BCE and Buffett highlight weak markets
Bay Street began the week with news that BCE is expanding into the U.S. northwest with a US$3.6 billion acquisition, paid by divesting its stake in professional sports. However, Bell will pause its traditional dividend hikes.
BCE shares tanked 9.69% on the news, making telcos the weakest sector on Monday, but balanced by gains in energy and real estates. The TSX finished flat. Other key movers: Tilray 4.78%, Nutrien 4.53% and Bausch Health -5.57%. Also flat was gold at US$2,736, while WTI crude surged 3.15% to US$71.70.
Wall Street took note of Warren Buffett selling more shares of Apple and other holdings to raise his cash level to record highs. The move prompted some to ask if markets have peaked. The S&P closed -0.28%, the Nasdaq -0.38% and the Dow -0.61%. Major movers were Mosaic up 5.36%, Tesla -2.47%, Constellation Energy -12.46% after reporting its quarter, Enphase Energy 4.69% and Berkshire-Hathaway -2.18% (the baby Bs). Meanwhile, the U.S. 10-year yield reversed its climb at 4.297% while Bitcoin sank 2.35% to US$67,495. All eyes in both markets and the world will be on the U.S. election on Tuesday with the candidates neck-in-neck in the polls.
📱 BCE Inc. (BCE-T) -9.69%
🌿 Tilray Inc. (TLRY-Q) +4.78%
🌿 Nutrien Ltd. (NTR-T) +4.53%
👨⚕️ Bausch Health Companies Inc. (BHC-T) -5.57%
🌿 Mosaic Company (The) (MOS-N) +5.36%
🧬 Enphase Energy (ENPH-Q) +4.69%
🏛 Berkshire Hathaway Inc. (B) (BRK.B-N) -2.18%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2.35%
🚗 Tesla Inc (TSLA-Q) -2.47%
💡 Constellation Energy (CEG-Q) -12.46%
