March 20, 2017 Newsletter

Dear Friends,

Tangents:  Spring Equinox  🙂 !

Spring is when life’s alive in everything. –Christina Rosetti

SPRING VERSE
One swallow does not make a spring.
Bluebirds are a sign of spring; warm weather and gentle south breezes they bring.
In spring, no one thinks of the snow that fell last year.
Don’t say that spring has come until you can put your foot on nine daisies.
Spring-time sweet!
The whole Earth smiles, thy coming to greet.
SPRING PICTURE SLIDESHOW
        Enjoy 10 beautiful images of springtime. This photo comes from Texas. Just click below and smile! 
        (from The Farmer’s Almanac).

On this day in 1602, the western world’s first major publicly traded company is born, as the Dutch legislature grants a monopoly on trade to the Dutch East India Company. In 1609, the company’s directors declare that investors cannot sell their shares back to the company, but only to other investors — giving birth to the modern stock market.
1852: Uncle Tom’s Cabin was published.
1828: the writer Henrik Ibsen was born.
43 BC: the writer Ovid was born.
PHOTOS OF THE DAY

A robot sits quietly at the Robotics Innovation Center booth during preparations at the CeBit computer fair, which will open its doors to the public on March 20, at the fairground in Hanover, Germany. Fabian Bimmer/Reuters

A cow grazes in a field of Sinapis in the Israeli-occupied Golan Heights on Monday. Baz Ratner/Reuters

Iraqi Kurdish people carry torches up a mountain to celebrate Newroz Day, a festival marking their Spring and New Year, in the town of Akra, Iraq, on Monday. Ari Jalal/Reuters
Market Closes for March 20^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
NUMBER OF THE DAY
$11.5 million
Median pay for the CEOs of 104 of the biggest American companies in fiscal 2016, up 6.8%. Twice as many companies increased their chiefs’ pay as reduced it.
Canada
By Linda Nguyen | March 20, 2017 17:30 
Source: The Canadian Press
The Toronto stock market fell Monday as oil prices tracked lower ahead of the release of the federal budget, while Wall Street remained steady.
The S&P/TSX composite index gave up 48.17 points at 15,442.32, a notable gain in the gold sector not enough to offset losses in most other sectors.
The market also benefited from news of an unsolicited US$1.1 billion takeover offer that was rejected by Toronto-based Dominion Diamond, a company run by American billionaire Dennis Washington.
Dominion Diamond operates the Ekati mine in the Northwest Territories and owns a 40% stake in the Diavik mine through a joint venture with Rio Tinto.
Shares in the company soared more than 23%, or $3.06, to finish at $16.27 on the Toronto Stock Exchange.
Canadian markets analyst Craig Fehr said the Canadian market is shying away from any major moves until the federal budget gets released on Wednesday.
Market watchers will wait to see if Ottawa plans on any massive spending in areas like the resource or industrials sectors, which may stand to benefit most.
“This is going to be an interesting budget, not because it’s going to contain a lot of surprises, but it will show a bit of how the government is perhaps trying to navigate the uncertainties that exist now with trade policies and the U.S.,” said Fehr, who is with Edward Jones in St. Louis.
The budget will also be keeping an eye on fiscal restraint to ensure that government debt levels don’t raise dramatically, he added.
“There are a lot of balls in the air for the government and I think the budget is going to address some or all of them at the same time,” said Fehr.
In New York, markets were mixed. The Dow Jones industrial average declined 8.76 points to 20,905.86 and the broader S&P 500 dipped 4.78 points to 2,373.47. The tech-heavy Nasdaq composite index was barely changed, gaining 0.53 of a point to 5,901.53.
The Canadian dollar was trading at US74.88¢, down 0.10 of a U.S. cent amid weaker crude prices. The April oil contract lost US56¢ at US$48.22 a barrel, while the more heavily traded May contract fell 4US0¢ at $48.91 a barrel.
US
In New York, markets were mixed. The Dow Jones industrial average declined 8.76 points to 20,905.86 and the broader S&P 500 dipped 4.78 points to 2,373.47. The tech-heavy Nasdaq composite index was barely changed, gaining 0.53 of a point to 5,901.53.
Last week, the U.S. Federal Reserve hiked its key short-term rate by a quarter-point to a range of 0.75% to 1%, committing to staying the course by planning only two more raises this year despite a strengthening U.S. economy.
Following the lackluster performances seen in the two previous sessions, stocks continued to show a lack of direction during trading on Monday. The major averages once again spent the day bouncing back and forth across the unchanged line.
The major averages eventually ended the day little changed. While the Nasdaq inched up 0.53 points or less than 0.1 percent to 5,901.53, the Dow edged down 8.76 points or less than 0.1 percent to 20,905.86 and the S&P 500 dipped 4.78 points or 0.2 percent to 2,373.47.
The choppy trading on Wall Street came as many traders stuck to the sidelines amid a quiet day on the U.S. economic front.
The economic calendar remains relatively light throughout the week, although traders are likely to keep an eye on reports on new and existing home sales and durable goods orders.
Speeches by a number of Federal Reserve officials may also attract attention this week after the central bank’s decision to raise interest rates by a quarter point last week.
In an interview on CNBC’s “Squawk Box,” Minneapolis Fed President Neel Kashkari said he voted against the rate hike because inflation is still below the central bank’s 2 percent target.
Meanwhile, traders largely shrugged off disappointment with the outcome of the G20 meeting, where finance ministers failed to agree on a commitment to keep global trade free and open.
The token reference to trade in the G20 communique was seen as a reflection of President Donald Trump’s more protectionist policies.
Among individual stocks, shares of Esperion Therapeutics (ESPR) moved sharply higher after the lipid management company said the FDA confirmed that its LDL-C lowering program is adequate to support approval of an LDL-C lowering indication for bempedoic acid.
Aralez Pharmaceuticals (ARLZ) also posted a strong gain following news CEO Adrian Adams acquired an additional 500,000 shares of the specialty pharmaceutical company’s common stock.
Meanwhile, Aevi Genomic Medicine (GNMX) saw substantial weakness after revealing a SAGA trial of AEVI-001 in adolescents with mGluR mutation positive ADHD did not meet its primary endpoint.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster performance by the broader markets.
Within the biotech sector, Nektar Therapeutics (NKTR) posted a standout gain after announcing positive results from a study of its new opioid pain medication.Biotechnology stocks showed a substantial move to the upside, however, with the NYSE Arca Biotechnology Index surging up by 2 percent. The jump lifted the index to its best closing level in over a year.
Significant strength also emerged among gold stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Gold Bugs Index. The strength in the sector came as gold for April delivery rose $3.80 to $1,234 an ounce.
On the other hand, banking stocks came under pressure over the course of the session, dragging the Dow Jones Banks Index down by 1.3 percent. With the drop, the index fell to its lowest closing level in a month.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Hong Kong’s Hang Seng Index climbed by 0.8 percent, while Australia’s All Ordinaries Index fell by 0.4 percent. The Japanese markets were closed for a holiday.
The major European markets also finished the day mixed. While the U.K.’s FTSE 100 Index inched up by 0.1 percent, the French CAC 40 Index and the German DAX Index dipped by 0.3 percent and 0.4 percent, respectively.
In the bond market, treasuries moved to the upside on the day, extending a recent upward trend. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dropped by 2.8 basis points to 2.473 percent.
Amid another quiet day on the U.S. economic front on Tuesday, traders are likely to keep an eye on speeches by several Federal Reserve officials.
Additionally, General Mills (GIS) and Lennar (LEN) are among the companies due to report their quarterly results before the start of trading.
by RTT Staff Writer

Have a wonderful evening everyone.

Be magnificent!

With closed eyes, I have come to this last thought:
even while I am unconscious in sleep, the dangers of life will continue’
in this silent field of my sleeping body, in the same rhythm as the stars above.
My heart beats, my blood courses through my arteries,
and the millions of atoms that live in my body will vibrate in time with the harp
that quivers under the fingers of the great Master.
Rabindranath Tagore

As ever,

Carolann

Chance is always powerful.  Let your hook be always cast;  in the pool where you least
expect it, there will be a fish. –Ovid, 43 BC-17 AD

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