On Tuesday the S&P 500 was down 0.8% and Toronto was down 0.65%.
AutoCanada was up 7.3%. That suggests maybe a leak of information since it reported results after the close that appear to be good results given the virus situation. There has been a strong recovery in the stock. I am continuing to hold my shares.
I took a close read of the Q2 results of the Melcor REIT today. Given the circumstances the REIT did well in Q2 but does face uncertainty. One item that grabbed my attention is that they need to continue to payout substantially all of their taxable income in in order to maintain their tax-free status. They did not discuss what their taxable income is. But given the 47% reduction to their distribution they may need to push the distribution back up. In any case the units continue to trade well below book value.
The parent, Melcor Developments reported Q2 results after the close today. These results appear to be relatively good in the circumstances. Their shares also trade substantially below book value.