On Friday, the S&P 500 was about unchanged while Toronto was down 0.7%.
The cancellation of approval and therefore work permits for the Trans Mountain pipeline was an ugly blow for Alberta on Friday. That could continue to affect stocks this week. I have not seen any sign that Trudeau is going to take any drastic action (such as legislation that would reverse the court’s decision) to insure that at least some work on the line can continue / commence next Spring as planned. On a positive note this should be good news for CN Rail and any company involved in transporting oil out by rail.
The market will be hopeful of major progress on the NAFTA negotiations this week. Failing that, there will likely be downward pressure on Canadian stocks.
I look forward to Q1 earnings from Alimentation Couche-Tard on Wednesday. Hopefully another positive quarter and outlook.