IAIC Market Update - April 26, 2021

April 26, 2021

Last Week in the Markets: April 19th - 23th, 2021

545(source: Bloomberg https://www.bloomberg.com/markets, MSCI https://www.msci.com/end-of-day-data-search and ARG Inc. analysis)

What happened last week?

North American and global equities, the Canadian dollar, gold and oil all lost value last week. Results can be directly related to faltering success against the COVID-19 pandemic and increased fears of ongoing and increasing economic damage.

The federal government released its first budget in two years that included $101.4 Billion in new spending to provide pandemic relief and position Canadians and businesses for future economic success. The budget deficit is projected at $354 Billion for the year ended March 31, 2021 and $155 Billion for the current fiscal year.
The Bank of Canada (BoC) held its benchmark interest rate unchanged in its continued support for economic recovery. It has forecast Canadian Gross Domestic Product (GDP) growth for the first quarter at 7%. Based largely on this high rate of growth, the BoC is planning to reduce its bond purchase program and has indicated that interest rates may increase sooner than earlier projections.
In the US, the White House announced a proposal to increase taxes on capital gains that increased downward pressure on equities. It was counter-balanced by first quarter earnings reports that generally exceeded analysts’ expectations.
The European Central Bank (ECB) kept its interest rates steady and indicated that bond purchases would be increased to support the collective Eurozone economy.

What’s ahead for this week?

In Canada, February’s retail sales, employment reports and Gross Domestic Product (GDP) are scheduled for release, as are March’s industrial and materials price indices.
In the U.S., durable goods orders and goods trade deficit, pending home sales and personal spending and income for March will be announced. On Wednesday, the Federal Reserve will release their latest monetary announcement and conduct a news conference featuring Chair, Jerome Powell. Later, on Wednesday evening, President Biden will deliver his first address to Joint Session of Congress (Senate and House members).

For more information contact:
Independent Accountants’ Investment Counsel Inc.
135 Main St. E. Listowel, ON
Phone: 519-291-2817 or TF: 1-877-291-3040
icpmss@iaic.ca

This report is produced by Independent Accountants' Investment Counsel Inc (“IAIC”) in conjunction with ARG Inc. All graph and chart statistical data contained in this report has been supplied by ARG Inc. The views and opinions expressed in this report are based on market statistics. No guarantee of outcome is implied and opinions may change without notice. Investors should not base any of their investment decisions solely on this report nor should any opinions expressed within this report be construed as a solicitation or offer to buy or sell any securities mentioned herein. Although the information contained in this report has been obtained from sources that IAIC believes to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this report constitute our judgment as of the date hereof and are subject to change without notice.

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Southwestern Ontario's Top Employers Award

Southwestern Ontario's Top Employer Award Winner

February 5, 2025

We are th rilled to announce Ward & Uptigrove was selected as a recipient of the Southwestern Ontario's Top Employers Award for 2025. The award is based on the following criteria: 1. Workplace, 2. Work Atmosphere and Social, 3. Health, Financial and Family Benefits, 4. Vacation and Time-Off, 5. Employee Communications, 6. Performance Management, 7. Training and Skills Development, 8. and Community Involvement! Here are some of the reasons why Ward & Uptigrove was selected as one of Southwestern Ontario's Top Employers (2025): Ward & Uptigrove increased its full-time workforce in Canada by over 13 per cent in the past year and lets everyone benefit in the company's success with profit-sharing -- the company also offers generous referral bonuses of up to $5,000 per successful candidate as an incentive for employees to recruit friends Ward & Uptigrove hosts three major social events each year, giving employees the opportunity to unwind and connect with food, beverage and entertainment covered by the firm's partners -- events include a post-tax season party (employees plus a guest), a fall golf tournament, and an annual holiday celebration Ward & Uptigrove matches employee donations in kind, and encourages them to lend a helping hand in the community with a paid day off to volunteer Emily MacRobbie, human resources manager at Ward & Uptigrove, says clients appreciate the close connections and sense of care their small-town environment fosters. “We’re big enough to attract and retain some of the best and brightest minds in the industry, while simultaneously being small enough that staff and clients are known on a more personal level,” says MacRobbie. “Employees really appreciate the flexibility the firm offers, such as work location (in office or hybrid) and hours of work arrangements. We keep a pulse on what’s happening and make sure we remain competitive with things like paid time off and flexible health benefits.” To learn more about career opportunities at Ward & Uptigrove visit www.wardanduptigrove.com/careers