Last week, global equity markets were down 4.6% (down 0.3% in the prior week) amid escalating tensions in Eastern Europe. We had mentioned last week that continued tensions between Russia and Ukraine will have a contagion effect.
Valuations of gold producers were up 1% (down 6% previously) last week; base metal producers were up 5% (up 2% previously). Large caps have outperformed juniors recently.
As expected, prices of mainstream/popular cryptos decreased last week (down 12% on average) due to weakness in the S&P 500. As we expect the S&P 500 to remain volatile, we are expecting continued price pressure on cryptos this week.
As of March 7, 2022, there are 3,071 retail cannabis stores in Canada, a decrease of 12 stores WoW. Alberta added one store, and Ontario added nine stores, but there were 22 store closures in B.C.