The TXPR price index was up 57bp today. Volume was 668,930, a little below the median of the past 20 trading days.
CPD was up 36bp to 14.00, on volume of 65,170 (consolidated: 314,890), a little below the median of the past 20 trading days.
ZPR was up 23bp today on volume of 79,370 (consolidated: 478,310) well below the median of the past 20 trading days.
Canada’s economy posted a second consecutive month of job losses in September, pushing up the unemployment rate and offsetting what had been a hot streak for the labour market earlier in the year.
Statistics Canada said Friday the economy lost 68,000 positions in September, coming off a loss of 42,000 roles in August. Economists had expected a gain of 9,200 jobs in the month.
Statscan said job losses were nearly evenly split between full- and part-time work and were concentrated in the public sector.
The unemployment rate edged up a tenth of a point to 6.5 per cent last month, back to where it stood at the start of the year in January.
…
“Most September losses came from non-trade-facing sectors and from educational services for Quebec in particular, so it would be premature to blame tariffs for the weakness,” said Daniel Hyun, senior economist at KPMG Canada, in a note.Signs of stability in the private sector – despite four straight months of declines in public sector employment – were also reassuring to economists.
…
Average hourly wages rose 2.3 per cent on an annual basis last month, Statscan said, up from 2 per cent in August.
The S&P/TSX Composite Index ended up 519.24 points, or 1.48%, at 35,664.62, marking its highest closing level in two weeks and its biggest advance since September 3. For the week, the index added 0.46% after two straight weeks of declines.
Canada’s economy shed 68,300 jobs in September and the unemployment rate edged up to 6.5%. Analysts had forecast a jobs gain of 9,200.
Investors now see a 25% chance the BoC would hike at the October 28 policy announcement, down from 40% before the jobs report.
…
The Dow Jones Industrial Average rose 423.31 points, or 0.83%, to 51,654.95, the S&P 500 gained 46.15 points, or 0.59%, to 7,811.51 and the Nasdaq Composite gained 172.83 points, or 0.64%, to 27,366.17.
…
Among the 11 major sectors of the S&P 500, communication services was the lone percentage loser.Elon Musk’s SpaceX struck a deal to acquire a nationwide low-band spectrum portfolio, posing a direct challenge to US wireless companies. Telecom firms T-Mobile US, AT&T, and Verizon dropped between 8.8% and 13.3%.
That negative sentiment for the sector spilled over into Canada. Telecoms fell sharply as investors fretted over what future competition they may face, even though the acquisition of the portfolio doesn’t impact Canada directly. BCE lost more than 5% and Cogeco Communications 7%. The TSX communication services index was down 4.2%. European telecom stocks also tumbled.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1019 % | 2,775.4 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1019 % | 5,226.5 |
| Floater | 5.29 % | 5.32 % | 27,687 | 14.98 | 2 | 0.1019 % | 3,012.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1600 % | 3,617.6 |
| SplitShare | 4.79 % | 5.19 % | 51,020 | 2.47 | 5 | 0.1600 % | 4,320.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1600 % | 3,370.8 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5868 % | 3,029.1 |
| Perpetual-Discount | 5.78 % | 5.79 % | 48,670 | 14.20 | 32 | 0.5868 % | 3,259.4 |
| FixedReset Disc | 5.71 % | 6.20 % | 87,503 | 13.37 | 24 | 0.1579 % | 3,358.8 |
| Insurance Straight | 5.71 % | 5.78 % | 67,143 | 14.25 | 19 | 0.7567 % | 3,153.1 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1579 % | 4,101.2 |
| FixedReset Prem | 5.99 % | 4.61 % | 81,457 | 1.84 | 24 | -0.1179 % | 2,634.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1579 % | 3,433.4 |
| FixedReset Ins Non | 5.58 % | 5.57 % | 52,457 | 4.32 | 13 | 0.6914 % | 3,263.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.J | Perpetual-Discount | -3.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.12 % |
| NA.PR.K | FixedReset Prem | -1.23 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 28.20 Bid-YTW : 3.04 % |
| POW.PR.H | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 24.59 Evaluated at bid price : 25.00 Bid-YTW : 5.76 % |
| MFC.PR.N | FixedReset Ins Non | 1.02 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2030-03-20 Maturity Price : 25.00 Evaluated at bid price : 24.75 Bid-YTW : 5.62 % |
| ENB.PR.A | Perpetual-Discount | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 23.95 Evaluated at bid price : 24.20 Bid-YTW : 5.75 % |
| GWO.PR.Q | Insurance Straight | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 22.04 Evaluated at bid price : 22.27 Bid-YTW : 5.82 % |
| MFC.PR.Q | FixedReset Ins Non | 1.09 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.88 Bid-YTW : 4.00 % |
| ENB.PR.H | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 23.68 Evaluated at bid price : 24.01 Bid-YTW : 6.04 % |
| MFC.PR.K | FixedReset Ins Non | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 23.66 Evaluated at bid price : 25.18 Bid-YTW : 5.79 % |
| GWO.PR.I | Insurance Straight | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 19.69 Evaluated at bid price : 19.69 Bid-YTW : 5.76 % |
| MFC.PR.L | FixedReset Ins Non | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 23.39 Evaluated at bid price : 24.89 Bid-YTW : 5.73 % |
| CU.PR.K | Perpetual-Discount | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 23.93 Evaluated at bid price : 24.30 Bid-YTW : 5.83 % |
| GWO.PF.A | Perpetual-Discount | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 24.60 Evaluated at bid price : 25.00 Bid-YTW : 5.73 % |
| PWF.PR.O | Perpetual-Discount | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 24.50 Evaluated at bid price : 24.75 Bid-YTW : 5.86 % |
| GWO.PR.R | Insurance Straight | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 20.82 Evaluated at bid price : 20.82 Bid-YTW : 5.82 % |
| PWF.PR.F | Perpetual-Discount | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 22.48 Evaluated at bid price : 22.74 Bid-YTW : 5.77 % |
| CU.PR.G | Perpetual-Discount | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.71 % |
| GWO.PR.G | Insurance Straight | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.81 % |
| PWF.PR.G | Perpetual-Discount | 1.35 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-11-08 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 1.58 % |
| IFC.PR.E | Insurance Straight | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 22.72 Evaluated at bid price : 23.01 Bid-YTW : 5.68 % |
| FTS.PR.F | Perpetual-Discount | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 21.54 Evaluated at bid price : 21.80 Bid-YTW : 5.68 % |
| PWF.PR.Z | Perpetual-Discount | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 21.76 Evaluated at bid price : 22.01 Bid-YTW : 5.85 % |
| PWF.PF.A | Perpetual-Discount | 1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.79 % |
| BN.PR.N | Perpetual-Discount | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 20.17 Evaluated at bid price : 20.17 Bid-YTW : 5.94 % |
| PWF.PR.H | Perpetual-Discount | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 24.25 Evaluated at bid price : 24.55 Bid-YTW : 5.86 % |
| PWF.PR.R | Perpetual-Discount | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 23.32 Evaluated at bid price : 23.60 Bid-YTW : 5.83 % |
| GWO.PR.S | Insurance Straight | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 22.50 Evaluated at bid price : 22.76 Bid-YTW : 5.80 % |
| BN.PF.D | Perpetual-Discount | 1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 20.77 Evaluated at bid price : 20.77 Bid-YTW : 5.95 % |
| BN.PF.C | Perpetual-Discount | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.93 % |
| CCS.PR.C | Insurance Straight | 1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.72 % |
| POW.PR.B | Perpetual-Discount | 2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 23.37 Evaluated at bid price : 23.66 Bid-YTW : 5.67 % |
| PWF.PR.P | FixedReset Disc | 2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.83 % |
| POW.PR.A | Perpetual-Discount | 2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 5.73 % |
| POW.PR.D | Perpetual-Discount | 2.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 21.92 Evaluated at bid price : 22.16 Bid-YTW : 5.66 % |
| FTS.PR.J | Perpetual-Discount | 2.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 21.28 Evaluated at bid price : 21.55 Bid-YTW : 5.57 % |
| CU.PR.E | Perpetual-Discount | 3.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 5.58 % |
| CU.PR.D | Perpetual-Discount | 3.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 21.36 Evaluated at bid price : 21.63 Bid-YTW : 5.73 % |
| MFC.PR.F | FixedReset Ins Non | 4.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 21.65 Evaluated at bid price : 22.00 Bid-YTW : 5.57 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PR.N | FixedReset Prem | 33,373 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 23.64 Evaluated at bid price : 25.26 Bid-YTW : 6.23 % |
| CU.PR.C | FixedReset Prem | 23,645 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-06-01 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 5.35 % |
| CU.PR.J | Perpetual-Discount | 22,875 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-09 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.12 % |
| FFH.PR.K | FixedReset Prem | 20,300 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 3.21 % |
| BN.PF.J | FixedReset Prem | 20,086 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 4.86 % |
| There were 11 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.J | Perpetual-Discount | Quote: 19.70 – 21.60 Spot Rate : 1.9000 Average : 1.1405 YTW SCENARIO |
| GWO.PR.Q | Insurance Straight | Quote: 22.27 – 23.70 Spot Rate : 1.4300 Average : 0.8644 YTW SCENARIO |
| GWO.PR.R | Insurance Straight | Quote: 20.82 – 21.90 Spot Rate : 1.0800 Average : 0.6856 YTW SCENARIO |
| BN.PR.Z | FixedReset Disc | Quote: 25.05 – 26.02 Spot Rate : 0.9700 Average : 0.6032 YTW SCENARIO |
| GWO.PR.P | Insurance Straight | Quote: 23.25 – 23.97 Spot Rate : 0.7200 Average : 0.5403 YTW SCENARIO |
| BN.PR.M | Perpetual-Discount | Quote: 19.71 – 20.38 Spot Rate : 0.6700 Average : 0.4933 YTW SCENARIO |