May 24, 2017

On Wednesday, the S&P 500 rose 0.2% while Toronto fell 0.4%.

Canadian Bank stocks were lower which included Canadian Western Bank down 1.8%. AutoCanada was down 2.8%. With Oil at $51.77 I suspect the Alberta economy will continue to improve and I would be (and have been) a buyer of these two stocks.

In regards to the IPO of the Kinder Morgan Canada (TransMountain) pipeline, I have not analysed this but I placed a modest order for shares in the IPO.

Another recent IPO that I mentioned was BrookField Office Properties rate reset preferred shares paying 4.85% on $25 and (importantly) with a minimum reset of 4.85%. With continued low interest rates this seems reasonably attractive for fixed income. It closed to today at $24.97. BPO.PR.G  I was allocated only half the shares I requested in this IPO (which indicates strong interest in these shares).

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