Quote:
Originally posted by redliine
Stock went up 27% today.
SOMEONE SHOOT ME
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Not surprising.. Its still a good time to buy.
Im going to gamble a little and buy some shares of MSQ.
Heres A Good Article
Foreign investors buy Canadian
TAVIA GRANT
Wednesday, April 19, 2006
International interest in Canadian stocks is soaring, with foreigners buying more equities in the first two months of the year than they did in all of last year, Statistics Canada said Wednesday.
Foreign investors purchased $4.7-billion of Canadian equities in February, a similar pace to January, with U.S. investors accounting for the bulk of interest.
A boom in commodities such as gold, copper and oil is peaking the interest of investors outside of Canada and that won't likely diminish any time soon, said David Filiplic, an analyst at Statscan.
“The heaviest [trading] is in natural-resource companies — oil, minerals, the whole gamut,” he said in an interview. “Gold companies are being picked up as well.”
“I wouldn't be surprised if this keeps on going, oil prices and other commodities being as high as they are.”
Oil and copper prices are currently sitting near record territory, while gold and silver are trading at multi-decade highs.
The Canadian dollar extended its gain after the report bolstered confidence in the strength of economy. The currency rose as much as 88.09 cents (U.S.) from yesterday's close of 87.71 cents, a six-week high and near its highest level this year.
“Foreign investors are likely to continue to find Canadian investments attractive in the near-term,” wrote John Anania, assistant chief economist at RBC Financial Group in a note, amid expectations that rising commodity prices and economic growth will support Canada's stock market.
While non-residents were snapping up stocks, they were also offloading their Canadian bond holdings. Foreign investors, especially Americans, sold Canadian bonds for the third month in a row. They bought money-market paper.
Overall, foreign investors purchased $2.1-billion (Canadian) of Canadian securities in February after buying $3-billion worth the month before.
Canadian investors, meantime, bought $2.7-billion worth of foreign securities in February — marking the 13th consecutive month of net buying. “Investment occurred in all asset classes with purchases of foreign equities leading the way,” Statscan said.
Canadians invested heavily in U.S. equities while selling $600-million of overseas shares.
After making a record investment in foreign bonds in January, acquisitions slowed considerably in February. Canadians purchased just $700-million worth of bonds, as they sold U.S. bonds and bought overseas bonds.
“This was the seventh straight month of acquisitions of overseas bonds,” Statscan said.