Business as usual after the election
The TSX’s reaction to the Canadian election was muted. The vote was supposed to be too close to call, but wound up being a Liberal minority soon after polls closed E.S.T. Toronto and New York indices were modestly in the green until the last few minutes of trading when they dipped slightly into the red.
Canadian oil stocks, such as Suncor, followed that pattern. The sky didn’t fall on energy stocks, but the future remains uncertain. On Tuesday, Husky Energy announced lay-offs, but the stock closed up 2.51%. The biggest winner of Monday’s vote was SNC-Lavalin, which lay at the core of so much controversy for Justin Trudeau. It was like a cloud lifting, as SNC soared 13.8%.
In contrast, Tuesday was a little stormy for Hasbro. Though an Ontario court approved their purchase of TV and movie giant, eOne, the toy giant reported weaker profits than expected, partly due to trade war tariffs. Hasbro plunged 16.76% on Tuesday. After hours, Snap reported an earnings beat, supported by a jump in active users, but weak guidance. The app closed down 3.98% on Tuesday.