May 29, 2017 Newsletter

Dear Friends,

Tangents:

On May 29, 1953, Mount Everest was conquered as Edmund Hillary of New Zealand and sherpa Tenzing Norgay of Nepal became the first climbers to reach the summit.
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Points of Progress:

BRITAIN: Friday, April 21, marked the country’s first full day without coal in 135 years, according to National Grid.  It is thought to be Britain’s longest continuous energy period without coal since the world’s first centralized public coal-fired generator opened in 1882, beating out the record of 19 hours set in may 2016.  The achievement was a “watershed moment in how our energy system is changing,” said Cordi O’hara of national Grid.  The British government plans to close the nation’s last coal power plants by 2025.-BBC, The Guardian.

TOGO: More than 60 villages have banded together to protect the hippo population.  Since 2004, these villages and communities in the West African nation have been working to raise awareness of the need to protect biodiversity along the Mono River.  Ultimately, the initiative, which covers five lakes, aims to generate sustainable sources of income for the local population and promote eco-tourism in the area.  –Deutsche Welle.

SAUDI ARABIA: The world’s most prominent oil exporter has a  plan to boost renewable energy generation.  Saudi Arabia, which consumes nearly 3 million barrels of oil a day, will develop 30 new solar and wind projects over the next decade, with the goal of reaching 9,500 megawatts of renewable energy capacity by 2023.  Currently, the country has about 200 MW from renewable sources.  “We have the potential to become a global renewable energy powerhouse,” said Energy Minister Khalid al-Falih.  –Bloomberg, Grist.
PHOTOS OF THE DAY

The first ever hot air balloon festival to be held in Durham got underway this Bank Holiday weekend. “Balloons in Durham” saw a mass of hot air balloons taking to the skies rising over Durham Cathedral.
CREDIT: Paul Kingston/North news

People throw colored powder during the Holi festival in Santa Coloma de Gramenet near Barcelona.
CREDIT:ALBERT GEA/REUTERS.
Market Closes for May 29^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed with a small gain as daily volume hit its lowest level of the year with markets in the U.S., U.K. and China all closed for public holidays.
     The S&P/TSX Composite Index added 5 points or less than 0.1 percent to 15,421.91. Volume fell to 58.8 million compared to the moving average of 204.5 million.
     Financial stocks gained 0.2 percent ahead of Bank of Nova Scotia’s fiscal second-quarter results, due out Tuesday morning. Industrials shares also added 0.2 percent as Boyd Group Income Fund jumped 9.8 percent. The owner of collision-repair shops is buying Assured Automotive Inc. for C$193.6 million.
     In other moves:
* Bombardier Inc. rose 3.6 percent and hit a six-week high. The stock was upgraded to outperform at BMO
* Husky Energy Inc. rose 1.9 percent after greenlighting a C$5.2-billion project off the coast of Newfoundland and Labrador
* Canopy Growth Corp. fell 2.4 percent. Health Canada is streamlining the application process for medical cannabis production licenses and allowing for increased production
US
US MARKETS ARE CLOSED TODAY FOR MEMORIAL DAY.
UK MARKETS  AND MARKETS IN CHINA ARE ALSO CLOSED.
Have a wonderful evening everyone.

Be magnificent!

Do you know that even when you look at a tree and say,
That is an oak, or that is a banyan tree,
the naming of the tree, which is botanical knowledge, has so conditioned your mind
that the word comes between you and actually seeing the tree?
To enter in contact with the tree you have to put your hand on it
and the word will not help you touch it.
Krishnamurti

As ever,

Carolann

The legacy of heroes is the memory of a great name and the inheritance of a great example.
–Benjamin Disraeli, 1804-1881

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