14 of 17 stocks recommended last week increased in price for an average gain of 1.82% versus the TSX Composite gain of 1.62%. Top income recommendations did very well including Bank of Montreal (BMO)+3.62%, CIBC (CM) +5.23% & Royal Bank (RY) +4.34%. Other income stocks recommended for accumulating positions included BCE +4.00%, Toronto Dominion (TD) +2.66% and newly added more speculative stock AGF Management (AGF.B) +3.83%. Growth stocks of note included Canadian Natural Resources (CNQ) +1.84%, Talisman (TLM) +3.06% & Teck Resources (TCK.B) +2.66%. The market closed at highs for the week so maybe wait for a small pullback before getting into new trading positions.
At current prices I’ll make a few longer term recommendations including growth stocks: Agrium (AGU), Potash (POT), Research in Motion (RIM), Teck (TCK.B), Canadian Natural (CNQ), Nexen (NXY) and Talisman (TLM). While gold has come down a little of late, stocks worth watching for upwards movement include Agnico Eagle (AEM) & Kinross (K). Labrador Iron Ore Units (LIF.UN) has been very hot of late and merits a closer look.
Income stocks still poised for some growth include the major banks (as listed above) and telecom giants BCE, Rogers (RCI.B) & Telus (T). Transcanada (TRP) dipped 2.3% this past week and is a stalwart in any portfolio. A few opportunities still exist in higher paying corporate preferred shares including Bombardier (BBD.PR.C & D) Brookfield Properties (BPO.PR.L) & Canadian Western Bank (CWB.PR.A).
15 of the 22 stocks recommended early January 2010 to be purchased for the year ahead have increased an average 10.6% year to date (exactly the same as the TSX Composite) but the added bonus is that the recommended portfolio has also delivered over 4% in income. Wait for your moment.
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