On Friday, the S&P 500 was down 0.9% and Toronto was down 0.5%.
Stantec was down 6.5% in what seems to be a delayed negative reaction to its earnings release of Thursday morning.
Linamar was down 3.2% in further negative reaction to its earnings release. See update below.
Canadian Western Bank was down 4.0%. Possibly, this was in reaction to news that TransCanada’s Keystone XL pipeline construction has been blocked in the U.S. This is negative news for Alberta and perhaps the market is concerned about the potential impact on CWB’s growth and loan losses. The Canadian Banks will be reporting their 2018 fiscal numbers in a few weeks. I expect those numbers to be strong but the market will focus on the outlook.
TFI International rose 2.5%, bucking the downward trend in most stocks.
AutoCanada rose 13.2% to $11.13 despite posting a loss in Q3. The stock had opened down 10% to $9.00 but recovered sharply later in the day, perhaps in response to the conference call. On the call management expressed strong confidence in their various plans to improve profits by Q1 2019.