Putting together a collection of Canadian stocks that are actually up this week is roughly equivalent to finding a needle in a haystack. With a bit of manual labour however, 4 money makers from this first week of April did eventually turn up.
Tabled below are the companies and their 5 day returns:
5 Day Return
|Air Canada (TSX:AC.B)||
|Constellation Software (TSX:CSU)||
|Westjet Airlines (TSX:WJA)||
|Potash Corp. (TSX:POT,NYSE:POT)||
Source: Google Finance
None of these stocks have set their owners up for life by any means this week, but to earn a positive return in the face of a market that has declined by 3.6% thus far (Friday morning) bodes well for when the clouds once again part.
The epicentre for this week’s Canadian meltdown was resources, specifically Materials and Energy. That Potash was able to keep its shareholders above water in the face of strong selling pressure all around it speaks to the defensive characteristics of this name.
Constellation Software has nothing to do with either the Materials or Energy space and therefore was shielded from the pain that occurred.
And what about Air Canada and Westjet? Well, both stocks have been on fire, up 83% and 26% respectively year-to-date. Industry traffic, strong pricing and range-bound fuel prices have combined to create a nice tailwind for these two airlines.
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Fool contributor Iain Butler is short $40 July 2013 put options on Potash Corp. The Motley Fool has no positions in the stocks mentioned above.
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