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Inside the Market

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

Entry archive:

Premarket: Euro's surge to two-year high prompts stocks pause

Patrick Graham

The euro’s surge to an almost two-year high dominated financial markets on Friday, with most major stock exchanges consolidating after a second strong week of gains while those in mainland Europe dipped.

Investors seem largely to have got over a period of jitters spurred by concerns over the pace of U.S. economic growth and signs that several of the world’s major central banks were determined to tighten monetary policy soon.

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What Leon Frazer's Ryan Bushell is buying and selling

BRENDA BOUW

Rising interest rates are a signal of renewed confidence in the Canadian economy and could bode well for financial and energy stocks, says Ryan Bushell, vice-president and portfolio manager at Leon Frazer and Associates. Mr. Bushell is betting on certain stocks in those sectors to help boost returns for his retail investor clients. The Globe and Mail spoke with Mr. Bushell recently about what he’s buying and selling – and the consumer stock his firm wishes it bought when it was pitched by a new hire back in 2013.

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The close: TSX index edges up with help from strong Rogers earnings

Canada’s main stock index edged up on Thursday to a three-week high, boosted by a bump in shares of Rogers Communications Inc after it beat earnings expectations, while energy shares lost ground as oil prices fell.

Telecom and cable company Rogers rose 1.4 percent to C$64.88 after reporting better-than-expected quarterly profit on the back of strong growth in its wireless business that offset declines in cable.

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At midday: TSX higher as Rogers rises, Hydro One weighs

Alastair Sharp and Tanya Agrawal

Canada’s main stock index eked out a small gain in trading Thursday, boosted by a bump in shares of Rogers Communications Inc. after strength in its wireless business help it beat earnings expectations.

That move was offset by a fall in shares of Hydro One Ltd., down 2 per cent after the electric utility said it would buy rival Avista Corp for about $6.7-billion to expand into the U.S. Northwest.

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At the open: TSX rises as earnings beats boost Rogers, CP Rail

Tanya Agrawal and Alastair Sharp

Canada’s main stock index opened higher on Thursday, as higher oil prices boosted energy stocks and shares in Canadian Pacific Railway Ltd. and Rogers Communications Inc. rose after the companies reported better-than-expected earnings.

The Toronto Stock Exchange’s S&P/TSX composite index was up 53.9 points, or 0.35 per cent, to 15,298.61 shortly after the open, with nine of its 10 main sectors gaining.

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Loonie extends 14-month high, data eyed for next move

Alastair Sharp

The Canadian dollar extended a 14-month high against its U.S. counterpart on Thursday as oil prices rose and the greenback fell against a basket of major currencies, with analysts looking to Friday’s domestic data for clues on the rally’s next move.

The loonie, as the currency is colloquially known, has strengthened steadily since June, when the Bank of Canada took a more hawkish turn, with the move getting fresh legs after the central bank hiked interest rates last week.

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The new biggest fear for global portfolio managers

Scott Barlow

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

There’s little doubt that Canada is under better management than our neighbours to the south but that’s not a particularly high bar at the moment. We have ample reason to be proud but there is a degree of reverence for our country that, with a potential peak in the credit cycle imminent, has me anxiously looking for the other shoe to drop,

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Thursday's analyst upgrades and downgrades

Gillian Livingston

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

Transat A.T. Inc. (TRZ-T) has signed an agreement with H10 Hotels for the sale of its minority 35-per-cent stake interest in Ocean Hotels for $190-million, which was higher than the $136-million expected by Desjardins Capital Markets analyst Benoit Poirier, "and implies a rich multiple of 11.6 times EBITDA [earnings before interest, taxes, depreciation and amortization]."

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Thursday’s Insider Report: Companies insiders are buying and selling

JENNIFER DOWTY

Featured below are companies that have experienced recent insider buying activity in the public market through their direct and indirect ownerships.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock’s valuation; perhaps an insider needs to raise money for personal reasons. An insider’s total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company’s shares or units.

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Thursday'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.

Exchange Income Corp. (EIF-T) reported second-quarter earnings of $25.8-million or 83 cents per share compared to $17.2-million or 62 cents for the same quarter a year earlier.

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Premarket: World shares rise, euro near 14-month high ahead of ECB

Marc Jones

World shares extended a run of record highs on Thursday, as a cautious sounding Bank of Japan lifted Asian stocks to a near decade peak and Europe wagered on an incremental increase in confidence from the ECB at its latest meeting.

The euro was near a 14-month high and investors were riding a global rally in stocks as Asia’s and then Europe’s early 0.4 per cent gains ensured MSCI’s 47-country All World index was up for a 10th straight session.

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These TSX stocks could see big moves on Thursday

DAVID BERMAN

Canada’s second-quarter earnings season is kicking into gear, with results from two blue-chip companies shedding light on whether lagging Canadian stocks are set to close the gap with their international peers.

Canadian Pacific Railway Ltd. reported upbeat financial results after markets closed on Wednesday, exceeding analysts’ estimates by 2.2 per cent.

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The close: TSX climbs amid jump in energy sector, Wall Street hits records

Linda Nguyen

Rising energy stocks helped push Canada’s main stock index higher Wednesday amid a surprise drawdown in U.S. fuel stockpiles that helped boost oil prices.

In Toronto, the S&P/TSX composite index climbed 95.14 points to 15,244.71, with the energy sector the leading advancers. Shares in Encana Corp. (TSX:ECA) were up 4.68 per cent to $12.53 and Husky Energy’s (TSX:HSE) stock jumped 3.5 per cent to $14.78.

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At midday: TSX buoyed by gains in energy, financials

Tanya Agrawal and Solarina Ho

Canada’s main stock index rose on Wednesday as the influential financial and energy sectors led broad gains, helped in part by higher commodity prices.

Financial services companies gained 0.6 per cent, with Manulife Financial Corp. up 1.4 per cent at $25.30.

Saputo Inc. shares jumped 4.2 per cent to $42.12 after RBC raised the dairy producer’s rating to “outperform” from “perform,” helping the consumer staples group rise 1 per cent.

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Loonie adds to 14-month high as factory data raises pressure on shorts

Fergal Smith

The Canadian dollar strengthened on Wednesday to a new 14-month high against its U.S. counterpart as a record level of domestic factory sales and higher oil prices added to pressure on investors who had got short the currency.

At 4 p.m. EDT, the Canadian dollar was trading at $1.2593 to the greenback, or 79.41 U.S. cents, up 0.3 per cent.

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At the open: TSX up as resources, financials edge higher

Tanya Agrawal and Solarina Ho

Canada’s main stock index opened higher on Wednesday, as financial firms and resource companies, key heavyweight sectors, eked out modest gains.

The Toronto Stock Exchange’s S&P/TSX composite index rose 19.91 points, or 0.13 per cent, to 15,169.48 shortly after the open. Eight of the index’s 10 main groups advanced.

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Wednesday's analyst upgrades and downgrades

Gillian Livingston

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

BRP Inc. (DOO-T) announced the results of its Dutch auction and that's led Desjardins Capital Markets to raise its price target for the ski-doo and sea-doo maker.

"Based on the preliminary count, BRP expects to take up and pay for 8.6m shares at a price of $40.70 (Canadian), representing an aggregate purchase price of $350-million and 7.7 per cent of the number of total shares. We are adjusting our model accordingly, resulting in higher EPS and a higher target price. Following the auction, BRP still has  a strong balance sheet with net debt/ EBITDA [earnings before interest, taxes, depreciation and amortization) of 2.0 times (pro forma at the end of 2Q)," said analyst Benoit Poirier.

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Goldman Sachs asks ‘Does Canada 2017 = U.S. 2007?’

Scott Barlow

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

Goldman Sachs answers the economic question at top of mind for Canadians, “Does Canada 2017 = U.S. 2007?”

“We think the comparison of Canada to the U.S. in 2007 overlooks important institutional differences between the two markets, including differences in prevailing lending standards. That said, Canada appears to have one of the more stretched housing markets within the DM [developed markets]. Our bust model indicates a 30 per cent probability of a real house price decline of 5 per cent or greater over the next two years, suggesting that Canadian house prices are an important risk that warrants monitoring by global investors.”

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Wednesday’s Insider Report: Companies insiders are buying and selling

JENNIFER DOWTY

Featured below are companies that have experienced recent insider buying activity in the public market through their direct and indirect ownerships.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock’s valuation; perhaps an insider needs to raise money for personal reasons. An insider’s total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company’s shares or units.

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Wednesday'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.

Aurora Cannabis Inc. (ACB-X) says it has entered into a technical services agreement with Melbourne- based Cann Group until the end of 2022 for the "exchange of information and support across areas including the cultivation and processing of medical cannabis; extraction and manufacturing technology and analysis of cannabis extracts."

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Premarket: U.S. dollar weakness, China cheer lift Asia stocks, commodities

Wayne Cole

The dollar huddled near multi-month lows on Wednesday as investors wagered any further tightening in the United States would be slow at best, while optimism on China’s economy underpinned Asian shares and commodities.

The U.S. currency was still smarting after the collapse of the Republicans’ push to overhaul healthcare dealt a blow to President Donald Trump’s ability to pass promised tax cuts and infrastructure spending.

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The close: TSX edges lower as financials, industrials retreat

Canada’s main stock index closed lower Tuesday despite gains in the resource sector.

The S&P/TSX composite index shed 15.79 points to finish at 15,149.57. Most of the TSX subsectors were lower, but advancing oil and gold stocks helped cushion the fall.

The Canadian dollar was trading up 0.26 of a cent to an average price of 79.19 cents US.

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Loonie touches 14-month high as U.S. dollar slides on Fed, Trump

Solarina Ho

The Canadian dollar strengthened on Tuesday against the greenback, which sank to its weakest level in 10 months against a basket of rivals and helped steer currency market direction, as uncertainty around hawkish central banks and U.S. President Donald Trump’s agenda weighed.

At 4 p.m. ET, the Canadian dollar was trading at $1.2622 to the greenback, or 79.23 U.S. cents, up 0.6 per cent.

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At midday: TSX dragged lower as financials lead declines; energy gains

Tanya Agrawal

Canada’s main stock index fell broadly on Tuesday as financials and materials led declines, but energy companies bucked the trend on firmer oil prices.

At midday, the Toronto Stock Exchange’s S&P/TSX composite index fell 58.81 points, or 0.39 per cent, to 15,106.55.

The Canadian dollar was at 79.13 cents (U.S.), up 0.4 of a cent.

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At the open: TSX lower as financials, materials drag

Tanya Agrawal

Canada’s main stock index fell broadly in early trading on Tuesday, as financial and material heavyweights led declines.

The Toronto Stock Exchange’s S&P/TSX composite index fell 25.51 points, or 0.17 per cent, to 15,139.85 shortly after the open.

Energy was the only group out of the index’s 10 key sectors that advanced.

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Tuesday's analyst upgrades and downgrades

Gillian Livingston

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

After reporting strong subscriber growth in the second quarter, Canaccord Genuity increased its price target for streaming service Netflix Inc. (NFLX-Q).

"Netflix reported strong Q2 results, with record subscriber additions for Q2, and above-consensus subscriber growth guidance for Q3. In addition, management indicated an expectation that 2017 contribution profit from the international streaming business would be positive, which aligns well with last quarter's comments regarding a renewed focus on global profitability. The company's content strategy continues to deliver results, and we liken NFLX's apparent mentality around cash flow (spend as much as makes sense within a modest cash burn and leverage framework) to AMZN's mentality around profit (invest as much in fulfillment and international growth as possible while keeping margins close to zero). We therefore expect improving profitability to enable more (conservative) leverage and significant growth in original content spend over the next few years. As long as this continues to drive strong subscriber growth, we believe the stock can generally keep working despite a premium valuation," said analyst Michael Graham.

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Investors ‘entering one of the more treacherous periods’

Scott Barlow

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

There are many strategists, portfolio managers and individual investors who believe that the only thing holding equity markets up is central bank monetary policy. With central banks seemingly dead set on removing this stimulus, we might be about to find out as Macquarie’s Viktor Shvets writes,

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Q&A: Cory O’Krainetz from Odlum Brown on stocks with upside potential

Jennifer Dowty

Join the Globe and Mail’s investment reporter, Jennifer Dowty, in a live chat with Cory O’Krainetz, an equity analyst with Vancouver-based Odlum Brown Ltd., as he highlights the upside potential for several stocks he covers. His coverage list is diverse, providing recommendations on both Canadian and U.S. securities across several sectors. He provides research coverage on the following stocks: BCE Inc. (BCE-T), Brookfield Infrastructure Partners L.P. (BIP.UN-T), Canadian Utilities Ltd. (CU-T), Fortis Inc. (FTS-T), Gibson Energy Inc. (GEI-T), Howard Hughes Corp. (HHC-N), Hydro One Ltd. (H-T), National Oilwell Varco Inc. (NOV-N), Rogers Communications Inc. (RCI.B-T), ShawCor Ltd. (SCL-T), Stella-Jones Inc. (SJ-T), TRI Pointe Group Inc. (TPH-N), and Weyerhaeuser Co. (WY-N).

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Tuesday’s Insider Report: Companies insiders are buying and selling

JENNIFER DOWTY

Featured below are companies that have experienced recent insider buying activity in the public market through their direct and indirect ownerships.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock’s valuation; perhaps an insider needs to raise money for personal reasons. An insider’s total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company’s shares or units.

More »

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.

Deposits are steadily returning to Home Capital Group Inc. (HGC-T) as the troubled mortgage lender recovers from a crisis of confidence.

Late Monday, the company provided its first liquidity update since the end of June. At that time, it was enjoying a renewed surge of faith from depositors after securing an investment worth up to $400-million from revered U.S. investor Warren Buffett, through his firm Berkshire Hathaway Inc.

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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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