Today is the highest NN's been since I've owned it. I'm still sort of stunned.
Here's a mention on WSJ Online:
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January 5, 1999
Canadian Stocks
Blue Chips Bound Higher
TORONTO -- The market powered ahead Tuesday, as investors plowed money into a range of blue-chip stocks, spurring at least some observers to question the upward move's sustainability.
The Toronto Stock Exchange 300 composite index climbed 106.20, or 1.6%, to 6660.50. Volume reached 127.5 million shares worth 2.50 billion Canadian dollars, compared to Monday's total of 63.4 million shares worth C$1.15 billion. Overall, 12 of the 14 stock groups rose.
"At these levels, I have trouble justifying the market could move higher" based on fundamentals, said Richard Hutcheon, chief investment officer for CentrePost Mutual Funds.
The market is trading at a relatively high multiple, making it susceptible to a correction if corporate profits disappoint, interest rates start to rise, or another financial crisis erupts, Mr. Hutcheon warned.
The industrial products group led the way, gaining 3.88%, reflecting big buying interest in technology issues here and in the U.S., where the technology-laden Nasdaq composite index rose 1.96%.
Networking firm Northern Telecom jumped C$8.10 to C$86, fueled partly by rumors that the company is in line to sign a big equipment-supply contract in South America, said CentrePost Mutual Funds' Mr. Hutcheon.
Traders said the rumor centered on Northern Telecom selling wireless and wireline equipment in Brazil in a deal that could be worth in excess of US$500 million. A Northern Telecom spokesman declined to comment.
Traders also attributed the stock's surge to expectations that Northern Telecom will meet analysts' earnings expectations for the fourth quarter and to the stock's attractive price compared with rival Lucent Technologies.
Northern Telecom competitor Newbridge Networks also had a good day, gaining C$4.55 to C$51.05, after winning a supply pact from the U.S. Defense Department of an undisclosed value.
BCE, Canada largest telecommunications firm and a major shareholder in Northern Telecom, gained C$2.70 to C$61. In turn, the utility group rose 3.1%.
Meanwhile, conglomerate Canadian Pacific rose C$1.20 to C$31.05, benefiting from its holding in PanCanadian Petroleum, which advanced C$1 to C$19.
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