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Msg  65399 of 66665  at  7/17/2019 8:54:03 PM  by


Market Call

July 17, 2019

Dennis da Silva's Top Picks: Cenovus, Keyera and North American Palladium

BNN Bloomberg


The Fed decided not to cut rates but indicated that it would do so if needed, helping to drive U.S. markets to all-time highs. We remain optimistic, but we acknowledge that there are multiple risks on the horizon: First, the U.S. and China are still far from reaching an agreement that would remove existing tariffs. Second, global economic data has not been good. Third, we’re about to begin a critical earnings season.

Crude prices gained momentum on the back of rising geopolitical risk, with oil tankers and critical energy infrastructure being targeted in the Middle East amid a deepening security crisis over Iran. The extension of OPEC cuts should provide a floor price of US$50 per barrel, while U.S. production growth in the second half of 2019 limits price upside to the low US$60s.

The outlook for gold has improved on the back of increased global trade war tensions and a significant shift in U.S. Fed rate change expectations. We’re looking for gold prices to trend to the upper end of our range of US$1,300-US$1,500 per ounce. We continue to see no signs of rate hikes over the next couple of years, and historically have seen gold continue on an upward trajectory beyond the last rate cut.





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Paul MacDonald's Top Picks: Merck, Regeneron and UnitedHealth

BNN Bloomberg


The healthcare sector is a direct beneficiary of one of the only secular, non-cyclical and permanent investment themes: the global aging population. Moreover, as wealth increases in developing economies, there’s a disproportionate increase in the amount of spending on healthcare; this will likely result in significantly increased demand for healthcare products and services over time. Finally, technological innovations coupled with regulatory advancements pave the way for catalysts across healthcare subsectors.

Political discussions on how to deal with the rising healthcare costs over recent years have caused sector volatility to increase and valuation multiples to contract. Healthcare is expected to be a key topic during the 2020 U.S. presidential race and political posturing is happening earlier in the election cycle than most anticipated, with both parties so divided on potential policies that it’s difficult to move even basic proposals forward. We view the correction as an opportunity, with the fundamentals for the underlying businesses remaining intact and valuation multiples in many cases compressing to levels not seen in over a decade. We continue to advocate diversity across the sub-sector to minimize individual binary risks.

The underlying outlook remains robust with numerous short- and medium-term stock-specific catalysts coupled with expectations of improving top- and bottom-line financial performance.

Lastly, the increase in the implied volatility levels has resulted in attractive income derived from covered call strategies such as the one used in the Healthcare Leaders Income Fund.

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