Brian Madden, chief investment officer at First Avenue Investment Counsel, discusses his outlook for the markets.Canadian stocks have belatedly joined their U.S. counterparts in surging to all-time highs in the last week or so. Also notable in recent trading has been a thematic rotation away from the leaders of the last 18 months and into lagging sectors and stocks.
There is no shortage of macroeconomic, policy and geopolitical risks and opportunities visible on the horizon between now and year-end, including likely interest rate cuts in both Canada and the United States as well as the U.S. elections and the usual monthly inflation and jobs reports. For the time being though, our team is diligently scrutinizing second-quarter earnings results from companies we own and those we might like to own.
Having resumed production at their McArthur River mine last year, Cameco benefitted from both a 76 per cent increase in production volumes and a 16 per cent boost to realized pricing. This led to 136 per cent earnings growth, with analysts expecting a further 36 per cent growth in earnings this year and another 91 per cent growth next year amidst tight uranium markets. India and China have been driving most of the growth in the installed fleet of nuclear reactors globally.
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