Markets pulled back for a second day since setting record highs. You can t go up every day but we don t really need an excuse to pull back after we ve had such a strong start to the year, said Craig Jerusalim, portfolio manager at CIBC Asset Management.
Expectations of strong first-quarter earnings results in the coming couple of weeks prompted some profit-taking, he said in an interview. But I d probably point to the scary virus counts in select regions as the primary concern weighing on stocks today.
The World Health Organization says the 5.2 million new confirmed virus cases over the latest week was the largest weekly count to date.
Most actively traded companies on the Toronto Stock Exchange
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Most actively traded companies on the Toronto Stock Exchange
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North American stock markets slip from record highs as investors await Q1 results
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M&A activity is picking up in the Canadian energy sector today.
Following a disastrous 2020, the energy sector is once again primed for deal making. Companies are building up again, as oil prices reach profitable margins. As a reopening play (and market hedge), oil is on quite the run. Indeed, investors are now looking to take advantage of what appears to be a full-fledged bull market in oil right now.
For those bullish on commodities like oil,
The merger Whitecap investors are talking about
Whitecap recently announced a $300 million bid in cash and shares to buy its rival
Kicking Horse Oil and Gas, an indirect subsidy of Quantum Energy Partners.