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With U.S. stocks plunging, here are some Canadian stock picks |
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| Jul 11, 2008 03:34 PM UTC |
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Tracked Blogger
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Via BloggingStocks:
Filed under: Barrick Gold (ABX), Canada, Goldcorp Inc (GG), Commodities, Oil, Agriculture, Stocks to Buy, Potash Corp. of Saskatchewan (POT)  Once again it's ugly out there today. The Dow Jones Industrial Average dropped below 11,000 for the first time in two years, plunging over 2%. The rest of the U.S. stocks are not far behind with both the Nasdaq composite and the S&P 500 down over 2% as well. It's depressing. But you don't have to look far to see a nicer picture, you just have to look up: up north that is.The Toronto Stock Exchange has fared much better in what has officially become a U.S. bear market. Over the past year, while the S&P 500 sank over 19%, the S&P/TSX Composite index dropped only 3.4%. Year-to-date, while the S&P 500 declined over 16%, the TSX was barely down 1%. And if you stay away from financials on the TSX, you'd fare even better. How so, you ask, doesn't the Canadian economy closely follows the U.S.'s? It's mostly true as the U.S. is Canada's biggest trading partner and the Canadian economy is intertwined with that of the U.S. For example, some of the layoffs at GM and Ford plants have occurred in Ontario plants, and Canada's unemployment rate edged up to 6.2% in June due to a drop in full-time jobs. The thing is, though, that the TSX is heavily weighted in mining and oil & gas companies, sectors that have fared better than techs and financials the past year or so. To get exposure to the Canadian market is very easy since many stocks also trade on U.S. exchanges, the famous of all may be Research in Motion (NASDAQ: RIMM). But there are others, some the U.S. investor may want to consider. Continue reading With U.S. stocks plunging, here are some Canadian stock picks Permalink | Email this | Comments<map name="google_ad_map_145-1252941"><area href="http://imageads.googleadservices.com/pagead/imgclick/145-1252941?pos=0" shape="rect" coords="1,2,367,28" /><area href="http://services.google.com/feedback/abg" shape="rect" coords="384,10,453,23" /></map> 
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what are the effects of the exchange rate between the canadian dollar and the dollar on stocks like these, does anyone know? |
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