IAIC Market Update - March 1, 2021

March 1, 2021

Last Week in the Markets: February 22nd - 26th, 2021

(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?

It was a trying week for North American equity investors.
The major indices fell by 2% and the NASDAQ doubled that decline.
The Canadian dollar lost another percentage point to its American counterpart.
The lone gainer on our grid was oil, but it did not feel like positive progress at the gas pump, at least for Canadian consumers.
The results by the large Canadian banks provided support for the TSX and its most heavily weighted sector, Financials.
The Bank of Montreal and Scotiabank led off with profits higher than pre-pandemic levels for the most recent quarter.
CIBC, RBC and TD also delivered impressive results.
Lower loan-loss provisions, lower credit default rates, and increased revenues were the reasons the banks were able to exceed analyst earnings expectations. These institutions were able to best their own expectations and are admittedly further ahead on recovery than they expected. Collectively, they earned $13.9 Billion in the quarter ending on January 31^st. (Source)

What’s ahead for this week?

In Canada, December and the 2020 Q4 Gross Domestic Product numbers will be released and will provide the latest data on our economic recovery. January’s building permits and trade balance are also scheduled.
In the U.S., the Purchasing Managers Index from ISM for both products and services will be released. These reports summarize the forward-looking confidence of corporate buyers. February’s employment numbers will demonstrate if the U.S. recovery has resulted in improvements in jobs, job creation and joblessness.

The latest details from the Canadian Federal Government on stimulus and economic assistance are available here.

The latest details of the current Canada’s Covid-19 Economic Response Plan are available here.

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