Yet another interesting day in the markets. Markets started the day with a noticeable gain but in the end the S&P 500 was down 0.9% and Toronto was down 0.1%.
It’s interesting to note that will all the projections of central bank interest rate increased, bond yields are actually down noticeably in the past month and fell again today. The 5 year Canada bond yield is at 1.18% down from about 1.25% yesterday and down from 1.6% a month ago. To date, the bond market is not apparently believing that rates are moving much higher at all or that inflation will persist. Time will tell…
Shopify was down 3.4%.
Apple was down 3.9% but that comes after huge recent gains.
AutoCanada announced it will be buying back shares. This is a volatile stock but I think it’s a good bet at this time.
Our report on Metro Inc. is updated. It’s rated (lower) Buy. It would be rated Buy except for the fact that it appears the next two quarters to be reported will show little or no growth due to the tough comparable of the prior year. But over time this looks like a steady and reliable investment. Not overly exciting but reliable over time.
My next update will be to look at Shopify which is clearly a more exciting company. To date, it has looked over-valued to me but then has powered ahead with growth.