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Featured in This Report Midday Market Performance Update SCOTIA WEALTH MANAGEMENT Midday Update March 30, 2021 Featured in this report Midday market performance update Canadian equities: U.S. equities: International equities: < Market summary < Market summary < Market summary < Companies in the news: CP < Companies in the news: PYPL, MCK < Company in the news: BP Midday market performance update Intraday returns S&P 500 NASDAQ S&P/TSX Index Stoxx Europe 600 Nikkei 225 Shanghai Comp 3,958 13,058 18,704 431 29,433 3,457 -0.3% 0.0% -0.1% 0.8% 0.2% 0.6% Canada 10-year yield U.S. 10-year yield 1.56% 1.73% Low High Low High 0.43 1.68 0.5 1.77 CAD/USD USD (trade-weighted) $0.79 104.88 Low High Low High 0.7 0.81 102.22 114.69 Gold WTI (oil) $1685.94 $60.73 Low High Low High 1569.07 2075.47 29 67.79 Bar charts display current values relative to 52-week ranges. SCOTIA WEALTH MANAGEMENT Canadian equities S&P/TSX Composite Index Intraday (12:00 PM) < Canadian equities, as measured by the S&P/TSX Composite Index, are Level Pts Chg % Chg trading slightly lower at midday. 18,704 -15.1 -0.1% 19,000 1,000 < Six of the index’s eleven sectors are lower, with the Materials sector seeing 850 17,000 the largest losses. 700 15,000 550 400 13,000 S&P/TSX biggest movers 250 Last price % 11,000 100 ∆ Mar Jun Sep Dec Mar Hudbay Minerals Inc 8.53 6.0% 6.0% Ballard Power Systems Inc 28.37 5.9% 5.9% Issues Exchange Income Corp 41.44 5.2% 5.2% < Advancing 93 < Declining 123 Interfor Corp 27.25 4.8% 4.8% < Unchanged 2 Shopify Inc 1,346.84 3.0% 3.0% Index stats: B2Gold Corp 5.29 -7.2% 7.2% < 1-yr return 43.5% Kirkland Lake Gold Ltd 40.39 -5.0% 5.0% < P/E 27.6x < Dividend yield 2.9% New Gold Inc 1.94 -4.9% 4.9% Fortuna Silver Mines Inc 7.56 -4.5% 4.5% Iamgold Corp 3.67 -4.2% 4.2% In corporate news: Canadian Pacific Railway Ltd. (CP) < Two large stakeholders in Canadian Pacific Railway (CP) and Kansas City Southern Railway (KSN) say they will vote for the US$25.2 billion takeover by the Canadian freight hauler. The deal requires majority support from the shareholders of both companies, in addition to U.S. and Mexican regulatory approval. The boards have agreed to the takeover by CP and Richard Chilton, owner of hedge fund Chilton Investment Co. that owns US$172 million of Kansas City shares believes the deal will be beneficial for investors and customers, in addition to, Canada, the U.S., and Mexico, as the network will link the countries. In a statement Chilton said, “We have been railroad investors for a long time and we know the railroad industry very well” he continued “This really is a terrific combination.” Edward Molson, senior partner at Egerton Capital, CP’s eighth-largest investor, said “As a long-standing shareholder in CP, we wholeheartedly support this transaction” further commenting “The prospect of CP’s exceptional management team taking their unique culture and expertise to an enlarged North American franchise will generate significant value for shareholders.” The two companies have not set a date for shareholder votes, but they have said they expect to apply for a review of the deal by the Surface Transportation Board at the end of June. CP shares are trading relatively flat at midday. 2 SCOTIA WEALTH MANAGEMENT U.S. equities S&P500 Index Intraday (12:00 PM) < U.S. equities, as measured by the S&P 500 Index, are trading lower at Level Pts Chg % Chg midday as traders weighed the consequences of more stimulus and the 3,958 -12.8 -0.3% fallout from the implosion of Archegos Capital Management. 4,200 2,250 < 3,950 Eight of the index’s eleven sectors are trading lower, with the Utilities 3,700 1,750 sector down ~1.4%. 3,450 3,200 1,250 2,950 2,700 750 S&P 500 biggest movers 2,450 2,200 250 Last price %∆ Mar Jun Sep Dec Mar Discovery Inc 45.24 9.7% 9.7% Dxc Technology Co 29.97 5.0% 5.0% Issues < Advancing 233 Comerica Inc 71.86 4.7% 4.7% < Declining 267 Viacomcbs Inc 47.06 4.6% 4.6% < Unchanged 3 Enphase Energy Inc 148.47 4.5% 4.5% Index stats: Broadcom Inc 456.90 -3.3% 3.3% < 1-yr return 50.7% Moody'S Corp 297.50 -3.1% 3.1% < P/E 32.3x < Dividend yield 1.5% Newmont Corp 60.42 -2.8% 2.8% Arista Networks Inc 299.24 -2.7% 2.7% Nortonlifelock Inc 21.13 -2.7% 2.7% In corporate news: McCormick & Company (MKC) < McCormick reported better-than-expected Q1/21 results that beat on both the top and bottom lines. Revenues of US$1.48 billion and adjusted EPS of US$0.72 beat Bloomberg consensus estimates of US$1.38 billion and US$0.59, respectively. Sales rose 20% in constant currency (cc) including growth in both the Consumer and Flavour Solutions segments. Sales growth in the Consumer segment was driven by an increase in demand resulting from consumers cooking more at home. The Flavour Solutions segment sales increase was driven by acquisitions and higher demand from packaged food companies. The growth was partially offset by lower demand from restaurant and foodservice customers in the Americas, Europe, Middle East, and Africa regions, driven by the decline in away from home consumption. McCormick increased its sales outlook for 2021, it now expects sales to grow 8% to 10%, from 7% to 9% previously. McCormick also raised its adjusted EPS outlook for the year to be in the range of US$2.97-3.02 from $2.91-2.96 previously. MKC shares are trading higher at midday. PayPal Holdings Inc. (PYPL) < PayPal announced the launch of “Checkout with Crypto”, a new feature which allows PYPL customers in the U.S. to check out with cryptocurrencies without any additional integrations or fees. All transactions are settled in $USD and converted to the applicable currency at the standard PayPal conversion rates. This feature will automatically appear in the PayPal wallet at checkout for customers with a sufficient cryptocurrency balance to cover an eligible purchase. "As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet," said PYPL President and CEO, Dan Schulman. 3 SCOTIA WEALTH MANAGEMENT International equities Stoxx Europe 600 Index (Market Closed) < European equities, as measured by the Stoxx Europe 600 Index, ended Level Pts Chg % Chg the day higher following a recovery from market jitters in the U.S. late last 431 3.4 0.8% week. 450 8,000 < Sixteen of the index’s twenty sectors ended the day higher, with the Auto 400 6,000 & Parts sector finishing the session up ~3.1%. 350 4,000 300 2,000 Stoxx Europe 600 biggest movers 250 0 Last price %∆ Mar Jun Sep Dec Mar Evotec Se 30.94 5.5% 5.5% Thyssenkrupp Ag 11.56 5.3% 5.3% Issues < Advancing 418 Banco De Sabadell Sa 0.47 5.2% 5.2% < Declining 167 International Consolidated Airlines Group Sa 201.90 5.0% 5.0% < Unchanged 15 Barclays Plc 189.34 5.0% 5.0% Index stats: Cd Projekt Sa 217.90 -9.1% 9.1% < 1-yr return 36.9% < P/E 53.6x Credit Suisse Group Ag 10.40 -3.3% 3.3% < Dividend yield 2.9% Gn Store Nord As 494.00 -3.2% 3.2% Adevinta Asa 126.90 -3.2% 3.2% Pennon Group Plc 965.20 -2.8% 2.8% In corporate news: BP PLC (BP) < BP announced it will become a 33.3% partner alongside BMW Group and Daimler Mobility AG in Digital Charging Solutions GmbH (DCS), one of Europe’s leading developers of digital charging solutions for automotive manufacturers and vehicle fleet operators. The terms of the transaction were not being disclosed. DCS offers access to 228,000 charging points across 32 countries. As part of the agreement, BP’s European charging network, 8,700 charging points, will be integrated into the DCS’s software system. “Our aim is to make charging as convenient as refuelling at the pump – fast, reliable and a great customer experience,” said BP SVP of Future Mobility & Solutions, Richard Bartlett. “Joining forces with BMW Group and Daimler Mobility AG in DCS, combined with the expansion of our ultra-fast charging network, will help provide drivers access to convenient charging where they need it,” he added. 4 SCOTIA WEALTH MANAGEMENT Disclaimer This report is provided to you for informational purposes only and is not intended to provide personal investment advice. This report does not include or constitute an investment recommendation and does not take into account the particular investment objectives, financial conditions, or specific needs of individual clients. Any statements regarding future prospects may not be realized. Before acting on this material, you should consider whether it is suitable for your particular circumstances and talk to your investment advisor. The author(s) of the report and the supervisors of the Global Portfolio Advisory Group may own securities of the companies included herein.
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