average home price edges higher: survey - tonight Newspaper

NUMBERS BEHIND THE NEWSWEDNESDAY NIGHT | 03.10.2012 | P. 10PORTER AIRLINESLoad factor (Sept.)62.3% (-5.7%)Q3 CDN STATSAvg. condo price$243,607 (+1.8%)CANADIAN DOLLARWednesday’s open101.32¢ U.S. (-0.28¢)InvestingTrading DeskFor the latest in business news go to financialpost.comor pick up the National Post each morning for full FP coverage.TOMORROWSTOCK SNAPSHOTU.S. Commerce Department to announcechange in factory orders for August(GOOGLE FINANCE)QUEBECOR, INC. (QBR.B) — TSXChris Young / The Canadian Press‘Stealth’ bull marketpoints to more gains for TSXBy JONATHAN RATNERjratner@nationalpost.comCanadian equities are ina so-called “stealth” bullmarket, suggesting thecyclical rally that began inthe summer has more roomto run, according to MartinRoberge, portfolio strategistat Canaccord Genuity.While Roberge admitshe is no expert on technicalanalysis, he does monitormeasures of marketparticipation and riskaversion to guide himon timing. He cited threereasons why “green shoots”are appearing in the S&P/TSX composite index.First, the benchmarkperformed a bullish goldencross yesterday. This occurswhen the 50-day movingaverage climbs above a rising200-day moving average.Second, this technicalindicator is supported by thelarge proportion of stocksmoving higher. Robergenoted that golden crossesled by such market breadthhave occurred just threetimes in the past decade.On average, the S&P/TSXcomposite rose 5.3% in thefollowing three months and9.7% in the next six months,Roberge told clients.Thirdly, the strategistpointed out that high-betastocks have just started toparticipate in the rally.He believes the indexis unlikely to hit a peakbefore the year-over-yearperformance gap betweenhigh and low-beta stocksclimbs much higher thanzero. That measure is still innegative territory.Roberge also upgradedhis weighting on Canadianbanks and life insurancecompanies to overweight,citing the forecastedconvergence in forwardvaluation multiples ofequity groups and stockswith similar dividend yields.“This arbitrage or renormalizationin riskappetite is made possiblebecause of the hyperreflationpolicies conductedby world central banks,” hesaid in a research report.Roberge noted thatCanadian lifecos and banksprovide dividend yields of5.1% and 4.3%, respectively,comparing to 4.8% fordefensive groups such asutilities, REITs, pipelinesand telecoms. Financial PostYEAR TO DATE(-)4.21%CURRENT PRICE$33.42P/E8.50Porter Airlines reports load factor down as traffic slipsPorter Airlines saw an increase in the proportion of empty seatson its flights in September as the number of passengers it carriedslipped from a year ago, the regional airline said today.Toronto-based Porter, which attributed part of the differenceto a significant portion of Labour Day traffic flying in August dueto the early holiday, reported a 62.3% load factor for September,down from 68% a year ago. The drop came as capacity at theairline increased 6.7% from a year ago and traffic fell 2.3%.“Overall, we’re encouraged by the entire third-quarter results,”Porter chief executive Robert Deluce said in a statement. “Weare also seeing higher average fares with the transition back tobusiness travel in the fall season.”Quebecor buys back shares from the Caisse in $1.5B dealMONTREAL – Quebecor Inc. says it is taking advantage of lowinterest rates to buy back a substantial interest in its operatingarm from the Caisse de depot et placement du Quebec in atransaction valued at $1.5 billion.Under the deal, which involves the buyback of some 30.5million shares, the Caisse’s interest in Quebecor Media Inc. isbeing reduced to 24.6% from 45.3%. Quebecor Inc. will increaseits holdings in QMI to more than 75% from less than 55%.Under the deal, Quebecor Inc. will buy back some 20.3 millionshares of QMI held by the Caisse for an aggregate purchase priceof $1 billion, payable in cash.It intends to access financial markets to pay for the shares.Quebecor will buy back an additional 10.2 million shares byissuing to the Caisse $500 million in subordinated convertibledebentures, which are convertible into Quebecor Inc. class Bsubordinate shares.The Canadian PressFind great deals on localrestaurants, events, spas,stores, attractions and more.Up to 90% offevery day!Don’t miss out! Subscribe to getSwarmJam daily deals sent toyour inbox every day.Go to SwarmJam.com and start saving!Brought to you by the