On Friday, the S&P 500 was down 1.2% but Toronto was up 0.3%.
The Melcor REIT fell 4.5% to $4.48. This appears to be due to an unusually large trading volume of 63,570 units compared to a daily average of 5,700 units. It appears that someone was eager to sell something over 50,000 units and had to accept lower prices in order to sell. This has been a very disappointing investment as the REIT holds some older office properties and as the Alberta economy was weak while costs are higher. But going forward the Alberta economy is much improved with oil at $91 and with very strong population growth.
After the close on Friday, the REIT announced that the distribution will remain unchanged at 4.0 cents for September. It is possible that they will cut the distribution but with the stronger Alberta economy things should improve. They hope to sell their Saskatchewan properties and that would presumably avoid any need for a distribution cut.
I bought a few more units on Friday.