By Stan Heller, Consultant, VectorVest Canada
The Bank of Canada maintained its key interest rate today as it credited global economic conditions and its January cut for helping the country weather the bruising oil slump. Easier financial conditions across the yield curve and including a weaker Canadian dollar will spur non-energy exports and investment, the bank said today. The TSX rallied on the news to close down 51 points from a low of 130.
For a market review and a look at a few leading stocks, click here for the Canada Colour Guard Video Report: http://www.screencast.com/t/gEHum2vQQj You can pause, fast forward and rewind by clicking in the slider bar at the bottom of the video.
Losses in electronics and gold/silver stocks and led the way lower today. The number of Buy rated stocks has fallen sharply over the last two weeks. Today we have just 404 Buy-rated stocks, down from 501 on Feb 18. Interestingly however, the number of Sell-rated stocks has actually decreased to 740 from 789. The number of holds has increased sharply as you might expect in a topping market beginning to show sign signs of rolling over.