On Tuesday, the S&P 500 was up 0.3% while Toronto was about unchanged.
I was surprised to see Melcor down 5.4% to $17.00. Most of the decline was in the last hour of trading but was on more than a tiny volume. It could be that someone was just in a hurry to unload several thousand shares for some reason.
A month ago Melcor announced a plan to buy back up to about 3000 shares per day. However, no such buy-backs are indicated on the SEDI system. I have now emailed Melcor for an explanation.
Melcor will release Q1 earnings on May 12. Q1 is usually a seasonally weak quarter for Melcor. It is not facing a “tough comparable” from last year. There may be market value losses on its properties although that may not be the case given the continuation of low interest rates. The most important news from the earnings release may be management’s views on the outlook. Unless some negative information surfaces, I would view the decline to $17 as a buying opportunity.