On Friday, the S&P 500 and Toronto were each down 0.6% apparently due to weak figures for GDP growth in the first quarter.
Melcor was down 4.2% to $18.30. Due to its low trading volume, Melcor is inherently volatile and I would not read anything into this particular decline.
Other notable decliners included Liquor Stores N.A. down 2.7%, Canadian Western Bank down 1.6%, Canadian Tire down 1.9% and the Bombardier Pref share down another 1.8%.
Oil, however was strong. It was up about 4% and CNBC is currently showing West Texas at $60.23 on the July contract trading on the New York Mercantile exchange.
This week I look forward to the earnings release from Canadian Western Bank and the market reaction to the earnings. I suppose however if they show no real damage from lower oil prices the market may just conclude the damage is coming later so there may be no short-term recovery in the stock. Longer term I am quite confident that Canadian Western bank will do well.