On Monday, markets continued to be volatile. The DOW closed up 46 points but had been up over 400 points at the high point today. The S&P 500 ended the day up 0.3% while Toronto was up 0.1%.
Most stocks were up modestly on the day.
Kinder Morgan Canada, the builder of the Trans Mountain pipeline, is not on our list but I have mentioned it a few times and I own a small position in it. It was down 12.6% today as it announced that it will not move forward unless the opposition to the line by the B.C. government is resolved and its gets assurance that it will be allowed to build this approved pipeline.
The approval for this line may be a big disappointment to those opposed. But the fact is that it has been approved by the Federal government. It now behooves governments and law abiding citizens to cease any illegal attempts to block this line.
It is sad to see Albertans pitted against residents of B.C. People by nature like to form into “us” versus “them” or even versus “the enemy” groups. If Alberta does take strong (and probably illegal) actions against B.C. such as cutting off oil flows, this will get a LOT of support in Alberta.
Trump has demonstrated that it is easy to cater to people’s meaner instincts and get people riled up against enemies, perceived or real.
As far as Kinder Morgan Canada goes, I am not particularly tempted to add to my position. It remains possible that the Trans Mountain pipeline will indeed not get built.
I sold my Heineken shares today as planned…