Wednesday was a strong day in the markets as the S&P 500 rose 1.2% and Toronto 1.1%.
Intact Financial was up 3.0% after it released strong Q2 earning.
Shopify surged another 7.0%.
TFI International was up another 3.0%.
Linamar was up 3.4%.
Starbucks was up 3.7%.
Aurora Cannabis was down 8.9%.
I have updated the report for Aecon Group and consider it to be a (lower) Sell at $14.31 That was a price from yesterday. It closed today at $14.50.
Basically it could be held on the theory that it will benefit from government infrastructure spending and generally get back on track as the virus situation hopefully recedes. Also it is cheap in relation to book value. But fundamentally it has been a poor return business. Amazingly, the founder who was CEO for over 50 years and still seats on the Board does not bother to own a single common share! (He does own substantial restricted share units) Earnings seem set to decline further for the rest of 2020 compared to Q3 and Q4 of 2019. Also its dividend while quite attractive at 4.5% is now high in relation to earnings. The company would be reluctant to cut the dividend but it seems a possibility.
I am glad this company exists. It builds crucial infrastructure and does so efficiently. But it just does not seem to be a sufficient money maker. Again, it could be held but there are probably better places to invest.