February 21, 2017 Newsletter

Dear Friends,

Tangents:
1916- Battle of Verdun: Over 1 million men killed, France.
1925- New Yorker magazine debuts.
On Feb. 21, 1965, former Black Muslim leader Malcolm X was shot and killed by assassins identified as Black Muslims as he was about to address a rally in New York City; he was 39.
Points of Progress:
WORLDWIDE:
The fight against extreme poverty reached a new level in December, as the World Bank’s International Development Association committed a record $75 billion in loans, accessible by low-income countries between July 2017 and June 2020.  Describing it as “a pivotal step in the movement to end extreme poverty,” World Bank President Jim Yong Kim said it could “transform the development trajectory of the world’s poorest countries.”  The funds will come from a mix of government and private-sector donation, alongside $25 billion worth of debt issued by the World Bank. –The World Bank, Bloomberg.
Saw the movie Lion on the weekend – great film.
PHOTOS OF THE DAY

Sunlight streams between skyscrapers as the sunrise paints the sky behind downtown on Tuesday in Houston. Michael Ciaglo/Houston Chronicle/AP

A woman pushes a pram as she walks over a frozen lake during sun down at the Pajulahti sports center near Lahti, Finland. Kai Pfaffenbach/Reuters

Michael Paul adjusts his telescope connected to a laptop computer on Scout Key, Florida on Monday. Paul is among 600 amateur and professional astronomers participating in the 33rd annual Winter Star Party where the region’s southern location, paired with minimal nighttime artificial lighting, create optimum conditions for viewing of the Southern Cross and other southern constellations. Rob O’Neal/Florida Keys News Bureau/Reuters
Market Closes for February 21^st, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks rose for the ninth time in 10 days, led by gains in consumer discretionary and health-care shares as Restaurant Brands International Inc. agreed to purchase Popeyes Louisiana Kitchen Inc.
     The S&P/TSX Composite Index climbed 0.5 percent to 15,913.14 at 11:08 a.m. in Toronto. The gauge is on pace to close at a record high for the sixth time in the past seven sessions. The index finished 2016 as the best-performing developed stock market and posted its seventh straight monthly increase in January. It’s increased 3.4 percent this month.
     Tim Hortons owner Restaurant Brands surged 7.1 percent, headed for its biggest single-day increase since February 2015. The company agreed to buy Popeyes Louisiana Kitchen Inc. for about $1.8 billion, adding a fried-chicken chain to its lineup of burgers and doughnuts. The cash offer of $79 a share represents a 19 percent premium to Popeyes’ closing price on Friday.
     In other moves:
* MEG Energy Corp., Canadian Energy Services & Technology Corp. and Baytex Energy Corp. climbed more than 3.6 percent as crude oil rose 2 percent, the most in almost three weeks
* Turquoise Hill Resources Ltd., First Quantum Minerals Ltd. and Teck Resources Ltd. added at least 3.7 percent as a Bloomberg index of commodities rose 0.1 percent
     (Canadian Press) — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
     ^Toronto Stock Exchange (up 83.74 points to 15,922.37)@:
     Northern Dynasty Minerals Ltd. (TSX:NDM). Miner. Down 80 cents, or 26.94 per cent, to $2.17 on 11.3 million shares.
     ECN Capital Corp. (TSX:ECN). Financial Services. Up 45 cents, or 14.11 per cent, to $3.64 on 9.7 million shares.
     Manulife Financial Corp. (TSX:MFC). Financial Services. Up 12 cents, or 0.48 per cent, to $24.95 on 7 million shares.
     Yamana Gold Inc. (TSX:YRI). Miner. Down 13 cents, or 3.22 per cent, to $3.91 on 6.7 million shares.
     Ivanhoe Mines Ltd. (TSX:IVN). Miner. Up 17 cents, or 3.5 per cent, to $5.03 on 6.5 million shares. Katanga Mining Limited. (TSX:KAT). Miner. Up 11 cents, or 22.92 per cent, to 59 cents on 6.4 million shares.
     ^Companies reporting major news@:
     Restaurant Brands International Inc. (TSX:QSR). Fast-food restaurants. Up $4.98, or 7.05 per cent, to $75.65 on 736,696 shares. The parent company of Tim Hortons and Burger King is making a move to add fried chicken with an offer to buy Popeyes in a friendly deal. Restaurant Brands International said Tuesday it will pay US$1.8 billion for the Louisiana-style fried chicken chain. That translates to US$79 per share in Popeyes Louisiana Kitchen Inc., which trades on the Nasdaq composite
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced following a three-day weekend as climbing oil prices boosted energy companies.
     The S&P 500 added 0.6 percent to a record 2,365.38 at 4:13 p.m. The benchmark index gained 0.2 percent on Friday, helped in part by merger and acquisition activity. The Dow Jones Industrial Average jumped 119 points to 20,743 Tuesday, and the Russell 2000 Index advanced 0.8 percent.
* Every sector higher as real estate companies and utilities pare losses to become the biggest winners in the market after 10-year yields fell to 2.43% from as high as 2.46% earlier in the day
* Energy companies up 0.7% as crude oil climbs to $54 a barrel amid a higher price outlook from Citigroup
* Consumer staples shares up 1% on gains of at least 4% in JM Smucker and Mondelez after Kraft withdrew offer for Unilever
* The U.S. dollar surged after Federal Reserve Bank of Philadelphia President Patrick Harker indicated he would support a rate increase next month
* VIX inches higher to 11.6
* So far in U.S. earnings season, quarterly profit for S&P 500 companies are up 5.7 percent year-over-year, according to Bloomberg data
* ECONOMY:
** Flash manufacturing PMI index falls to 54.3 from 55 in Jan.; year ago 51.3
* EARNINGS:
**  After-market Tuesday: Extra Space Storage (EXR), Newfield Exploration (NFX), Newmont Mining (NEM), Whiting Petroleum (WLL), Concho Resources (CXO), XPO Logistics (XPO), Macquarie Infrastructure (MIC), Verisk Analytics (VRSK), American Water Works (AWK), FirstEnergy (FE), First Solar (FSLR), Eversource Energy (ES), Edison International (EIX)
** Pre-market Wednesday: Welltower (HCN), NiSource (NI), Host Hotels & Resorts (HST), Sanchez Energy (SN), DISH Network (DISH), Conduent (CNDT), Southern Co (SO), TJX Cos (TJX)
Have a wonderful evening everyone.

Be magnificent!

The universal power that manifests itself in the universal law
is at one with our true power.
Rabindranath Tagore

As ever,

Carolann

Keep your face always toward the sunshine  – and shadows will fall behind you.
                                                                  -Walt Whitman,  1819-1892

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
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