On Thursday, the S&P 500 fell 0.9% and Toronto was down 0.5%.
Melcor was down 5.9% to $14.40. The Melcor REIT was down 3.2%. I did not see any specific reason for this. It could be related to fears about commercial rental property values in Alberta. However, in other news today, Statistics Canada reported building permits for May. The number of permits for single family homes in Alberta was up a healthy 43% versus 2016. This put the figure back to 17% higher than 2015 but still 16% below the 2014 number. There were similar strong increases in March and April. Some of this increase would be related to rebuilding in Sort McMurray where Melcor does not operate and where the houses are built on existing lots to replace the burned houses. But it still appears that home building in Alberta is fairly strong and this could mean that Melcor had a fairly strong Q2 in terms of building lot sales.
Alimentation Couche-Tard was down 3.6% to $59.43. I believe there is some speculation that its gas station business will ultimately be hurt by electric vehicles. Perhaps that is true but that is some years away. But still it could lower the P/E multiple on the stock. But overall I am inclined to buy at this price and may add to my position.
AutoCanada was down 3.8% perhaps also on fears that electric vehicles will harm the auto service business.
TFI Industries (formerly named TransForce) was down 2.7% to $27.54 and appears to offer good value at this price.