On Monday, the S&P 500 was down 0.4% and Toronto was down 0.8%.
Canadian Tire was down 2.6% to $118.10. Possibly the decline has something to do with the impact that it will face from the lower Canadian dollar, which is a concern that I have been noting for about nine months.
Melcor was down 2.0% to $15.62. However this was based on a tiny share volume of 1320 shares traded (Melcor is a notoriously thinly traded stock). The market cap is about $520 million having been reduced today by some $10,000,000 based on trades of 1320 times $15.62 or about $21,000. This math illustrates how just a few shares trading hands can push the market cap around by a large amount. When the trading is thin the market price is simply less reliable. This is a stock that can easily move 2% simply by one trader buying or selling say 1000 shares. Those who hold Melcor should be prepared to hold for a longer period because the lack of trading means that an attempt to sell your shares could push the price down.