Friday’s action saw the S&P 500 up 0.2% and Toronto up 0.4%.
On Friday, I decided to sell most of my Enbridge rate reset preferred shares. They closed Friday at $19.71 to yield 5.2% which is not bad. But if the five year Canada yield happens to stay at its current level, these shares will reset with a lower distribution. Of course, if interest rise enough then these will reset with a higher distribution. I had bought these at lower prices. In one RRSP account I was up 26% and in the other I was up 76%. So, I just decided to pull the trigger and sell. These particular rate resets have a reset spread of 2.66%. The various rate reset preferred shares that are trading at $25 and higher have significantly higher reset spreads.
In another two accounts I have a smaller number of shares that were purchased at $25 a long time ago. Although it does not make much sense, I am reluctant to take the loss so am holding there.