April 19, 2022 Newsletter

Dear Friends,

Tangents:

Carolann is away from office this afternoon, I’ll be writing the newsletter on behalf of her.

PHOTOS OF THE DAY

A field of colourful tulips. Their grower Mark Eves opens the field to the public from Thursday with all funds raised going to a local charity. Last year the event attracted more than 6,000 visitors
CREDIT:  Joe Giddens/PA

Ducklings on Stradbally lake
CREDIT: Niall Carson/PA

Sunrise behind the Bass Rock off the East Lothian coast
CREDIT: Jane Barlow/PA

Market Closes for April 19^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1895, the Railroad Gazette published the first description for a business audience of engineer Herman Hollerith’s “electric tabulating machine,” a new data-processing device that used electrical signals to read, count and sort punch cards on which data were represented by an array of holes. Hollerith’s company, the Tabulating Machine Co., was one of the ancestors of IBM.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities extended a winning streak as technology and consumer stocks surged. The S&P/TSX Composite rose for the fourth straight day, climbing 0.64%, or 140.41 to 22,018.82 in Toronto. The gain was the biggest since an advance of about 0.9% on March 21.
Today, financials stocks led the market higher, as 9 of 11 sectors gained; 155 of 239 shares rose, while 83 fell. Shopify Inc. contributed the most to the index gain, increasing 4.3%. Lithium Americas Corp. had the largest increase, rising 7.6%.
Insights
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 5.9% in the same period
* The S&P/TSX Composite is 0.9% below its 52-week high on April 5, 2022 and 16.1% above its low on April 20, 2021
* The S&P/TSX Composite is up 1% in the past 5 days and rose 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.5t
* 30-day price volatility rose to 10.46% compared with 10.42% in the previous session and the average of 11.84% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 66.3992| 1.0| 25/3
* Information Technology | 41.4323| 3.1| 16/0
* Industrials | 37.3832| 1.5| 26/3
* Consumer Staples | 20.6724| 2.5| 11/0
* Consumer Discretionary | 17.7224| 2.5| 14/0
* Real Estate | 10.5534| 1.8| 23/0
* Health Care | 3.7089| 2.8| 6/2
* Utilities | 2.8310| 0.3| 12/4
* Communication Services | 1.1734| 0.1| 5/2
* Energy | -22.9029| -0.6| 5/29
* Materials | -38.5627| -1.3| 12/40
================================================================
| | |Volume VS | | Index | | 20D AVG |YTD Change Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 24.4500| 4.3| -26.7| -56.1
* Royal Bank of Canada | 15.0500| 1.1| 140.1| 3.3
* Brookfield Asset Management | 13.3500| 2.0| -0.1| -9.4
* Tourmaline Oil | -5.5840| -4.0| 2.6| 59.1
* Barrick Gold | -5.6270| -1.4| -28.2| 31.2
* nico Eagle Mines | -6.3470| -2.5| -23.0| 20.4
US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks gained in a broad-based rally as investors weighed the resilience of the economy against prospects for aggressive policy action to curb inflation.
Treasury yields climbed across the curve, while oil fell on demand concerns.
The S&P 500 bounced back from the lowest close in more than a month, with all 11 main industry groups advancing except energy. The tech-heavy Nasdaq 100 jumped more than 2%, a threshold reached by the small-cap Russell 2000 index. Yields on short-end Treasuries — the most sensitive to changes in interest rates — led the move higher.
Chicago Fed President Charles Evans said Tuesday that interest rates will probably rise above the neutral level. Investors, already betting on an almost half-point Federal Reserve rate increase next month, have been reassessing expectations after St. Louis Fed President James Bullard said hikes of as much as 75 basis points shouldn’t be ruled out. The last increase of such magnitude was in 1994.
“Generally, most markets are focused on how fast the Fed and other central banks are going to go, and ultimately what rates are going to take a breather at,” Brian Nick, chief investment strategist at Nuveen, said by phone. “Underlying all of this, though, is the fact that economic data still is quite solid. I would say it’s strong in the United States at this point.”
Government data on Tuesday showed U.S. housing starts rose unexpectedly in March to the highest level since 2006.
The earnings season continued Tuesday, with Johnson & Johnson gaining after reporting first-quarter earnings that beat estimates and raising its dividend. The advance comes despite the drugmaker cutting its annual profit forecast and suspending guidance for Covid-19 vaccine sales.
So far, with just 48 companies in the S&P 500 reporting results, 79% have posted positive surprises, data compiled by Bloomberg show. On Monday, Bank of America Corp. joined a string of earnings beats by big lenders. Netflix Inc. and International Business Machines Corp. are due to report after the close Tuesday.
“The U.S. first-quarter earnings season, which continues this week, looks set to be positive, and we forecast earnings per share growth of 10% for 2022 overall and 7% for 2023,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “Against this backdrop, investors should also seek long-term value in stocks. Periods of heightened market volatility and uncertainty can often lead to attractive longer-term entry points in areas of structural growth.”
Stocks
* The S&P 500 rose 1.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.2%
* The Dow Jones Industrial Average rose 1.5%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro was little changed at $1.0788
* The British pound fell 0.1% to $1.3000
* The Japanese yen fell 1.5% to 128.89 per dollar
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 2.94%
* Germany’s 10-year yield advanced seven basis points to 0.91%
* Britain’s 10-year yield advanced eight basis points to 1.97%
Commodities
* West Texas Intermediate crude fell 5.2% to $102.53 a barrel
* Gold futures fell 1.8% to $1,949.80 an ounce

–With assistance from Tassia Sipahutar, Nikos Chrysoloras, Andreea Papuc and Robert Brand.
Have a wonderful evening.

Be magnificent!

As ever,

Isabel

Lasting change is a series of compromises. And compromise is all right, as long your values don’t change.  – Dr. Jane Goodall, April 1934

Assistant to Carolann Steinhoff,

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com