The Rock

Weekly "Focus" and the Rock

As Canadians we sometimes take for granted Canada’s natural beauty. Last week I had the opportunity to travel to beautiful and rugged Fogo Island, offshore Newfoundland, the province affectionately known by many of its residents as "The Rock". 

 If you haven’t yet visited Newfoundland, I highly recommend a visit to Fogo Island in the North Atlantic along with places such as Gros Morne National Park and St. John’s. Newfoundlanders are incredibly friendly and have tremendous pride in their province that joined confederation in 1949. The largest publicly traded company headquartered in Newfoundland is Fortis*, a utility formerly known as Newfoundland Light & Power with a market value of approx. $29 billion (i). Fortis has grown outside the Maritimes and now includes businesses across Canada, the Caribbean and the US. One of the company’s key strategies is to increase the dividend it pays shareholders each year and Fortis is known as a "Dividend Aristocrat" as the company has now raised its dividend 48 years in a row. The solid dividend and defensive nature of the business has helped support the share price as Fortis has outperformed the broader stock market in 2022. 

 

Company	Price Return in 2022	Dividend Yield
Fortis (FTS)	-2.0%	3.6%
S&P TSX Composite Index	-5.8%	1.5%

Sources: MarketWatch, ThomsonOne, Values as of August 11 

 This week’s "Focus" from our economics team is attached.

Have a great weekend and please stay safe,

Brad
 

 

Bradley Goldhar | Senior Portfolio Manager and Senior Investment Advisor

BMO Nesbitt Burns Inc. | 1 First Canadian Place | 39th Floor | P.O. Box 150 | Toronto ON M5X 1H3 416.359.6650 (direct) | 416.359.7219 (fax) | 1-800-263-1883 (toll free)

bradley.goldhar@nbpcd.com

www.goldhargroup.com

Source: (i) ThomsonOne
 

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