On Monday, the U.S. markets were closed for the Memorial Day holiday. Toronto was down 0.4%.
Our one and only penny stock, Ceapro bounced up 10%. They have their annual meeting tomorrow. This stock is highly speculative by nature. The company is currently adopting new strategies and developing new end-use products. It’s always a bit questionable to believe that a management that has not gotten too far with one strategy will do well with a new one. Sales under its old strategy (which mostly involved producing certain ingredients but not end products) were down about 29% in Q1 which the company blamed mostly (and unconvincingly) on the timing of customer orders. About 18 months ago, the company completed a large expansion of the plant for producing its ingredient products. The plant is not yet being booked into expenses as it has not been fully commissioned. That is a danger sign. I am hanging onto this stock to see where it goes but I have only a small exposure to it.
West Texas oil is down to $67.09 and the Canadian dollar is at 77.0 U.S. cents.