IAIC Market Update - March 8, 2021

March 8, 2021

Last Week in the Markets: March 1st - 5th, 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?

The markets performed well last week.
StatsCan announced Canadian GDP was higher than expected for December and the fourth quarter of last year.
Our expanding economy seemed to be prevailing in small measures despite the negative restrictions that have been put in-place to control the pandemic.
The rise in the price of oil help boost the Energy sector, the second largest sector comprising the TSX index.
Financials, the largest sector of the TSX, continued to benefit from last week’s strong bank earnings that totaled nearly $14 Billion and from rising bond prices. Higher bond rates typically raise earnings for Financials, and the high earnings could be poised to increase should the pandemic and its economic effects be lessening.
On Friday the U.S. jobs report for February was released.
Many of the measures remained unchanged although 379,000 non-farm jobs were added.
The unemployment rate held firm at 6.2%, 10 million Americans were unemployed.
One year ago, prior to the pandemic, the unemployment rate stood at 3.5% with 5.7 million unemployed. The groups that are taking the brunt of pandemic induced job loss are African Americans and Hispanics. Nearly 2 million have had their full-time jobs downgraded to part-time employment. The employment numbers will continue to be a representation of economic recovery. (Source)

What’s ahead for this week?

In Canada, it will be our turn for February employment numbers. On Wednesday the Bank of Canada will release its latest interest rate decision. Comments by Tiff Macklem, Bank of Canada Chair, will be closely monitored and analysed as inflation fears and bond rate uncertainty have risen.
In the U.S., the focus of economic releases will be inflation for February with the release of the Consumer and Producer Price Indices (CPI and PPI, respectively). Inflation as a positively corelated indicator of economic growth is the measure that central bankers are watching to guide any interest rate increases. None are expected in the near term but noting inflation’s movement could provide some hints of interest rate changes.

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.

< Older Post

Newer Post >

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