July 23rd 2013 Business & Market Update

Overnight the Chinese government reiterated the commitment to a 7% growth rate by providing the stimulus necessary to continue to achieve the goal.  Market in Asia on the news were up with China leading the way up more than 2%.  Japan advanced by about a point.  Australia which does a great amount of trade with China was up about a third of a point.

Europe was also higher on the news as a big trading partner.  Markets in the region were up about a half a point at midday.

In North America,  we are seeing some upside this morning on the China news and further positive earnings reports.  Both US and Canadian futures are up about a quarter point.

Mandate company, Canadian National Railways reported after the close yesterday and beat estimates on both revenue and earnings.  They did however warn of a challenging second half of the year.

Also, Canadian retail sales were released for May and beat estimates by a large margin coming in at 1.9% vs. 0.4% estimated.

Gold is trading down about 7.00 this morning to 1330, oil is off 1.00 to 105.98 and the loonie is up a quarter cent to 96.97.

Lastly, as I am sure all must know by now, the new royal was born yesterday afternoon.  A bouncing baby prince.  Name to be determined, I am betting on James.

Kenneth A. Dick, BA, CIM, CFP, FCSI

Branch Manager & Portfolio Manager | Independent Wealth Management

Canaccord Genuity Wealth Management


Corporate News For February 20th, 2013

In The United States

The S&P 500 touched its highest level in five years, on optimism over
dealmaking and data showing rising investor confidence in Germany.

Office Depot (ODP) surged, as did OfficeMax (OMX) after The Wall
Street Journal reported that the two office-supply retailers are in advanced
merger talks. Rival Staples (SPLS) was also up sharply on the report.

Google (GOOG) traded above $800 for the first time. The gain was, in
part, fuelled by reports that the Internet company is looking into launching
retail stores to sell Google-branded products.

Rockwood (ROC) jumped higher after the company reported Q4 revenue
that beat estimates. The company said sales during the most recent quarter
climbed 2% to $829 million, benefiting from higher sales from its lithium,
advanced ceramics and titanium dioxide pigments businesses.

Humana (HUM) fell as the Centers for Medicare and Medicaid Services
proposed a decline in 2014 rates for Medicare Advantage that was lower
than the health insurer had expected.

In Canada

The S&P/TSX Composite rose for the first time in four days, led by gains
among banks, after a measure showing an increase in German investor
confidence added to signs of a European economic recovery. Great-West

Lifeco (GWO) agreed to buy Irish Life Group for $1.75 billion from
Ireland’s government, as it seeks to expand European operations. The
transaction should add about $215 million, or 10%, to Great-West’s 2014E

Canadian National Railway (CNR) named Jim Vena, 54, its new Chief
Operating Officer after Keith Creel left earlier this month to be President
and COO of rival Canadian Pacific Railway (CP).

Fission Energy (FIS) and Alpha Minerals (AMW), who each own 50%
of the Patterson Lake South property, released news highlighting exciting
new results from ongoing drilling at the property. Results from hole
PLS13-038, which was a 385-metre step-out hole, yielded two zones of
strong mineralization. Keegan Resources (KGN) and PMI Gold (PMV)
announced that they are terminating their merger plans. The decision
comes as a result of the mutual determination of PMI and Keegan that it is
unlikely that PMI’s shareholders will approve the transactions
contemplated by the Arrangement Agreement.

Fortress Paper (FTP) jumped higher after the company announced that
they have hired Yvon Pelletier as the company’s new President of
Dissolving Pulp operations. Pelletier is a specialty cellulose industry
veteran with 30 years pulp and paper sector experience most recently as
EVP and President of Specialty Cellulose & Chemicals at Tembec (TMB).

Courtesy of Canaccord Wealth Management