing stock in the S&P/TSX composite financial sector index in the year to date.

The stock has experienced strong price momentum, rising over 10 per cent so far this year.

From a technical perspective, the stock chart for Genworth looks interesting. The share price recently exhibited a bullish “golden cross” pattern as well as a positive “inverse head and shoulders” pattern.

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At midday: TSX flat despite Barrick surge

Canada’s main stock index was little changed on Thursday after touching a record high as Barrick Gold Corp jumped on the company’s better-than-expected profits, but that was offset by a drop in Sun Life, which reported a decline in earnings.

The energy sector erases early gains and was down 0.3 per cent as oil prices fluctuated.

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Six questions to ask yourself if you’re considering an annuity

ROB CARRICK

She’s a single woman in her early 70s who is looking just ahead to converting a sizeable six-figure RRSP into a RRIF. Her question: Should she convert half that registered money to an annuity?

This woman manages her investments herself and has the money in blue-chip dividend stocks (these days, who doesn’t?). Dividends paid by her stocks are her only source of income, aside from the Canada Pension Plan and Old Age Security. She has no dependents and is mortgage-free, although she has a car loan. To answer the question of whether an annuity makes sense, I suggest she work through these six questions.

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At the open: TSX opens slightly higher as Bombardier drops

Canada’s main stock index was little changed shortly after the open on Thursday as firmer oil prices and quarterly profit from Cenovus boosted the energy sector, but that was offset by a drop in Bombardier, which reported lower-than-expected revenue.

The Toronto Stock Exchange’s S&P/TSX composite index rose 17.08 points, or 0.11 per cent, to 15,862.03.

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Thursday's analyst upgrades and downgrades

DAVID LEEDER

Inside the Market’s roundup of some of today’s key analyst actions

In reaction to a better-than-expected operational update and 2017 preliminary outlook, Raymond James analyst Kurt Molnar upgraded Paramount Resources Ltd. (POU-T) to “strong buy” from “outperform.”

Mr. Molnar said Wednesday’s release exceeded his projections, emphasizing they came as a result of “much” higher condensate leverage than he previously assumed.

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‘Something has to give’ in oil markets

Scott Barlow

A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading this morning on the Web

The combination of rampant speculation and flat crude prices means “something has to give” in energy markets, according to Bloomberg,

“At the start of February, speculators were betting a net 865 million barrels of oil across the market’s two global benchmarks that prices would rise. As well as being a record, their bullish positioning expanded by 78 percent since just before the Organization of Petroleum Exporting Countries and 11 other producer nations pledged to cut global crude supplies. Benchmark prices rose about 20 percent over the same period… Unfortunately for the bulls, the oil market itself has fallen asleep after an initial surge.”

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Before the Bell: TSX to slip despite strong energy results

Colin Cieszynski

The Before the Bell report is compiled by editors of The Globe and Mail and is updated throughout the morning to reflect latest developments. Colin Cieszynski, Chartered Financial Analyst and Chartered Market Technician, is chief market strategist with CMC Markets.

The relentless drive higher by stock markets has stopped for a rest overnight. U.S. index futures are trading down ‎0.1 per cent, the Dax is down 0.2 per cent while the FTSE is off 0.3 per cent and the Nikkei is down 0.5 per cent. Crude oil is steady while the U.S. dollar is down slightly against gold and major currencies.

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What Inside the Market offers

Inside the Market provides up-to-the-minute insights on developing market news and trends for subscribers of Globe Unlimited. The section provides exclusive analysis from some of Canada’s most authoritative voices on finance, including The Globe’s in-house market strategist Scott Barlow, Globe investment analyst Jennifer Dowty, Globe personal finance columnist Rob Carrick, and outside finance experts such as investment newsletter writers Gordon Pape and The Contra Guys, economist David Rosenberg and strategist Don Coxe.


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