Stocks managed another positive day on Thursday as the S&P 500 closed 0.3% higher and Toronto edged up 0.1%.
Stantec was up 9.4% after announcing a moderately large acquisition. It’s a $500 million acquisition which is not huge compared to Stantec’s $6 billion equity market value. It appears that the market liked the price paid.
AutoCanada was up 6.9% although it did not release any news. It has a heavy presence in Alberta and it may be that better days in the oil patch is part of the reson for optimism on this stock.
Stocks have done very well this year to date. Personally, I would like to reduce my equity exposure but it is always hard to decide what to sell.
I mentioned having an order in to reduce my Costco position a little with the stock having such a high P/E ratio. With the stock at about $460 a few days ago I had put an order to sell a few shares at $474. It blew past that today to close at $477.23 and so I (automatically) sold a few shares at $474.
Markets do not seem worried about higher interest rates. But that could change quickly…