On Thursday, the S&P 500 was down 0.1%. The Dow was up 0.1% but had been down earlier in the day. U.S. markets have been gyrating a little. Tomorrow we will see how the market has reacted to several big earnings reports after the close today.
Toronto was down 0.6%.
Melcor was down 3.6% to $14.75. This is a very thinly traded stock and so it is susceptible to big drops if someone needs to sell more than a few thousand shares in a hurry. I had an order in and so I picked up some additional shares at $14.80. As a company in a boring industry in a province that is still recovering from recession, it is unlikely that there will be any sort of spontaneous enthusiasm for this stock. Rather, it is going to have to show good earnings numbers before it comes back to life. I am hopeful that it had a good Q4 and that management is feeling more confident about 2018 but that remains to be seen.
AutoCanada was up 2.8%.
Boston Pizza was down 2.0% to $20.52.
Higher yield investments are under pressure as interest rates rise.
The five year Government of Canada bond yield rose to 2.14% today. That is the highest in over seven years. This rate had bottomed out at about 0.60% two years ago.