Market View

Bank of Canada raised interest rates by 0.50% for the second time this year. OPEC decided to increase production targets pushing oil prices down. The US dollar and gold prices were unchanged. The Canadian dollar was 79.52 cents USD. U.S. S&P500 ended the week up 0.9%, while the TSX also ended the week down 0.1%.

It was a rather unimpressive week for most investors. Healthcare slid by 5.5%, followed by technology which declined by 2.2%. Consumer discretionary and financials ended the week down 0.5%. Energy, the only green this week, rose 0.9%. Technology ended the week down 0.9%. The most heavily traded shares by volume were Athabasca Oil Corp, Baytex Energy, and Tamarack Valley Energy.

5 from 5i

Here are five reads we found interesting last week:

• Nobody likes index funds, except investors, authored by John Rekenthaler
• What Nobel prize winning economist Robert Shiller thinks about the stock market right now, posted on TKer by Sam Ro
• Crypto just had its Lehman moment. What’s next? By Edward Robinson of Institutional Investor
• Lithium mining: how new production technologies could fuel the global EV revolution, written by Marcelo Azevedo, Magdalena Baczynska, Ken Hoffman, and Aleksandra Krauze of McKinsey & Company
• Giant container ships are ruining everything, by Rachel Premack of Freight Waves

Happy Reading & Stay Safe!

Disclosure: The analyst(s) responsible for this report do not have a financial or other interest in securities mentioned.