WTI US$41.31 -10%
Both provincial and federal governments will have to support individual workers and businesses that are negatively impacted by the virus. The provinces might also consider a one-time rise in health transfers, Shenfeld wrote, as they cope with potentially overflowing hospitals. It’s too early to calculate the full impact on the aerospace sector, but preliminary evidence indicates it could be worse than previous air travel slowdowns after 9/11, the 2003 SARS crisis and the global recession of 2008, National Bank analyst Cameron Doerksen noted to clients.
CAE’s stock had been riding high before coronavirus because it makes simulators for the Boeing 737 Max fleet, a product expected to be in high demand as airlines seek further training after the aircraft was grounded globally. But it could face a drop in demand for its training services if airlines park planes and stop hiring new pilots, Doerksen noted.
Still, some retailers have been seeing their stock trade higher during the outbreak, as consumers stock up. In Canada, shares of grocers Loblaw Companies Ltd. and Metro Inc. were up on Friday by around one per cent and 1.5 per cent, to around $72.61 and $57.20, respectively. Canadian oil prices are still more than $10 away from retesting those lows, but OPEC’s struggles to deal with the damage caused by the coronavirus outbreak. In China, the epicenter of the outbreak, OPEC has lost significant business from the world’s largest oil importer as demand for fuel has plunged by more than 20 per cent — or three million barrels per day — this year.
Barrick said it had spoken with employees about the symptoms of the virus and its infection risks. Access to mining sites are “strictly controlled,” with visitors, employees and contractors routinely screened before and on arrival, the company noted.