by Kevin Anseeuw on 10.26.2016
Last week, the TSX reached its highest level in nearly 18 months! The results were based on solid fundamentals and mostly good news. Materials and energy were ‘up’ for the week and oil reached its highest price in 15 months, which sent energy stocks higher. Precious metals, led by gold, also sent materials higher.
A number of American firms reporting strong performance contributed to investor optimism across the globe. Financial firms in the U.S. performed well, raising expectations that Canadian Financials will perform similarly. The Bank of Canada reduced its growth forecasts again to 1.1% for 2016 and 2% for 2017, and interest rates were held firm. Of the firms that have reported; 80% reported higher-than-expected earnings and 60% reported higher-than-expected sales which all bode well for markets. This week in Canada no major economic data is expected to be reported.
Halloween is less than a week away so don’t forget to buy your candy. My kids have already made plans to fill a pillow case, if it goes like previous years, the urge to eat their riches will overcome their desire to fill their sacs and we will be done after 30 minutes.
Have a great week!
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