Tuesday was a non-bring day in the markets.
The S&P 500 was down 1.8% and Toronto was down 1.3%.
Almost all the stocks on our list were down. But the three exceptions were stocks I mention a lot.
Toll Brothers was up 2.0%.
Linamar was up 0.8%
And AutoCanada managed a 0.5% gain.
Some of the notable decliners included:
CN rail down 4.1%.
Berkshire Hathaway down 3.3%
Costco down 4.1%.
For those with cash and looking for yield, I believe there are many opportunities.
The Enbridge rate reset pref share on our list is down to $17.91 to yield 6.1% and it will reset a year from now and at its current price would yield 6.8% if the Government of Canada five year bond remains at its present 2.28%. I don’t think there is much danger that Enbridge will ever stop paying the dividend here.
Boston Pizza Royalties has slipped to $15.67 to yield 8.8%. Certainly, the oil price situation in Alberta and other factors could mean that its same-store sales drop or certainly do not rise. In that case at some point it would have to cut the distribution. But unless there is a drastic decline in same store sales that should be a small cut to the distribution. And BP will likely try hard to avoid any cut.
Also on Tuesday, the Canadian dollar fell about 0.75 U.S. cents so The wholesale rate to buy a U.S. dollar is now about $1.33 Canadian. So expect to pay about 1.35 at the bank to pick up some U.S. cash. And expect to pay maybe as much as $1.37 if you make a U.S. purchase on most Canadian dollar credit cards.
And the price of West Texas Intermediate oil fell 7%.