February 24, 2017 Newsletter

Dear Friends,

Tangents:

Birthdays: Steve Jobs, founder of Apple, b. 1955
                George Harrison, musician, b. 1943

RESILIENT WINDMILLS
Windmills located in Nashtifan, Iran, are believed to have been created between AD 500 and 900 and are still operational today.  Check out National Geographic’s video about the history of these structures at http://bit.ly/natgeowindmills.

PHOTOS OF THE DAY

Germany’s Jessica von Bredow-Werndl rides Unee BB during the FEI World Cup Dressage Freestyle event at the Gothenburg Horse Show in Gothenburg, Sweden, on Friday. Thomas Johansson/TT News Agency/Reuters

Women ride their horses on a small road between fields as the sun sets in Oberursel, Germany, on Friday. Michael Probst/AP

An Oscar statue stands outside the Dolby Theatre as preparations continue for the 89th Academy Awards in Hollywood, Los Angeles, on Thursday. Lucy Nicholson/Reuters
Market Closes for February 24^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Oliver Renick
     (Bloomberg) — Canadian stocks plunged the most in five months as earnings and dividend disappointments among gold companies, along with weakening oil prices and trepidation over President Donald Trump’s border tax proposals, erased two-thirds of this year’s rally.
     The S&P/TSX Composite Index fell 1.7 percent to 15,521.39 at 2:36 p.m. in New York. All 11 major industry groups were lower, led by energy shares, whose decline extended their 2017 loss past 7 percent. Car components maker Magna International slipped 5.4 percent after saying protectionism and U.S. measures that impede free trade may have a material adverse effect on its operations.
     Gold stocks were among the weakest on the S&P TSX, with Torex Gold Resources falling almost 10 percent after being downgraded to hold at Toronto Dominion. Eldorado Gold decreased 8.7 percent following an unexpected fourth-quarter loss. Nevsun Resources, which cut its dividend by 75 percent to 1 cent, slid 8.6 percent after earlier plunging 22 percent.
     Canadian consumer prices surged in January on the back of rising gasoline prices and new carbon levies, bringing inflation to the highest in more than two years. The consumer price index advanced 2.1 percent from a year earlier, Statistics Canada reported Friday from Ottawa, up from 1.5 percent in December. Economists had estimated a gain of 1.6 percent, according to a Bloomberg survey.
     All but one company in the 22-member consumer discretionary index declined, including Linamar Corp and Hudson’s Bay Co., which lost at least 3.5 percent each.
     Health-care shares also declined as the five-share group fell across the board. Losses in ProMetic Life Sciences Inc. and Valeant Pharmaceuticals International weighed on the group as each erased at least 2.5 percent.
US
By Oliver Renick
     (Bloomberg) — U.S. equities advanced amid gains in utilities and phone stocks and a last-minute surge that saw the Dow Jones adding 77 points in the final hour of trading.
     The S&P 500 index added 0.2 percent to turn positive after spending the day in the red, ending at a record 2,367.34 at 4 p.m. The Dow Industrials average gained 0.2 percent, ending higher for an 11th straight day, the longest rally since January 1992.
* Phone and utility shares up at least 0.7% as the two gain more than any other industry group this week
* Nine of 11 groups ended higher, after all started in the red
* Financial companies weighed on market with 0.8% decline
* Energy shares down 0.9% as crude oil declines
* About 6.7 billion shares traded hands, same as year-to-date average
* VIX down 2% to 11.5, lowest in a week
* U.S. equity funds saw net inflows of $3 billion in the week to Feb. 22, with inflows in three of the past four weeks, according to a note from Bank of America Merrill Lynch strategists, citing data from EPFR Global
* EARNINGS:
** After-market Friday: none
** Monday: AES Corp (AES), TEGNA (TGNA), American Tower (AMT), Platform Specialty Products (PAH), Berkshire Hathaway (BRK/A), Zeltiq Aesthetics Inc (ZLTQ), EOG Resources (EOG), Albemarle Corp (ALB), Exelixis (EXEL), SBA Communications (SBAC), Priceline Group (PCLN), ONEOK (OKE), ONEOK Partners (OKS), Hertz Global (HTZ), Workday (WDAY)
* Stoxx Europe 600 Index slid 0.8% at the close in its biggest drop in more than three weeks, as all industry groups declined

Have a wonderful weekend everyone.

Be magnificent!

To grow is to go beyond what you are today.
Stand up as yourself.  Do not imitate.
Do not pretend to have achieved your goal, and do not try to cut corners.
Just try to grow.
Swami Prajnanpad

As ever,

Carolann

Be a yardstick of quality.  Some people aren’t used to an environment
where excellence is expected.
                                                              -Steve Jobs, 1955- 2011

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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