By Mike Keerma
* Stocks flatten out.
Improving U.S. economic outlook.
Canadian job gains in February.
* (Canada) Goosing the stock.
* Stocks flatten out.
The major North American indices ended pretty much flat on the week, as the
U.S. Federal Reserve Board’s Open Market Committee on Wednesday raised its
benchmark federal funds rate to 1.00% from 0.75%, reflecting robust job
creation and employment rates as well as a 2% inflation rate that is near
the Fed’s target. Toronto’s
S&P/TSX Composite Index
dipped -0.1% below breakeven on the week, weighed down by declines in
financial and resource stocks. U.S. blue-chip
S&P 500 Composite Index
edged up 0.2% on the week, while the
Nasdaq Composite Index
gained 0.7%, putting the tech-weighted gauge ahead 9.6% year to to date.
gained 2% on the week, as bond yields inched down, and
gained 0.6% but remained below US$50/barrel on the week.
* Improving U.S. economic outlook.
The New York-based Conference Board’s Leading Economic Index rose 0.6% in
February, its sixth consecutive monthly increase. In a release, the
Conference Board siad, “Widespread gains across a majority of the leading
indicators points to an improving economic outlook for 2017.” The data came
against a backdrop of President Donald Trump’s first budget proposals to
Congress, the centrepiece of which was a significant increases to spending
on defense and national security, and deep cuts to other areas.
* Surging Canadian home prices.
Canadian home prices surged to a monthly record, as the Teranet-National
Bank National Composite House Price Index gained 1.0% from January, the
largest February increase ever recorded for the Index. The gains were led
by Toronto (+1.9%), Hamilton (+1.4%), and Vancouver (+1.4%), with the
Toronto and Hamilton markets also posting record February gains.
* Canadian job gains in February.
The Canadian labour market posted a gain of 15,000 jobs in February, with
paid employment, rather than self-employment, accounting for most of the
gain. The unemployment rate ticked down to 6.6% in February.
* Goosing the stock.
Canada Goose Holdings Inc. (TSX: GOOS)
opened trading on Thursday at $23.86, 40% higher than its IPO price of $17.
Share price of the maker of those iconic ultra-pricey parkas eased back to
$21.53 by Thursday’s close, but surged again in Friday’s session to close
at $23, for a rich market capitalization of over $2.3 billion.
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