Markets were moderately weak on Tuesday with the S&P 500 down 0.3% and Toronto down 0.1%.
The Melcor REIT has a strong day rising 8.0% to $6.58. And Melcor Developments rose 2.25% to $11.36.
Melcor has resumed its modest share buy-back program for both of these as of the last part of March. Both will have approval for new buy-back programs starting April 1. Melcor Developments had been restricted to a tiny 1000 shares per day buy back but the new approval is for a still small but at least better 3,781 shares per day. I’m surprised that the allowed level has risen this much. The REIT is allowed to buy back 3,824 shares per day. It remains to se seen whether or not Melcor continues to buy back shares and units. I believe Melcor will have had a fairly strong Q1. But with the third wave of the virus apparently upon us there could certainly be some set backs in Q2.
Alcanna was up 1.7%.
I think Canadian Western Bank is good value. I will update its report tomorrow.