Canada Stocks-tsx Edges Up Despite Blackberry, U.s. Budget Worry
Manulife Sees Calgary Oil Fueling Office Sales: Corporate Canada
Manulife is reluctant to invest in some parts of North America such as Manhattan, Adolphe said, and also eschews certain types of real estate, including hotels, that are susceptible to market swings. While the firms portfolio includes New York property holdings, it wont be actively seeking more, Adolphe said. Manhattan in New York can rise to great heights, and it can plummet down, he said. In economic downturns, the tourism business and the retail business is significantly impacted. As commercial property prices surge across Canada, Manulife will probably build rather than buy in some markets, he said. The firm has a so-called landbank that it can draw from for construction projects. Better Yield A lot of our competitors and even others are trying to buy all these assets that are driving the prices to levels that we just cant justify, Adolphe said. The cities that you see we have real estate, those are the cities where well continue to acquire. The companys largest real estate holdings are in Toronto, Los Angeles, Washington , Boston and Chicago , based on market value, according to an investment document . Manulife has returned 28 percent this year, making it the second-best performer on the Standard & Poors/TSX Life and Health Insurance Index behind Quebec-based Industrial Alliance Insurance and Financial Services Inc., which has gained 37 percent. The six-company index has advanced 25 percent. The insurer sees commercial real estate providing better long-term yields than bonds, equities or credit, Adolphe said. The firms portfolio is 63 percent commercial properties, 32 percent industrial and 5 percent residential and retail, according to company documents. About half of the buildings are in the U.S., with 36 percent in Canada and 8 percent in Asia. Right Timing The Manulife Global Real Estate Class, an open-end fund that is managed by Adolphe and designed to mirror returns from the companys portfolio, climbed 22 percent in the 12 months through Sept.
BlackBerry fell for a third day in a row as markets continued to mull over a $4.7 billion bid to take the smartphone maker private. Doubts about the viability of the bid have emerged in recent days, and the stock gave up 0.5 percent to C$8.22 on Thursday. Investors also focused their attention on the latest political wrangling in the United States, which faces two separate and looming deadlines: to keep the government running beyond the end of the month, and to raise the debt ceiling to prevent a debt default. Some encouraging data south of the border helped offset the budget concerns as fewer Americans filed new jobless claims. While the day’s economic data offered a mixed view of the recovery, analysts still believe the economy is managing to strengthen. “It’s this constant struggle between policy uncertainties – be it monetary or fiscal – and the underlying fundamentals, which continue to point to slow but sustained improvement,” said Craig Fehr, Canadian market strategist at Edward Jones in St. Louis, Missouri. “The markets are bouncing back and forth between that and finding some comfort in the fact that while Washington tends to be a very short-term distraction, the fundamentals, which are going to be a longer-term guide, are still pointing in the right direction.” The Toronto Stock Exchange’s S&P/TSX composite index ended up 4.91 points, or 0.04 percent, at 12,841.62. Six of the 10 main sectors on the index were higher. Sentiment for Canadian equities has been recovering after a sluggish first half of 2013. The TSX has gained more than 8 percent since hitting its low point for the year in June. The index’s energy sector broadly rose 0.5 percent. Gold-mining companies fell along with the price of the commodity, with Goldcorp down 1.3 percent at C$26.48, and Barrick Gold falling 1.1 percent to C$19.08.
More Team Canada leaks: recoil in horror at the black third jersey (Photo)
It’s way more fun. It wasn’t perfect, of course, but it didn’t make me want to vomit in terror. The black third jersey, however, absolutely does. Via Reddit Hockey , this is the worst thing I’ve seen this week, and I watched the Dexter finale: View gallery . What. The Hell. Is that. According to the Redditor that uploaded the photo , these three jerseys just came into his store, so it seems safe to assume — just as it seemed safe when we saw a dour Jonathan Toews wearing the one on the left — that these are the official duds Canada will be sporting. And thus, I am filled with a great shame for our home and native land. The red one is still the best, and I think even those that hated it from the outset can agree that it looks better when juxtaposed with that monstrosity on the other side of the white one. Holy Lord. I was originally glad that the red jersey had no black.