Despite some uncertainty in the election result and despite Trump’s antics, markets were strong once again on Thursday.
The S&P 500 was up 1.95% and Toronto was up 1.9%.
Notable gainers included:
Canadian Tire – up 6.65% after releasing strong Q3 earnings
Couche-Tard – up 5.5% after news of its latest acquisition (see my last post)
Dollarama – up 5.5%
Shopify – up 3.8%
CRH Medical – up 16%. This was despite no news. Hopefully it did not occur because news of positive Q3 results has leaked out. The positive results would be welcome but management has a legal obligation not to let news leak out. Or maybe it was an analyst upgrade.
Stantec was down 3.6%. Apparently the market was not satisfied with its Q3 results and/or outlook,
Tonight, Trump very much doubled down on his allegations of election fraud and further indicated that he will challenge the results in court. But the scary part is that he is really challenging the results in the court of public opinion and specifically among the nearly half of voters who did vote for him. I’d be amazed if that does not lead to at least some violence. Perhaps the market will take some notice.
After the close, the Melcor REIT released earnings. I think the results were about as would be expected. Melcor believes the units are under-valued in the market.