|Bid||0.00 x 900|
|Ask||0.00 x 800|
|Day's Range||79.93 - 80.78|
|52 Week Range||49.55 - 82.74|
|Beta (5Y Monthly)||0.74|
|PE Ratio (TTM)||12.84|
|Earnings Date||Nov 30, 2016 - Dec 05, 2016|
|Forward Dividend & Yield||3.27 (4.10%)|
|Ex-Dividend Date||Oct 23, 2020|
|1y Target Est||88.28|
(Bloomberg) -- Eight months after it hit bottom in the Covid-19 crash, Canada’s stock index is finally back in the green for 2020.The S&P/TSX Composite Index climbed 0.4% on Monday to wipe out the year’s losses. The Canadian benchmark closed at 17,094.53, the highest since Feb. 25, as vaccine progress buoyed investor sentiment.This has been a year for the history books. The market plunged into bear market territory in March, then surged rapidly into a bull zone as governments and central banks reacted to the spreading pandemic with stimulus programs.Since its March 23 bottom, the S&P/TSX Composite Index has recouped about $700 billion in market value -- with plenty of bumps along the way.Stock bulls have a lot to point to: promising vaccine results, the end of U.S. elections, ultra-low interest rates, signs of an economic recovery and general corporate optimism that the worst of the crisis is over.For the naysayers, a fresh wave of virus cases around the world, including partial lockdowns in some major cities including Toronto, has the potential to slow global growth. Meanwhile, U.S. fiscal stimulus talks have stalled and getting a vaccine approved and delivered to most Americans could take until spring or summer of next year.Canada’s stock market, laden with value plays, stands to gain from an effective vaccine delivered next year. But it could still be volatile with the potential for a split House and Senate and no U.S. fiscal package in sight.Here’s a look at what propped up Canada’s stock market and what held it back:TechnologyDespite a small weighting on the S&P/TSX Composite, tech stocks have been the best performers this year as investors sought companies that would do better in a scarred global economy where more people work and shop from home.Shopify Inc. has had a blistering run, with its shares rising 148% as a flood of merchants focused on e-commerce during the coronavirus pandemic. That has made it the most valuable firm on the Toronto benchmark, surpassing Royal Bank of Canada. Supply chain software provider Kinaxis Inc. and network provider for the real estate industry Real Matters Inc. have also surged 79% and 66% respectively.Read more: Meet the Other Tech Companies Propping Up Canada’s Stock MarketAt almost 10% of the Canadian benchmark, the tech sector’s impact is still small compared to the nation’s banks and miners. So while the sector has surged this year, its rally hasn’t helped the TSX in the same manner that FAANG stocks have for the S&P 500, now up 11% so far this year.GoldWorsening virus projections and the economic slowdown propelled the price of precious metals to record highs this year. In a world awash in stimulus from central banks and governments, the attraction of a hard asset that carries no counterparty risk proved difficult to ignore.That helped the S&P/TSX Materials Index, home to more than 30 Canada-based precious metals miners, surge 14% this year, making it the second-best performing group after tech. Materials stocks now have the second-biggest weighting in the benchmark -- a first since 2004, according to data compiled by Bloomberg.Read more: An Old Idea Sparkles in Canada’s Stock Market on New Virus WoesFinancialsFinancial stocks, which include banks, insurers and asset managers, make up more than 30% of the S&P/TSX Composite Index and have lagged the record-breaking comeback on the benchmark since late March. While the sector has reversed some of its losses amid optimism on vaccine progress, it’s still in the red this year.The Big Six banks are slated to report year-end earnings in a couple of weeks and strong profit growth or an improving outlook for loan losses, which would suggest a solid economic recovery, could give the equity market another lift.(Updates stock movements throughout and adds more details at bottom of story. An earlier version of the story corrected an incorrect percentage in the second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service (Moody's) announced today that amendments to an existing auto lease securitization facility would not, in and of themselves and as of this point in time, result in a reduction, placement on review for possible downgrade or withdrawal of Moody's current rating of Prime-1 (sf) of the Series 1 notes (ABCP) issued by Plaza Trust (Plaza). Plaza is a partially supported, multi-seller Canadian ABCP program sponsored and administered by Royal Bank of Canada (RBC). Amendments included extension of the facility to May 2022 and an increase in total credit enhancement to 26% from 23.75%.
(Bloomberg) -- Newly-listed GoodRx Holdings Inc. got caught in the crosshairs of Amazon.com Inc.’s latest plans to shake up the drug industry, triggering a wipeout of about $5 billion in market value in just two days. But its chief executive officer is shrugging it off.The Santa Monica, California-based company, mostly known for its prescription-drug pricing app, plunged to a record low of $33.51 on Wednesday in the wake of Amazon’s plans to sell medicines to its U.S. Prime members. GoodRx drew its first analyst downgrades after the news, with some saying Amazon’s foray could dampen the company’s growth.GoodRx Squarely in Amazon Crosshairs With Pharmacy Launch: ReactGoodRx shares have rebounded more than 15% in the last two trading sessions, though the stock has still shed more than 30% of its value from an Oct. 6 high. Wall Street analysts are split about its future returns, with seven buy-rated followers compared to six with hold equivalents and one sell. At least one analyst has upgraded the stock.Co-founder and chief executive officer Douglas Hirsch dismissed some of the gloom. The business of mail orders for medicines is challenging, he said, and even with the pandemic and regional lockdowns, the number of Americans getting their medicines through the mail has lingered at around just 5%.“Mail order is really hard. The road is littered with companies that tried to offer mail order,” Hirsch told Bloomberg News.A handful of analysts and industry experts were ambivalent about the move, suggesting Amazon was joining the drug distribution channel but won’t fundamentally change it.Amazon has so far only tapped Inside Rx, a unit of Cigna Corp.’s pharmacy benefit manager Express Scripts as a partner. Amazon’s discount card may also just be a way for it to adhere to regulations around publishing drug prices, according to analysts at RBC Capital Markets.Hirsch said GoodRx can survive the blow of increased competition because of the high barriers to entry for new players in the space. GoodRx’s relationships with most PBMs, as well Inside Rx, means it’s able to offer better pricing on medicines than most of Amazon’s cash discounts.“They are our partner, it’s not a winner take all scenario,” said Hirsch, who noted you can also use a GoodRx card on Amazon.Amazon representatives didn’t respond to emailed requests for comment.Buying OpportunityInvestor Eric Jackson, founder of EMJ Capital Ltd., agrees with Hirsch. He took a chance on this week’s rout and picked up shares of GoodRx for his hedge fund.“On day one, Amazon announces that the Death Star is coming in to kill the business and the stock collapses and people panic,” Jackson said. “Looking back, it turns out to be a great buying opportunity from those kind of blood-in-the-streets type moments and I think this will be the same for their GoodRx.”The tech-focused hedge fund manager pointed to similar competitive fears for Twilio Inc. and Roku Inc.Twilio has surged more than 1,000% since September 2017 when investors fled the stock on Amazon’s promise to offer similar texting features as the cloud computing company. Roku has advanced more than 260% after a double-threat from Apple and Amazon last year.“I’ve seen this movie before many times: Amazon is going to kill company X,” Jackson said. “It rarely works out.”(Updates share moves in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.