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Wednesday’s TSX breakouts: This juicy dividend should be sustainable for a decade Add to ...

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The S&P/TSX composite index continues to follow the price of oil, which is lower today and being driven by two key news items. On Tuesday, the weekly U.S. American Petroleum Institute report indicated that crude oil inventories rose 7.1 million barrels, higher than expectations, highlighting a continued oversupplied market. As well, Saudi’s oil minister, Ali Al-Naimi, indicated that a production cut is not going to occur. The price of West Texas intermediate is down approximately 3 per cent, falling below $31 (U.S.). As a result, North American equity markets are expected to come under pressure in today’s trading. At 10:30 a.m. (ET), weekly oil inventory data from the U.S. Energy Information Administration will be released and may cause further volatility in the price of oil. Given the high market volatility, defensive stocks continue to remain in favour.

Positive Breakouts
TickerCompany
ABX-TBarrick Gold Corp
BPF-U-TBoston Pizza Royalties Income Fund
CNR-TCanadian National Railway Co
CHR/B-TChorus Aviation Inc
CUF-U-TCominar Real Estate Investment Trust
DII/B-TDorel Industries Inc
FNV-TFranco-Nevada Corp
GC-TGreat Canadian Gaming Corp
PJC/A-TJean Coutu Group PJC Inc
K-TKinross Gold Corp
KGI-TKirkland Lake Gold Inc
LSG-TLake Shore Gold Corp
L-TLoblaw Cos Ltd
LUC-TLucara Diamond Corp
MBT-TManitoba Telecom Services Inc
MRU-TMetro Inc
MRG-U-TMorguard North American Residential Real
NGD-TNew Gold Inc
NIF-U-TNoranda Income Fund
REI-U-TRioCan Real Estate Investment Trust
RON-TRONA Inc
STB-TStudent Transportation Inc
TA-TTransAlta Corp
TRP-TTransCanada Corp
WIN-TWi-LAN Inc
YRI-TYamana Gold Inc
Negative Breakouts
AGU-TAgrium Inc
ATH-TAthabasca Oil Corp
CAS-TCascades Inc
ECA-TEncana Corp
STN-TStantec Inc
SPB-TSuperior Plus Corp
WFT-TWest Fraser Timber Co Ltd
Source: Bloomberg
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