11 of the 12 Buy Recommendations from last weeks’ blog increased in price for an average gain of 2.56% while the TSX Composite gained 1.4%.
Top gainers included Agrium (AGU) +7.35% and a new 52 week high, Canadian Pacific (CP) +4.66%, Nexen (NXY) +3.88%, Teck (TCK.B) +3.83, Suncor (SU) +3.27% & Canadaian Natural Resources (CNQ) +3.26%. Only loser was Cenovus (CVE) -1.68%.
6 of the 8 recommendations to accumulate also increased in price. Top gainers were Rogers (RCI.B) +4.36% & Telus (T) +2.92% both hitting new 52 week highs. Top losers were Manulife (MFC) -2.74% & Industrial Alliance (IAG) -1.60%.
Going forward note that a number of stocks have come close to their 52 week highs therefore are recommended as strict buys only on weakness. Included in this category are Agrium (AGU) , Canadian Natural (CNQ) & Teck (TCK.B).
Recommendations for the week going forward only include: Nexen (NXY), Potash (POT), Research in Motion (RIM), Suncor (SU) & Talisman (TLM). Stocks to be highlighted for accumulating consist of telecoms and financials. These include: BCE, Rogers (RCI.B) & Telus (T), Bank of Montreal (BMO), Royal Bank (RY) and Toronto Dominion (TD). I’ve removed Manulife (MFC), Power Financial (PWF) & Sunlife (SLF) owing to ongoing weak performance.
Income recommendations include Canadian Western Bank Preferred Shares (CWB.PR.A) paying 6.42% annually and Yellow Pages Corporate Bonds due March 2020 paying over 6.6% annually if held to maturity. Stocks may have hit a temporary top so buy on weakness. Good luck & happy Thanksgiving.
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