May 16, 2016 Market Comment

On Friday, the S&P 500 rose 0.1% to a new record high close and Toronto was up 0.5%.

Canadian Tire was up 4.2% and this was on top of yesterday’s rise of 1.7% after it released earnings on Thursday morning. It appears that after having time to study the earing’s release the reaction to it improved on Friday. (See our update to this report at the link).

Stantec gained 3.2% after also releasing earnings on Thursday. We plan to update that report shortly.

Melcor rose 2.5% on higher than usual (but still low) volume.

Canadian Western Bank fell 0.5%, presumably due to fears of loan losses related to the oil price situation and to Alberta companies that face difficulty.