“The Best Revenge Is To Be Unlike Him Who Performed The Injury” -Marcus Aurelius

 

TSX: Slow Friday After A Solid Week

The S&P/TSX composite index was down 40.34 points at 13,433.49 Friday, after an otherwise solid performance over the week that saw strong advances in three of the four previous trading sessions. The S&P/TSX has added 2.7 per cent this week. The S&P 500 added 0.4 per cent to 2,089.19 in New York, after rising as much as 0.8 per cent. Declines in energy and consumer staples shares whittled down earlier gains.  The S&P 500 rose 3.3 per cent this week, the most since December, as shares rebounded from the worst weekly decline in almost three months. Minutes from the Federal Reserve’s October meeting released Wednesday stressed that the pace of any interest-rate increases will be gradual, reassuring investors that higher borrowing costs won’t derail economic growth. The index has rallied 12 per cent from its August trough and is 2 per cent from its all-time high set in May.  The Dow Jones industrial average rose 92.13 points, or 0.52 per cent, to 17,824.88, while the Nasdaq Composite added 31.28 points, or 0.62 per cent, to 5,104.92.

 

Women Occupy 19.5% of Seats on Corporate Boards

A new report says women hold 19.5% of the seats on the boards of Canada’s biggest companies, up from 17.1% in 2014. The report by the Canadian Board Diversity Council says it’s the largest one-year increase in female representation on the boards of FP500 companies, which are Canada’s largest firms by revenue, since 2001. The rise follows the introduction of a new “comply or explain” policy that forces publicly traded companies to disclose certain statistics on the representation of women on their boards and in executive officer positions. Securities regulators in every province and territory except for Prince Edward Island, Alberta and British Columbia implemented the “comply or explain” rules at the end of last year.
Pamela Jeffery, the founder of the Canadian Board Diversity Council, says that although Canada is heading in the right direction, the pace of change is too slow.  Jeffery says securities regulators should force publicly traded companies to have written board diversity policies rather than merely requiring the companies to disclose whether or not they have such a policy in place.  “In the context of board diversity at a global level, Canada is falling behind,” said Jeffery.
In the United Kingdom, there are no all-male boards in the FTSE100 — the 100 largest London Stock Exchange-listed companies based on market capitalization. In the FTSE250, the next 250 largest companies on the London Stock Exchange, that are only 15 companies that have no women on their boards.  In comparison, 109 of the companies in Canada’s FP500 have boards comprised entirely of men, said Jeffery.

 

Market Update as of November 20 2015

North America
The TSX closed at 13420, up 345 points or 2.64% over the past week. YTD the TSX is down -9.04%.
The DOW closed at 17824, up 579 points or 3.36% over the past week. YTD the DOW is down -0.05%.
The S&P closed at 2089, up 66 points or 3.26% over the past week. YTD the S&P is up 1.51%.
The Nasdaq closed at 5105, up 177 points or 3.59% over the past week. YTD the Nasdaq is up 8.00%.
Gold closed at 1076, down -5.00 points or -0.46% over the past week. YTD gold is down -8.19%.
Oil closed at 39.39, down -1.42 points or -3.48% over the past week. YTD oil is down -25.24%.
The USD/CAD closed at 1.33446, up 0.0024 points or 0.18% over the past week. YTD the USD/CAD is up 13.71%.

Europe/Asia
The MSCI World closed at 1701, up 29.00 Points or 1.74% over the past week.  YTD the MSCI World is down -0.53%.
The Euro Stoxx 50 closed at 3453, up 93.00 points or 2.73% over the past week.  YTD the Euro Stoxx 50 is up 9.73%.
The FTSE closed at 6335, up 217.00 points or 3.54% over the past week.  YTD the FTSE is down -3.53%.
The CAC closed at 4911, up 104.00 points or 2.14% over the past week.  YTD the CAC is up 14.94%.
The DAX closed at 11120, up 412.00 points or 3.84% over the past week.  YTD the DAX is up 13.40%.
The Nikkei closed at 19880, up 283.00 points or 1.44% over the past week.  YTD the Nikkei is up 13.92%.
The Shanghai closed at 3631, up 50.00 points or 1.39% over the past week.  YTD the Shanghai is up 12.24%.

 

Sources: Bloomberg; Investment Executive;  advisor.ca,