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Investing in the Canadian

Commodity Climate

CFRA's View on Canadian Equities


Thursday, June 20, 2019 at 1:00 pm EDT | 10:00 am PDT

Canada is a resource-rich nation, but high exposure to those natural resources brings volatility, due to a combination of trade risks, commodity price fluctuation, the environmental movement, and regulatory developments. Is it a good time to rotate into, or out of, cyclical sectors in the TSX? How do we see prospects for key commodities such as gold, copper, crude oil and natural gas, as well as for the companies that play in those areas? And how do these companies north of the border stack up against their American counterparts? 

CFRA held a complimentary webinar, where we highlighted emerging trends in the Canadian commodities space, with a particular focus on precious metals and base metals in the Materials sector, as well as the Western Canadian heavy oil business in the energy sector. While there are reasons to be optimistic on precious metals and base metals stocks in Canada, we take a more cautious view with respect to Canadian energy stocks, which we think will be beset by a number of headwinds over the next 12 months. 

During the session, attendees learned: 

  • Macro factors that may drive sector rotation in the TSX 
  • Why the outlook for precious metals varies between the royalty operators and the companies involved in production 
  • Why we like base metals producers in Canada 
  • How Western Canada oil and gas plays are being hemmed in by regulatory factors and access issues 

Presented by: 

  • Lindsey Bell, Investment Strategist, CFRA 
  • Matt Miller, Senior Equity Analyst, CFRA
  • Stewart Glickman, Senior Equity Analyst, CFRA 

Moderated by: 

  • Ken Leon, Director of Equity Research, CFRA