Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
Scotiabank analyst Cameron Bean sees big opportunities in the Montney formation in Alberta and British Columbia,
“We continue to see the Montney as the top resource play in North America. The lean and liquids-rich natural gas parts of the play have a demonstrated track record of delivering top-tier returns, while the oil window continues to show advances through the use of enhanced completion design.
“The US is usually the place to be as global growth slows, but recent outperformance already discounts a sharp slowdown in global PMIs. Valuation remains extreme. The ‘Magnificent 7′ have accounted for 75 per cent of returns year-to-date and have some potential challenges. Much of relative earnings strength had been due to the dollar weakness that has now reversed.
“Uranium prices rose for a ninth consecutive week, as recent supply challenges remain top[1]of-mind along with steady demand interest from investors and utilities. Last week, the annual World Nuclear Symposium in London was held, where nuclear’s role in the transition to clean energy was highlighted by a positive and constructive tone, while acknowledging there remain hurdles including regulatory and financial limitations .
“Canadian equities continue to struggle to find solid footing — especially relative to their neighbour to the south. In fact, the S&P/TSX has posted only a modest gain for the first eight months of the year, underperforming the S&P 500 by the largest spread since 2015. When we look at historical performance patterns, this underperformance tends to continue through the final four months of the year, suggesting continued choppy performance into year-end.
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