Price Discovery Chaos - Update: WN, CHP, MFC, SLF, Preferred Shares
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Financial markets have entered a phase where buyers and sellers have widely disparate views on the future, causing increased volatility. The differing views are understandable given the political upheaval playing out in the world's largest economy. Eventually it will prove if protectionist policy has any useful place in the world order. Protectionism Trump-style is chaotic, adding increased pressures on both the up and down side. For comparison, the focus will be on the two most recent tectonic shifts in markets, the Global Financial Crisis and the election of Donald Trump as President. These have been included as our two key benchmark dates in our listing of weekly stats since they occurred in 2008 and 2016 respectively. Both are proving to be the major events of the 21st century, at least so far.
Company updates this week review both the preferred and common shares for George Weston Inc.(WN), Manulife Financial Inc. (MFC), Sun Life Financial(SLF). Choice Properties REIT(CHP.UN), a REIT controlled by George Weston Inc. is also included. For preferred shares there are commentary on the pricing parity between the two different types and updated recommended lists on IncomeResearch.ca .
George Weston Inc. controls Loblaws(L) and Choice Properties REIT. During 2018 Choice Properties REIT acquired Canadian Real Estate Investment Trust(REF.UN). Choice Properties REIT was initially formed to hold the commercial shopping centre properties mainly anchored by Loblaws. Following the acquisition of Canadian Real Estate Investment Trust, Choice Properties REIT is one of the largest diversified REITs in Canada with a current yield of 6.8%.
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