“I Thought I Was Pretty Good Until I Saw Hendrix” -Brian May, Queen Guitarist & Astrophysicist

 

TSX Declines As Oil Prices Rise

The Toronto stock market pulled back slightly Friday amid soft U.S. economic data despite rising resource and financial stocks. The S&P/TSX composite index closed down 6.82 points at 15,234.34. The Canadian dollar gained 0.15 of a U.S. cent to 79.98 cents. New York indexes were also lower following a report that U.S. gross domestic product grew at an annual rate of 2.2% in the fourth quarter, weaker than the 2.6% first estimated. A bigger surprise was a glum reading on the manufacturing sector in the U.S. Midwest, which fell to a 5 1/2 year low and into contraction territory in February. Analysts says they believe there is something unusual in the Chicago Purchasing Managers Index reading and think it will be treated with skepticism by traders. The Dow Jones industrials lost 81.72 points to 18,132.70, while the Nasdaq gave back 24.36 point to 4,963.53. Oil prices gained $1.59 to US$49.76 a barrel.

 

Charitable Canadians

The amount of charitable donations reported by tax filers increased in 2013 over the previous year, while the actual number of donors fell 1.0%. Total donations rose 3.5% to $8.6 billion, with gains in every province and territory except the Northwest Territories, where donations were 2.7% lower. The largest increases were in Prince Edward Island +7.5%, Manitoba +6.0% and Alberta +5.9%.

In 2013, 21.9% of all tax filers claimed charitable donations, compared with 22.4% in 2012. Manitoba 25.3%, Prince Edward Island 24.1% and Saskatchewan 23.4% had the highest percentage of tax filers declaring a donation. Nationally, the median donation was $280 in 2013, meaning that half of those claiming a donation gave more than $280, while the other half gave less than $280.  Although Nunavut had proportionately fewer donors than other provinces and territories, it had the highest median charitable donation of $500 among tax filers claiming charitable donations. In descending order here are the median donation amounts for each province and territory: Nunavut $500; Alberta $420; British Columbia $400; Prince Edward Island $400: Manitoba $390; Yukon $390; Saskatchewan $380; Newfoundland & Labrador $350; Northwest Territories $350; Ontario $340; Nova Scotia $320; New Brunswick $310; Quebec $130.

 

Market Update As Of February 27 2015

The TSX closed at 15234, up 63 points or 0.42% over the past week. YTD the TSX is up 3.25%.

The DOW closed at 18133, down -7 points or -0.04% over the past week. YTD the DOW is up 1.68%.

The S&P closed at 2105, down -5 points or -0.24% over the past week. YTD the S&P is up 2.28%.

The Nasdaq closed at 4964, up 8 points or 0.16% over the past week. YTD the Nasdaq is up 5.01%.

Gold closed at 1215, up 14.00 points or 1.17% over the past week. YTD gold is up 3.67%.

Oil closed at 49.33, down -1.59 points or -3.12% over the past week. YTD oil is down -6.38%.

The USD/CAD closed at 1.251377, down -0.0024 points or -0.19% over the past week. YTD the USD/CAD is up 6.63%.

 

 

Sources: Bloomberg; Investment Executive; advisor.ca