Thursday, March 25, 2010

*Click on title to view Comments **Click here to view Calendar of Events

Large Cap Stocks

ICL Group Q4/09 Results Slightly Below Consensus E. Chee
AGF Management Q1/10 Results: A Solid Start to Fiscal 2010 J. Reucassel

Small Cap Stocks

Black Diamond Group
Martinrea International
Orleans Energy
Stoneham Drilling Trust
Q4/09 Results: Does It Really Matter? M. Mazar
Lowering Target Price; Q4/09 Adjusted Earnings Substantially Weaker P. Sklar
Than Expected on Strong Revenue Gains
Q4/09 Results in Line M. Leggett
Coverage Discontinued M. Mazar

Industry/Macro Comments
Gold Correction Represents Buying Opportunity —Skyrocketing U.S. B. Melek
Global Commodity Strategy
Federal Debt the Catalyst
Quantitative Analysis Relative Strength Filter — Drillers M. Steele
Quantitative Analysis Market Elements M. Steele
Economic Research A.M. Notes Economics

Disclosure Statements
To view important Disclosure Statements go to http://research-ca.bmocapitalmarkets.com/Company_Disclosure_Public.asp

Earnings & Conference Calls
Orleans Energy (OEX)
Premier Oil (PMO)
Franco-Nevada (FNV)
Today's Events & Marketing
Redback Mining (RBI)
Dave Shove
(Managed Care and Pharmacy Benefit
Managers Analyst)
Edwin Chee
(Chemicals & Fertilizers Analyst)
Ken Zaslow
(Food & Agribusiness Analyst)
Mike Mazar
(Oil & Gas Services Analyst)
John Reucassel
(Financials Analyst)
MOSAID Technologies (MSD)
Flowserve (FLS)
Marvell Technology (MRVL)
Peyto Energy Trust (PEY.UN)
Dan Salmon
(Marketing Services & Advertising
Agencies Analyst)
Bert Powell
(Special Situations Analyst)
Christopher Brown
(Oil & Gas International Producers
Analyst)
Winn-Dixie Stores (WINN)
Thursday, March 25, 2010
Back to Index
CFPS Q4/09 BMO CFPS $0.08 vs. $0.17 last year; First Call Mean $0.08
CFPS H2/09 BMO CFPS £1.93 vs. £1.13 last year
Q4/09 BMO EPS US$0.14 vs. US$0.15 last year; First Call Mean US$0.105
EPS
FY/09 BMO EPS US$0.25 vs. US$0.41 last year; First Call Mean US$0.216
647-427-7450 or 888-231-8191; Replay: 416-849-0833 or 800-642-1687 (Passcode: Mar. 26

59483656); Webcast: www.franco-nevada.com 10:00 am
 Company presentation in Europe. Rick Clark (CEO) and Simon Jackson (VP, Corporate Development).
 Marketing in Kansas City, Dallas & Austin
 Marketing on the West Coast
 Marketing San Francisco & Los Angeles
 Marketing in Kansas City
 Marketing in New York
Company presentation in Toronto. Michael Salter (Director, Investor Relations & Corporate
 Communications).
Company presentation in New York. Dean Freeman (Sr. VP Finance & Treasurer), Kyle Ahlfinger (VP,
 Chief Marketing Officer) and Paul Fehlman (VP, Financial Planning & Analysis and IR).
 Company presentation in Toronto & Montreal. Jeff Palmer (VP of Investor Relations).
 Company presentation in Toronto. Darren Gee (President & CEO).
 Marketing in Kansas City & Dallas
 Marketing in Vancouver & Alberta
 Marketing in Europe
 Company presentation in New York
BMO Capital Markets Calendar of Events

Economics/Industry Data
Time Data Period BMO Capital Previous Consensus
Markets Estimate Period
8:30 am U.S. Initial Claims Mar. 20 (e) 450,000 (-7,000) 457,000 (-5,000) 450,000 (-7,000)

Upcoming Events & Marketing

Marvell Technology (MRVL)  Company presentation in Toronto & Montreal. Jeff Palmer (VP of Investor Relations). Mar. 25-26

Peyto Energy Trust (PEY.UN)  Company presentation in Toronto. Darren Gee (President & CEO). Mar. 25-26

Dan Salmon
(Marketing Services & Advertising  Marketing in Kansas City & Dallas Mar. 25-26
Agencies Analyst)

Bert Powell
(Special Situations Analyst)  Marketing in Vancouver & Alberta Mar. 25-26

Christopher Brown
(Oil & Gas International Producers  Marketing in Europe Mar. 25-26
Analyst)

Winn-Dixie Stores (WINN)  Company presentation in New York Mar. 25-26

Peter Sklar
(Auto Parts/Food & Drug Retailing  Marketing in Vancouver Mar. 26
Analyst)

Joanne Wuensch
(Medical Technology & Devices  Marketing Florida Mar. 26
Research Analyst)

Company presentation in Montreal. Linda Hasenfratz (CEO) and Mark Stoddart (Chief
Linamar (LNR)  Technology Officer & Executive VP, Marketing).
Mar. 26

Carl Kirst
(North American Pipeline Analyst)  Marketing in Montreal Mar. 29

Company presentation in Boston. Jackie Fouse (CFO) and Mark Haden (Director of
Bunge (BG)  Investor Relations).
Mar. 29

Alan Laws
(Oil Services Analyst)  Marketing in Atlanta Mar. 29

Tim Long
(Communications Equipment Analyst)  Marketing in the Mid-Atlantic Mar. 29

Company presentation in New York & Boston. Bob McFarlane (EVP & CFO) and
TELUS (T)  Robert Mitchell (Investor Relations).
Mar. 29

Company presentation in Los Angeles & San Francisco. Mike McAllister (VP, Canadian
EnCana (ECA)  Deep Basin (Montney & Bighorn)), Todd Brown (Team Lead, Texana (Haynesville)) and Mar. 29-31
Ryder McRitchie (VP, Investor Relations).

Company presentation in Montreal. Bob McFarlane (EVP & CFO) and Robert Mitchell
TELUS (T)  (Investor Relations).
Mar. 30

Page 2  March 25, 2010 (Back to Index)

BMO Capital Markets Calendar of Events

Bert Hazlett
(Pharmaceuticals Analyst)  Marketing in Boston Mar. 30

Karen Short
(Food Retailing Analyst)  Marketing in Chicago Mar. 30

Company presentation in Chicago. Armin Martens (President & CEO) and Jim Green
Artis REIT (AX.UN)  (CFO).
Mar. 31

Ballard Power Systems (BLD)  Company presentation in Toronto Mar. 31

Mike Vinciquerra
(Exchanges & Discount Brokers  Marketing in Boston Mar. 31
Analyst)

Dan Salmon
(Marketing Services & Advertising  Marketing in Chicago Mar. 31-Apr. 1
Agencies Analyst)

Karine MacIndoe
(Real Estate & REITs Analyst)  Marketing in the Mid-Atlantic region Apr. 1

Dan Salmon
(Marketing Services & Advertising  Marketing in the Pacific Northwest Apr. 5
Agencies Analyst)

Wayne Hood
(Broadline Retailing Analyst)  Marketing in New York Apr. 5-6

Andrew Kaip
(Precious Metals & Mining Analyst)  Marketing in Boston & New York Apr. 5-7

Company presentation in Toronto. Bob Bell (President & CEO) and Candace
INV Metals (INV)  MacGibbon (CFO).
Apr. 6

Gordon Tait
(Royalty & Income Trusts Analyst)  Marketing in Vancouver Apr. 6

Meredith Bandy
(Coal Analyst)  Marketing in Boston Apr. 6

Connie Maneaty
(Personal Care & Household Products  Marketing in Richmond & Atlanta Apr. 6
Analyst)

Lana Chan & Peter Winter

(Financial Institutions Analysts)  Marketing in Texas Apr. 6-8

Company presentation in Boston & New York. Scott Perry (CFO) and Anne Day
Gammon Gold (GAM)  (Director, IR).
Apr. 6-9

Joanne Wuensch
(Medical Technology & Devices  Marketing in the Mid-West Apr. 7
Research Analyst)

Karine MacIndoe
(Real Estate & REITs Analyst)  Marketing in Vancouver Apr. 7

Claude Proulx
(Airlines & Special Situations Analyst)  Marketing in Toronto Apr. 7-8

Page 3  March 25, 2010 (Back to Index)

BMO Capital Markets Calendar of Events

Company presentation in Winnipeg & Vancouver. Tom Schwartz (President & CEO)
Cap REIT (CAR.UN)  and Richard Smith (CFO).
Apr. 7-8

Christopher Brown
(Oil & Gas International Producers  Marketing in Winnipeg Apr. 8
Analyst)

Alan Laws
(Oil Services Analyst)  Marketing in New York & Connecticut Apr. 8-9

Christopher Brown
(Oil & Gas International Producers  Marketing in Toronto Apr. 9
Analyst)

Carl Kirst
(North American Pipeline Analyst)  Marketing in Boston Apr. 12

Wayne Hood
(Broadline Retailing Analyst)  Marketing in Europe Apr. 12-14

Company presentation in Texas, L.A. & San Francisco. Scott Perry (CFO) and Anne
Gammon Gold (GAM)  Day (Director, IR).
Apr. 12-14

Company presentation in Europe. Kevin Crutchfield (CEO), Frank Wood (CFO) and
Alpha Natural Resources (ANR)  Allen Todd (VP, IR).
Apr. 12-15

Company presentation in Europe. Kevin Crutchfield (CEO), Frank Wood (CFO) and
Alpha Natural Resources (ANR)  Allen Todd (VP, Investor Relations).
Apr. 12-16

Detour Gold Corp. (DGC)  Company presentation in Europe Apr. 12-16

New Gold (NGD)  Company presentation in Europe Apr. 12-16

Randy Ollenberger
(Oil & Gas Producers & Integrated Oils  Marketing in Toronto Apr. 13-15
Analyst)

Gordon Tait
(Royalty & Income Trusts Analyst)  Marketing in Montreal Apr. 14

Company presentation in the Mid-Atlantic. Don Mulligan (CFO) and Kristen S. Wenker
General Mills (GIS)  (VP, Investor Relations).
Apr. 14

Carl Kirst
(North American Pipeline Analyst)  Marketing in the Mid-West Apr. 14-15

Jim Byrne
(Integrated Oils & Refiners Analyst)  Marketing in Vancouver Apr. 15

Paul Adornato & Richard Anderson

(U.S. REITs Analysts)  Marketing in Boston Apr. 15

Jeffrey Logsdon
(Entertainment & Gaming Analyst)  Marketing in Boston Apr. 15-16

Gammon Gold (GAM)  Company presentation in Toronto. Scott Perry (CFO) and Anne Day (Director, IR). Apr. 16

Page 4  March 25, 2010 (Back to Index)

BMO Capital Markets Calendar of Events

Randy Ollenberger
(Oil & Gas Producers & Integrated Oils  Marketing in Montreal Apr. 16
Analyst)

Osisko Mining (OSK)  Company presentation in Europe Apr. 19-23

Gordon Tait
(Royalty & Income Trusts Analyst)  Marketing in Toronto Apr. 20-21

Company presentation in Europe. John A. McCluskey (President and CEO) and Jeremy
Alamos Gold (AGI)  Link (Investor Relations Manager).
Apr. 21

John Morris
(Apparel Retail Analyst)  Marketing in the Pacific Northwest Apr. 21

Pacific Rubiales (PRE)  Company presentation in Europe Apr. 22-23

Romarco (R)  Company presentation in Europe Apr. 26-27

If you are interested in any of the above events, please contact your BMO Capital Markets Institutional Equity/Fixed Income salesperson, or the following:
Toronto Events: Laura Heuff 416-359-5816
Montreal Events: Marjorie Heppell at 514-286-7231
Western Canada Events: Jennifer Crombie 604-443-1452
U.S. Events: Angela Dong 212-702-1969
Europe Events: Hannah Pead 44-207-246- 5418

Sources: BMO Capital Markets; Thomson StreetEvents (www.streetevents.com)

Page 5  March 25, 2010 (Back to Index)

 Back to Index

March 24, 2010

ICL Group Research Comment
Toronto, Ontario
(ICL-TASE)

Stock Rating: Outperform

Edwin Chee
Industry Rating: Outperform
(416) 359-6193
Edwin.Chee@bmo.com
Assoc: Harriet Li, CA / Bobby Kalsi

Price (23-Mar) NIS 50.74 52-Week High NIS 55.44

Q4/09 Results Slightly Below Consensus Target Price NIS 65.00  52-Week Low NIS 32.50
ICL Group(ICL)
Price: High,Low,Close

80 80
Event
60 60
ICL reported Q4/09 EPS of $0.16. Adjusted for one-time items related to the
shutdown of a production facility in the Performance Products segment and 40 40

provisions related to the early retirement of employees, operating EPS were 20 20

$0.17, which was below the First Call Mean of $0.19 but above our estimate of
0 0
$0.15. Volume (mln)
40 40

20 20
Impact 0 0
ICL Relative to FT 100 Index
Neutral. Potash segment operating earnings were 15% better than expected as 1000 1000

7% higher than expected realized prices offset 7% weaker than expected sales 500 500

volumes. Operating income in the phosphate segment was slightly ($2.1 0 0

2005 2006 2007 2008 2009
million) weaker than anticipated while operating income from the Industrial Last Data Point: March 19, 2010

Products and Performance Products segments exceeded expectations by 19% (FY-Dec.) 2008A 2009A 2010E 2011E
and 41%, respectively. EPS $1.56 $0.61 $0.58 $0.78
P/E 86.3x 64.1x

Forecasts CFPS
P/CFPS
$1.71 $0.80 $0.73
68.7x
$0.93
53.9x
Our estimates remain unchanged. Going forward, we anticipate potash segment
Rev. ($mm) $6,904 $4,554 $4,924 $5,703
sales volumes will particularly benefit from recent agreements reached between EV ($mm) $19,769 $14,494 $18,056 $17,657
EBITDA ($mm) $2,518 $1,143 $1,094 $1,378
ICL and various Indian customers. EV/EBITDA 7.9x 12.7x 16.5x 12.8x
Quarterly EPS Q1 Q2 Q3 Q4
2008A $0.27 $0.54 $0.60 $0.14
Valuation 2009A $0.13 $0.12 $0.20 $0.16
2010E $0.15 $0.13 $0.14 $0.16
Our target price of NIS 65 corresponds to EV/EBITDA multiples of 20.6x and
16.1x 2010 and 2011 estimates, respectively. Dividend $0.22 Yield 0.4%
Book Value $2.19 Price/Book 23.2x
Shares O/S (mm) 1,271.1 Mkt. Cap (NIS mm) NIS 64,496
Float O/S (mm) 447.0 Float Cap (NIS mm) NIS 22,681
Recommendation Wkly Vol (000s) 14,444 Wkly NIS Vol (mm) NIS 637.2
Net Debt ($mm) $1,089.3 Next Rep. Date 24-May (E)
As global potash markets continue to revive, we should see an improvement in
Notes: Share price and market capitalization in New Israeli Shekels,
ICL’s sales volumes as demand in offshore markets accelerates towards the all other values in US$
Major Shareholders: The Israel Corporation (51.5%), Potash Corp.
latter part of this year. We continue to rate ICL stock Outperform. of Saskatchewan (10.1%)
First Call Mean Estimates: Not Available

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under
FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 4 to 6.
 Back to Index

March 25, 2010

AGF Management Research Comment
Toronto, Ontario
(AGF.B-TSX)

Stock Rating: Market Perform

John Reucassel, CFA
Industry Rating: Market Perform
(416) 359-4379
John.Reucassel@bmo.com
Assoc: Natalie Medak

Price (24-Mar) $18.77 52-Week High $18.85

Q1/10 Results: A Solid Start to Fiscal 2010 Target Price $20.00 52-Week Low $7.70
AGF Management Cl B (AGF.B)
Price: High,Low,Close Earnings/Share
2.5
Event 40

2.0
AGF reported Q1/10 fully diluted EPS of $0.34 compared with consensus of 30

$0.35 and our estimate of $0.32. 20

1.5

10 1.0
Impact
0 0.5
Slightly Positive. 20
Volume (mln)
20

10 10

Forecasts 0 0
AGF.B Relative to S&P/TSX Comp
200 200
We increased our 2010E and 2011E EPS to $1.50 and $1.80, respectively, from
$1.45 and $1.75, reflecting lower SG&A expenses in wealth management. We 100 100

also increased our 2010E and 2011E wealth management EBITDA to $220 0 0
2005 2006 2007 2008 2009
million and $245 million, respectively, from $215 million and $240 million. Last Data Point: March 23, 2010

(FY-Nov.) 2008A 2009A 2010E 2011E

Valuation EPS
P/E
$1.44 $1.09 $1.50
12.5x
$1.80
10.4x
We increased our target price to $20.00 from $17.50, reflecting 7x 2010E
CFPS $3.10 $2.31 $2.51 $2.84
EBITDA. We continue to value the trust operations at 1.0x current book value. P/CFPS 7.5x 6.6x

Rev. ($mm) $606 $475 $519 $551

EV ($mm) $737 $1,500 $1,446 $1,142
Recommendation EBITDA ($mm) $268 $182 $220 $245
EV/EBITDA 2.8x 8.2x 6.6x 4.7x
AGF remains rated Market Perform. The wealth management business, and its
Quarterly EPS Q1 Q2 Q3 Q4
ability to generate flows, remains key to long-term value creation at AGF. 2008A $0.70 $0.49 $0.46 -$0.21
While stronger equity markets have improved wealth management EBITDA, 2009A $0.14 $0.19 $0.25 $0.50
2010E $0.34a $0.37 $0.38 $0.41
fund flows continue to be challenging given modest gross sales activity. New
Dividend $1.04 Yield 5.5%
products expected to be announced in Q2/10 should help flows; however, we Book Value $12.74 Price/Book 1.5x
continue to believe that the rise of the banks and other large players makes this a Shares O/S (mm) 89.3 Mkt. Cap ($mm) $1,676
Float O/S (mm) 79.6 Float Cap ($mm) $1,494
very competitive market. Despite the challenges in mutual fund net flows, Wkly Vol (000s) 1,373 Wkly $ Vol (mm) $18.3
Net Debt ($mm) $120.7 Next Rep. Date 23-Jun (E)
AGF’s institutional operations continue to benefit from new mandates. Credit
Notes: All values in C$; EPS ex. acquisition goodwill; Rev incl. mgmt
trends at the Trust Operations were stable during the quarter. Of the $876 & admin fees only; EBITDA ex. trust ops; Non-Voting
Major Shareholders: Senior management and directors (5% of non-
million in cash and investments on the balance sheet, $812 million is in the voting shares); AIC (9% of non-voting shares)
regulated trust business and is unlikely to be available for AGF shareholders. First Call Mean Estimates: AGF MANAGEMENT LTD (C$) 2010E:
$1.44; 2011E: $1.68

Changes Annual EPS Annual CFPS Quarterly EPS Target

2010E $1.45 to $1.50 2010E $2.56 to $2.51 Q2/10E $0.34 to $0.37 $17.50 to $20.00
2011E $1.75 to $1.80 2011E $2.86 to $2.84

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under
FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 9 to 11.
 Back to Index

Black Diamond Group

March 24, 2010
Research Comment
Calgary, Alberta
(BDI-TSX)

Stock Rating: Outperform

Michael Mazar, CFA
Industry Rating: Market Perform
(403) 515-1538
Michael.Mazar@bmo.com
Assoc: Jason A. Zhang

Price (24-Mar) 52-Week High

Q4/09 Results: Does It Really Matter?
$19.29 $20.00
Target Price $22.00  52-Week Low $6.90
BLACK DIAMOND GROUP LTD (BDI)
Price: High,Low,Close Earnings/Share
2.5

Event 20
2.0

Black Diamond reported diluted Q4/09 EPS of $0.33, above our estimate of 15
1.5

$0.29 and consensus of $0.28. However, the better-than-anticipated earnings 1.0

0.5
resulted from an unexpected tax recovery as EBITDA of $5.6 million was below 10
0.0
our forecast of $9.2 million.
5 -0.5
Volume (mln)

Impact
2 2

1 1

Mixed. 0 0
BDI Relative to S&P/TSX Comp
400 400

Forecasts 200 200

Our 2010 and 2011 earnings estimates remain unchanged. We expect the 0 0
2007 2008 2009
company to generate diluted EPS of $1.47 and $1.96 in 2010 and 2011 Last Data Point: March 23, 2010

respectively. (FY-Dec.) 2008 A 2009A 2010E 2011E

EPS $1.85 $1.54 $1.47 $1.96
P/E 13.1x 9.8x
Valuation
CFPS $3.05 $2.65 $3.47 $4.26
We view the modest sell-off following the weaker-than-expected quarterly P/CFPS 5.6x 4.5x

results as a knee-jerk reaction to a largely irrelevant event. We continue to Total Debt ($mm) $42.0 $31.5 $67.1 $24.0
ROCE (%) 16% 12% 11% 14%
believe that Black Diamond’s shares are attractively valued at 5.9x 2010E and LT Liab. (%) 26% 17% 27% 11%
4.7x 2011E EBITDA. In our view, the shares should trade at a premium to the EV/EBITDA 3.6x 7.8x 5.9x 4.7x

group in light of Black Diamond’s superior growth profile, high level of longer- Quarterly EPS Q1 Q2 Q3 Q4
2008A $0.42 $0.49 $0.43 $0.51
term contract coverage, attractive dividend yield, low payout ratio and lower 2009A $0.77 $0.29 $0.19 $0.33
2010E $0.40 $0.28 $0.39 $0.39
exposure to the highly cyclical drilling and well services markets.
Dividend $1.08 Yield 5.6%
Book Value $11.02 Price/Book 1.8x
Recommendation Shares O/S (mm) 16.1 Mkt . Cap ($mm) $311
Float O/S (mm) 16.1 Float Cap ($mm) $311
We are maintaining our Outperform rating and $22 target price. Wkly Vol (000s) 151 Wkly $ Vol (mm) $2.1
Net Debt ($mm) $31.4 Next Rep. Date May (E)
Notes: All values in C$
Major Shareholders: Widely Held
First Call Mean Estimates: BLACK DIAMOND GROUP LTD (C$)
2009E: $1.52; 2010E: $1.59; 2011E: $1.86

Changes Annual CFPS Quarterly EPS

2010E $3.54 to $3.47 Q1/10E $0.39 to $0.40
2011E $4.47 to $4.26 Q2/10E $0.29 to $0.28
Q3/10E $0.37 to $0.39
Q4/10E $0.40 to $0.39

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under
FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 5 to 8.
 Back to Index

Martinrea International
March 24, 2010
Research Comment
Toronto, Ontario
(MRE-TSX)

Stock Rating: Outperform

Peter Sklar, CA
Industry Rating: Outperform
(416) 359-5188
Member of: Top 15 Small Cap Stock Selections Peter.Sklar@bmo.com
Top 15 Value Stock Selections Assoc: Andrew McKendry, CA, CFA

Lowering Target Price; Q4/09 Adjusted Earnings Price (23-Mar) $9.45 52-Week High $9.72

Substantially Weaker Than Expected on Strong Target Price $11.00 52-Week Low $2.25

Revenue Gains
Martinrea Intl (MRE)
Price: High,Low,Close Earnings/Share
2
20

Event 15
0

On March 23, 2010, after the market close, Martinrea reported Q4/09 adjusted 10 -2

earnings of $0.10 per share versus a Q4/08 loss on the same basis of $0.02 per 5 -4
share. On a GAAP basis, Martinrea reported a Q4/09 loss of $0.06 per share
0 -6
versus a Q4/08 loss of $3.99 per share. Volume (mln)
20 20

Impact
10 10

0 0
MRE Relative to S&P/TSX Comp
Negative. Q4/09 adjusted earnings were weaker than our forecast for earnings 400 400

of $0.15 per share and the consensus mean estimate of $0.14 per share. 200 200
Adjusted EBIT was well below expectations owing to inefficiencies associated
0 0
with the SKD takeover work. On a positive note, Martinrea announced new 2005 2006 2007 2008 2009
Last Data Point: March 23, 2010
business wins totalling $140 million.
(FY-Dec.) 2008 A 2009A 2010E 2011E
EPS -$3.64 -$0.32 $0.67 $1.25
Forecasts P/E 14.1x 7.6x

Reflecting ongoing uncertainty regarding the ultimate profitability of SKD, we CFPS $0.30 $0.30 $1.23 $1.82
P/CFPS 7.7x 5.2x
have lowered our 2010 earnings estimate to $0.67 from $0.87 per share. We
Rev. ($mm) $1,557 $1,138 $1,596 $1,863
have revised our 2011 earnings estimate to $1.25 from $1.50 per share. EV ($mm) $572 $483 $814 $761
EBITDA ($mm) $83 $40 $142 $211
Valuation EV/EBITDA 6.9x 12.1x 5.7x 3.6x
Quarterly EPS Q1 Q2 Q3 Q4
Largely based on the downward revisions to our earnings estimates, we have 2008A $0.14 $0.16 $0.06 -$3.99
2009A -$0.16 -$0.12 $0.01 -$0.06
revised our target price for Martinrea to $11 from $12. Our revised target is 2010E $0.17 $0.17 $0.16 $0.17
based on a projected enterprise value that is 4.2x (previously 3.5x) our revised
Dividend $0.00 Yield 0.0%
2011 EBITDA forecast. Book Value $5.99 Price/Book 1.6x
Shares O/S (mm) 83.9 Mkt . Cap ($mm) $793
Float O/S (mm) 72.9 Float Cap ($mm) $689
Recommendation Wkly Vol (000s) 708 Wkly $ Vol (mm) $4.4
Net Debt ($mm) $64.6 Next Rep. Date 06-May (E)
We believe Martinrea will ultimately work through the SKD-related operating Notes: All values in C$
inefficiencies although the return from SKD may not be as strong as we had Major Shareholders: Natale Rea 11.2%
First Call Mean Estimates: MARTINREA INTERNATIONAL INC
previously anticipated. The company has a strong balance sheet and the (C$) 2009E: -$0.12; 2010E: $0.66; 2011E: $1.01

opportunity to be a consolidator of this sector. We rate Martinrea Outperform.

Changes Annual EPS Annual CFPS Quarterly EPS Target

2010E $0.87 to $0.67 2010E $1.60 to $1.23 Q1/10E $0.19 to $0.17 $12.00 to $11.00
2011E $1.50 to $1.25 2011E $2.31 to $1.82 Q2/10E $0.21 to $0.17
Q3/10E $0.23 to $0.16
Q4/10E $0.24 to $0.17

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under
FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 5 to 7.
 Back to Index

Orleans Energy
March 25, 2010
Research Comment
Calgary, Alberta
(OEX-TSX)

Stock Rating: Outperform Mark Leggett, CFA

(403) 515-1508
Industry Rating: Market Perform
Mark.Leggett@bmo.com
Assoc: Jason Chang

Q4/09 Results in Line Price (24-Mar)

Target Price
$2.40
$3.50 
52-Week High
52-Week Low
$3.15
$1.75

Orleans Energy Ltd. (OEX)

Event Price: High,Low,Close Earnings/Share
0.0
7
Orleans reported Q4/09 CFPS of $0.09 and production of 3,824 boe/d, in line 6
-0.2

with our estimates of $0.08 and 3,893 boe/d, respectively. The company 5 -0.4

previously disclosed proved plus probable (2P) reserves increased 11% to 19.9 4
-0.6
3
MMboe. 2P FD&A costs (including future capital) were $19.56/boe, which -0.8
2
included approximately $18 million of capital incurred for the construction of 1 -1.0
the Kaybob K3 pipeline. For 2010, Orleans reiterated a capital budget of $41 20
Volume (mln)
20

million consisting of a drilling program of roughly 11 (9.6 net) wells including 10 10

six (4.8 net) Montney well at Kaybob and three net horizontal locations at 0 0
OEX Relative to S&P/TSX Comp
200 200
Waskahigan. Based on the capital program, the company expects to achieve
average production of 4,100 to 4,200 boe/d. Orleans announced a new $60 100 100

million credit facility agreement effective April 6, 2010. 0 0

2005 2006 2007 2008 2009 2010
Last Data Point: March 23, 2010

Impact (FY-Dec.) 2008 A 2009A 2010E 2011E

CFPS $0.94 $0.27 $0.38 $0.48
Neutral. P/CFPS 6.3x 5.0x

EPS -$0.07 -$0.32 -$0.13 -$0.08

Forecasts P/E na na

Reflecting adjustments to our operating assumptions based on Q4/09 results, our CF/boe $27.41 $10.54 $16.26 $18.97
EV/EBITDA 3.8x 13.5x 7.8x 6.6x
CFPS estimates have been slightly increased to $0.38 in 2010 and $0.48 in ROCE -2.0% -9.0% -4.0% -2.0%
2011. Our financial estimates are based on production forecasts of 4,148 boe/d D/CF 1.3x 1.7x 1.6x 1.7x
Quarterly CFPS Q1 Q2 Q3 Q4
in 2010 and 4,497 boe/d in 2011, which remain unchanged.
2008A $0.24 $0.29 $0.24 $0.17
2009A $0.08 $0.04 $0.05 $0.09
2010E
Valuation
$0.11 $0.08 $0.09 $0.10

Dividend $0.00 Yield 0.0%

Orleans currently trades at 2010E valuation multiples of 6.3x P/CFPS and 7.8x Book Value $2.84 Price/Book 0.8x
Shares O/S (mm) 65.2 Mkt . Cap ($mm) $156
EV/EBITDA. Our revised target price is supported by our updated sum-of-parts Float O/S (mm) 53.8 Float Cap ($mm) $129
valuation of $4.96 (AECO $5.75/Mcf). Wkly Vol (000s) 1,102 Wkly $ Vol (mm) $2.6
Net Debt ($mm) $25.2 Next Rep. Date May (E)
Notes: All values in C$
Recommendation Major Shareholders: Widely Held
First Call Mean Estimates: ORLEANS ENERGY LTD (C$) 2010E:
We continue to rate Orleans shares Outperform. The company is well $0.46; 2011E: $0.54

capitalized for 2010 (33% undrawn on projected 2010E net debt) and has
hedged approximately 32% of its natural gas production at $5.27/Mcf in 2010.
Near-term catalysts continue to be exploration results at Waskahigan.

Changes Annual EPS Annual CFPS Quarterly CFPS

2010E -$0.14 to -$0.13 2010E $0.36 to $0.38 Q1/10E $0.10 to $0.11
2011E -$0.09 to -$0.08 2011E $0.47 to $0.48 Q2/10E $0.07 to $0.08

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under
FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 4 to 7.
 Back to Index

Stoneham Drilling Trust

March 24, 2010
Research Comment
Calgary, Alberta
(SDG.UN-TSX)

Stock Rating: Not Rated

Michael Mazar, CFA
Industry Rating: Market Perform
(403) 515-1538
Michael.Mazar@bmo.com
Assoc: Jason A. Zhang

Price (23-Mar) 52-Week High

Coverage Discontinued
$5.26 $5.32
Target Price na  52-Week Low $1.20
Stoneham Drilling Trust (SDG.UN)
Price: High,Low,Close Earnings/Share
2.5
Event
30

25
2.0
We are discontinuing research coverage of Stoneham Drilling as a result of the 20

trust's limited market cap and the reallocation of research analyst resources. Our 15 1.5

final rating was Underperform. Investors should no longer rely on BMO Capital 10
1.0
5
Markets Research for an investment recommendation on Stoneham Drilling.
0 0.5
Volume (mln)
2 2

1 1

0 0
SDG.UN Relative to S&P/TSX Comp
200 200

100 100

0 0
2005 2006 2007 2008 2009
Last Data Point: March 23, 2010

(FY-Dec.) 2008A 2009E 2010E 2011E

CDPU $2.80 na na na
P/CDPU na na na

CFPU $3.37 na na na
P/CFPU na na na

CF Payout % 69% na na na
EV ($mm) $84 na na na
EBITDA ($mm) $31.4 na na na
EV/EBITDA 2.7x na na na
Quarterly CDPU Q1 Q2 Q3 Q4
2008A $0.92 -$0.30 $0.79 $1.39
2009E $0.72a -$0.09a -$0.11a na
2010E na na na na

Dividend $0.00 Yield 0.0%

Book Value $12.16 Price/Book 0.4x
Units O/S (mm) 8.0 Mkt . Cap ($mm) $42
Float O/S (mm) 5.3 Float Cap ($mm) $28
Wkly Vol (000s) 97 Wkly $ Vol (mm) $0.3
Net Debt ($mm) $53.9 Next Rep. Date May (E)
Notes: All values in C$

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under
FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 2 to 4.
 Back to Index

March 24, 2010

Commodity Comment Research Comment

Bart Melek
Global Commodity Strategist
(416) 359-4906
Bart.Melek@bmo.com
Assoc: Lucas Litwiniuk

Gold Correction Represents Buying Opportunity —

Skyrocketing U.S. Federal Debt the Catalyst

The recent gold correction represents a longer-term buying opportunity for the metal and the associated miners — skyrocketing
U.S. federal debt is the catalyst. Gold fell to a one-month low of US$1.090/oz today as a stronger U.S. dollar reduced the impetus
to buy the precious metal as a hedge (gold typically moves inversely to the U.S. currency). The greenback rallied to a 10-month
high against the euro, after the French and Germans said any package to bailout Greece would likely involve help from the IMF.
The news of any IMF involvement is undermining confidence in the European Union and has investors questioning the long-term
viability of the euro. The euro also came under pressure in reaction to Fitch Ratings lowering Portugal’s credit rating.
While the U.S. dollar could rally and take gold down further in the short run, due to current troubles in Europe, it is unlikely that
the U.S. currency will strengthen and gold decline on a consistent basis over the long run. BMO expects gold to be firm over the
next two years, with considerable upside risk owing to the massive increases in the U.S. budget deficit. The growing public
obligations imply a risk of monetization, which could result in a lower dollar and higher inflation — catalysts for gold investment
demand.
The U.S. gross federal debt currently stands at around US$12 trillion (83% of GDP) and is projected by the Office of Management
and Budget to reach nearly US$20 trillion by 2015 (103% of GDP). Given the lack of any concrete policies on the tax revenue
side of the fiscal equation to help balance the budget in the U.S. Congress, growing expenditures and the relatively lofty official
GDP growth assumptions, the U.S. debt is likely to be even higher than forecasted by the government. Based on the relationship
between the gold price and the federal debt over the last three decades or so, this could be very good news for gold and gold-
related assets broadly. In addition, the sorry financial situation of U.S. states, such as California, could mean that a Greek-like
debt crisis could engulf America as well.
Bottom Line: The current gold and gold equities correction likely represents a buying opportunity for the long term. High
leverage gold names are likely to benefit most from future high gold prices. BMO’s gold equity team suggests Harmony Gold
(HMY-NYSE, HAR-JSE), Golden Star Resources (GSS-AMEX, GSC-TSX), Barrick Gold ( ABX-NYSE, TSX), Centerra Gold
(CG-TSX) and Detour Gold (DGC-TSX), to name just a few, as a way to capitalize on gold’s upside.

SKYROCKETING U.S. FEDERAL DEBT SHINES ON GOLD SUSTAINED DOLLAR RALLY UNLIKELY
140 $21,000
$2,200 $22,000 r: -0.70
130 $18,000
$1,925 $19,250

$1,650 $16,500 120 $15,000

R² (adjusted): 0.93
$1,375 $13,750 110 $12,000
Billions
Billions

$1,100 $11,000 100 $9,000

$825 $8,250
90 $6,000
$550 $5,500
80 $3,000
$275 $2,750
70 $0
$0 $0
1982 1986 1990 1994 1998 2002 2006 2010 2014
1982 1986 1990 1994 1998 2002 2006 2010 2014
Average Annual Gold Price Gross U.S. Federal Debt
Trade Weighted USD Gross U.S. Federal Debt

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under
FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 2 to 3.
 Back to Index

Relative Strength Filter

March 25, 2010
Research Comment
Quantitative/Technical Research

Mark Steele
(416) 359-4641
mark.steele@bmo.com
Assoc: Tiberiu Stoichita
Drillers

 Drillers have deteriorated to an avoid, ranking 8th
decile. Th ey have undergon e a stead y slide fr om a
3rd decile spot a month ago – Figure 1.
 The U.S. group shows the relative strength top ping
pattern and the new underper forming channel –
Figure 2.
 We highlight d rillers with a m arket cap italization gre ater th an
US$500mm in Figure 3, the entire list can be found here.
o There is an equ al blend of con sistent underper formers
(short candid ates), and breakd owns of outperforming
trends (stop losses for longs).

Figure 1: Oil & Gas Drilling Group Decile Rating Figure 2: U.S. Oil & Gas Drilling vs. S&P 1500

Figure 3: Oil & Gas Drillers

Source: BMO Capital Markets, Bloomberg, Thomson, Markit

 Back to Index

Market Elements
March 24, 2010
Research Comment
Quantitative/Technical Research

Mark Steele
(416) 359-4641
mark.steele@bmo.com
Assoc: Tiberiu Stoichita

 Equity markets ended mixed and little changed.  The Euro broke sharply to the downside on pessimism on the Greek
 U.S. treasuries led a sell-off in most global bond markets; demand debt front ahead of Thursday’s EU meeting; the Yen, whose moves
for the U.S. 5-year auction was weak; U.S. 10-yr swap spreads went are typically coupled with the USD (rising on risk aversion, falling
further into the red – see BMO Chart on risk appetite), fell a whopping 2% versus the USD at the low of
the day – it’s all RATE DIFFERENTIALS – BMO Chart
 Currency leveraged plays led a broad based sell-off in commodities.
Levels*
Currencies (USD per) Commodities Government 10- Yr Benchmark Equity Indices & Sentiment
Symbol H/L Level %Chg Symbol H/L Level %Chg Symbol H/L Level Chg Symbol H/L Level %Chg
DXY  81.92 1.3% DJ UBS  130.59 -0.9% U.S.  3.84 0.15 S&P 1200  1,333 -0.9%
EUR  1.3317 -1.3% WTI Oil  80.39 -1.9% Canada  3.54 0.08 S&P 500  1,168 -0.5%
CHF  0.9315 -1.5% NMX Gas 4.09 -1.0% Germany  3.08 0.02 S&P/TSX  11,963 -0.7%
GBP  1.4879 -1.1% AECO Gas 3.63 0.0% France  3.41 0.04 Euro STOXX  2,904 -0.2%
JPYx10  0.1084 -2.0% Gold 1,085.6 -1.8% Switzerland  1.91 0.00 FTSE 100 H 5,678 0.1%
CAD  0.9759 -0.8% Silver 16.60 -2.6% Italy  3.92 0.01 Hang Seng  21,009 0.1%
AUD  0.9083 -1.1% Platinum  1,579.3 -1.9% Spain  3.83 0.01 Topix  952 0.5%
NZD  0.7025 -0.7% Palladium  446.00 -3.7% Greece 6.36 0.06 S&P/ASX  4,892 0.3%
BRL  0.5555 -1.3% CMX Cu  333.65 -1.0% U.K.  3.98 0.06 Shang/Shen 3,277 0.0%
MXNx10  0.7948 -0.8% LME Al 3m  1.01 -1.6% Australia  5.69 0.03 Sensex30  17,451 0.0%
ZAR  0.1354 -0.8% LME Ni 3m  10.09 -1.1% Hong Kong 2.67 0.01 CDX IG 5Yr 88.22 2.7%
KRWx10  0.8770 -0.3% LME Zn 3m 1.00 -1.3% India  7.87 0.00 TRIN 0.70 -9%
SGD  0.7113 -0.4% Lumber  282.50 1.9% Japan 1.35 -0.01 VIX  17.55 7.3%

Moves
Currencies (spot) Commodities Government 10- Yr Benchmarks Equity Indices
KRW Lumber Japan Topix
SGD AECO Gas India
S&P/ASX
NZD DJ UBS Sw itzerland

NMX Gas Spain Hang Seng

ZAR
CMX Cu Italy FTSE 100
MXN
LME Ni 3m Hong Kong
CAD Shang/Shen
LME Zn 3m Germany
GBP Sensex30
LME Al 3m Australia
AUD
Gold France Euro STOXX
EUR
WTI Oil Greece S&P 500
BRL Platinum U.K.
S&P/TSX
CHF Silver Canada
JPY Palladium U.S. S&P 1200

2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 4.0% 2.0% 0.0% 2.0% 4.0% 0.20 0.15 0.10 0.05 0.00 -0.05 1.0% 0.5% 0.0% 0.5% 1.0%

Sectors
S&P Global 1200 S&P Europe 350 S&P 500 S&P/TSX Composite
Info Tech Hlth Care Financials Hlth Care

Financials Info Tech Materials Financials

Cons Disc Cons Disc Cons Disc Industrials

Hlth Care Materials Industrials Cons Stap

Industrials Energy Info Tech Utilities

Energy Financials Energy Cons Disc

Materials Cons Stap Hlth Care Energy

Cons Stap Industrials Utilities Telecom

Utilities Utilities Cons Stap Info Tech

Telecom Telecom Telecom Materials

1.5% 1.0% 0.5% 0.0% 0.4% 0.2% 0.0% 0.2% 0.4% 0.6% 0.8% 1.5% 1.0% 0.5% 0.0% 0.5% 3.0% 2.0% 1.0% 0.0% 1.0% 2.0%

Source for all data and graphics in this publication: BMO Capital Markets, Bloomberg, Thomson
* H/L = at a new closing 52- wk High/Low; / = within 10% of the 52- week High/Low; Colour codes are inverted for bond and sentiment indications
This report was prepared in part by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s)
under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 8 to 9.
 Market Elements

Daily Charts
3- Month View with 50- and 26- Day Moving Averages
 Euro Watch – Euro down = European Manufacturing Up - FT; Fitch Downgrades Portugal’s Debt (yet debt shows little, if any, reaction to the
downgrade) - WSJ, FT
 On the U.S. 10-year swap spread, which turned negative on Tuesday, and moved further so on Wednesday – lots of opinion, little consensus –
Bloomberg, Reuters, WSJ, Alphaville, GEA – see BMO Chart

Currencies Commodities Bonds Equities

Page 2  March 24, 2010 (Back to Index)

 Market Elements

Intra Day Charts

2- Day Tick View
 U.S. bonds suffer on the U.S. durable goods report, and on a weak debt auction.
 Euro – the commodity driver, with huge headline risk.

Currencies Commoditie s Bonds Equities

Page 3  March 24, 2010 (Back to Index)

 Market Elements

Daily Sector Charts

3- Month View with 50- and 26- Day Moving Averages
 New Highs: U.S. – Financials, Canada – Health Care, Europe – Materials, Discretionary, Health Care, Technology.

S&P 500

S&P/TSX Composite

S&P Europe 350

Page 4  March 24, 2010 (Back to Index)

 Market Elements

Market Movers – Largest Daily Percentage Moves

 Global – Nintendo (7974 JP) said it would begin selling a 3-D version of its popular handheld console within a year - AP, DJ, NYT
 U.S. – Jabil Circuit (JBL) fell on results - AP
 Canada – Big U.S. dollar gains = big gold share losses.

S&P Global 1200 ex U.S. & Canada S&P 500 S&P/TSX Composite
Name
SECURITY_NAME Symbol
TICKER % Chg
Chg Name
SECURITY_NAME Symbol % Chg
TICKER Chg Name
SECURITY_NAME Symbol Chg
TICKER % Chg
Energy Oil Search Ltd OSH AU 1.0% Massey Energy Co MEE 3.7% Crew Energy Inc CR 1.9%
Technip SA TEC FP 0.9% Tesoro Corp/Texas TSO 3.6% Baytex Energy Trust BTE-U 1.9%
Inpex Corp 1605 JP 0.9% Valero Energy Corp VLO 1.9% Nexen Inc NXY 1.1%
Repsol YPF SA REP SM -1.5% Halliburton Co HAL -1.6% Pason Systems Inc PSI -2.8%
BG Group PLC BG/ LN -1.5% EOG Resources Inc EOG -1.7% Trinidad Drilling Ltd TDG -2.8%
Nippon Oil Corp
SECURITY_NAME 5001 JP
TICKER -1.7%
Chg Helmerich & Payne Inc
SECURITY_NAME HP -1.8%
TICKER Chg Ivanhoe Energy Inc
SECURITY_NAME IE -3.9%
TICKER Chg
Materials Umicore UMI BB 3.7% Cliffs Natural Resources Inc CLF 2.9% CCL Industries Inc CCL/B 2.5%
UPM-Kymmene OYJ UPM1V FH 2.6% Titanium Metals Corp TIE 2.6% First Quantum Minerals Ltd FM 1.5%
Rio Tinto Ltd RIO AU 2.0% Dow Chemical Co/The DOW 1.3% Potash Corp of Saskatchewan In POT 1.2%
Cia de Minas Buenaventura SA BVN US -3.7% Sealed Air Corp SEE -1.2% Novagold Resources Inc NG -5.4%
Fibria Celulose SA FBR US -4.0% Freeport-McMoRan Copper & Gold FCX -1.6% IAMGOLD Corp IMG -5.7%
Cemex SAB de CV
SECURITY_NAME CEMEXCPO
TICKER MM Chg
-4.2% Newmont Mining Corp
SECURITY_NAME NEM -3.4%
TICKER Chg Jaguar Mining Inc
SECURITY_NAME JAG -9.5%
TICKER Chg
Industrials NSK Ltd 6471 JP 4.8% Jacobs Engineering Group Inc JEC 3.9% IESI-BFC Ltd BIN 1.5%
Furukawa Electric Co Ltd 5801 JP 3.5% Fluor Corp FLR 2.0% Toromont Industries Ltd TIH 1.2%
Kubota Corp 6326 JP 3.3% Honeywell International Inc HON 0.7% CAE Inc CAE 1.0%
Cie de St-Gobain SGO FP -2.3% First Solar Inc FSLR -2.3% Transat AT Inc TRZ/B -1.3%
NGK Insulators Ltd 5333 JP -2.6% Deere & Co DE -2.4% Bombardier Inc BBD/B -1.4%
SGS SA
SECURITY_NAME SGSN
TICKERVX -4.9%
Chg Stericycle Inc
SECURITY_NAME SRCL -3.0%
TICKER Chg Jazz Air Income Fund
SECURITY_NAME JAZ-U -1.5%
TICKER Chg
Cons Disc Mediaset SpA MS IM 5.5% Lennar Corp LEN 3.7% Tim Hortons Inc THI 0.3%
ITV PLC ITV LN 5.2% Darden Restaurants Inc DRI 2.3% Linamar Corp LNR 0.1%
Societe Television Francaise 1 TFI FP 5.0% Time Warner Cable Inc TWC 1.9% Sears Canada Inc SCC -0.1%
Intercontinental Hotels Group IHG LN -2.0% RadioShack Corp RSH -2.6% Gildan Activewear Inc GIL -1.0%
Esprit Holdings Ltd 330 HK -2.1% AutoNation Inc AN -2.7% Astral Media Inc ACM/A -1.1%
Sony Corp
SECURITY_NAME 6758 JP
TICKER -2.7%
Chg Interpublic Group of Cos Inc
SECURITY_NAME IPG -3.0%
TICKER Chg Thomson Reuters Corp
SECURITY_NAME TRI -1.8%
TICKER Chg
Cons Stap Unicharm Corp 8113 JP 3.0% Tyson Foods Inc TSN 0.8% Metro Inc MRU/A 1.4%
Seven & I Holdings Co Ltd 3382 JP 2.7% HJ Heinz Co HNZ 0.7% Maple Leaf Foods Inc MFI 0.5%
Grupo Modelo SAB de CV GMODELOC MM 2.5% Dean Foods Co DF 0.5% Cott Corp BCB 0.3%
Centros Comerciales Sudamerica CENCOSUD CI -2.0% Estee Lauder Cos Inc/The EL -2.5% Saputo Inc SAP -0.6%
Asahi Breweries Ltd 2502 JP -2.5% Whole Foods Market Inc WFMI -2.5% Jean Coutu Group PJC Inc/The PJC/A -0.8%
Yakult Honsha Co Ltd
SECURITY_NAME 2267 JP
TICKER -3.9%
Chg Archer-Daniels-Midland
SECURITY_NAME Co ADM -2.8%
TICKER Chg Shoppers Drug Mart Corp
SECURITY_NAME SC -0.9%
TICKER Chg
Health Care Novo Nordisk A/S NOVOB DC 3.2% Stryker Corp SYK 1.7% SXC Health Solutions Corp SXC 2.2%
Sonic Healthcare Ltd SHL AU 2.2% St Jude Medical Inc STJ 0.6% Biovail Corp BVF 2.2%
Shire PLC SHP LN 2.1% Pfizer Inc PFE 0.4% CML Healthcare Income Fund CLC-U 0.9%
Merck KGAA MRK GR -0.8% Coventry Health Care Inc CVH -2.5% MDS Inc MDS 0.2%
Shionogi & Co Ltd 4507 JP -1.2% Tenet Healthcare Corp THC -5.2%
Eisai Co Ltd
SECURITY_NAME 4523 JP
TICKER -2.0%
Chg Genzyme Corp
SECURITY_NAME GENZ -6.4%
TICKER Chg SECURITY_NAME TICKER Chg
Financials Deutsche Boerse AG DB1 GR 4.3% Genworth Financial Inc GNW 4.2% Boardwalk Real Estate Investme BEI-U 2.4%
BOC Hong Kong Holdings Ltd 2388 HK 2.6% Host Hotels & Resorts Inc HST 3.2% GMP Capital Inc GMP 1.7%
Commerzbank AG CBK GR 2.1% KeyCorp KEY 2.7% Primaris Retail Real Estate In PMZ-U 1.6%
Banco Santander SA SAN SM -2.5% E*Trade Financial Corp ETFC -1.9% Laurentian Bank of Canada LB -0.5%
Itau Unibanco Holding SA ITUB US -2.9% Bank of New York Mellon Corp/T BK -2.1% Fairfax Financial Holdings Ltd FFH -0.6%
Aviva PLC
SECURITY_NAME AV/ LN
TICKER -4.4%
Chg CB Richard Ellis Group Inc
SECURITY_NAME CBG -2.2%
TICKER Chg RioCan Real Estate Investment
SECURITY_NAME REI-U -2.1%
TICKER Chg
Technology Nintendo Co Ltd 7974 JP 8.7% Adobe Systems Inc ADBE 3.7% CGI Group Inc GIB/A 1.6%
Infineon Technologies AG IFX GR 4.9% Red Hat Inc RHT 1.8% MacDonald Dettwiler & Associat MDA -0.3%
STMicroelectronics NV STM IM 4.4% Google Inc GOOG 1.5% Open Text Corp OTC -1.0%
Hirose Electric Co Ltd 6806 JP -1.6% Analog Devices Inc ADI -4.5% Research In Motion Ltd RIM -1.2%
Telefonaktiebolaget LM Ericsso ERICB SS -2.0% Xilinx Inc XLNX -5.5% Celestica Inc CLS -3.2%
Asustek Computer Inc
SECURITY_NAME 2357 TT
TICKER -2.0%
Chg Jabil Circuit Inc
SECURITY_NAME JBL
TICKER -10.0%
Chg SECURITY_NAME TICKER Chg
Telecom Nippon Telegraph & Telephone C 9432 JP 0.8% Sprint Nextel Corp S 2.9% Bell Aliant Regional Communica BA-U 0.5%
Vodafone Group PLC VOD LN 0.3% American Tower Corp AMT -0.2% BCE Inc BCE -0.1%
Chunghwa Telecom Co Ltd 2412 TT 0.0% CenturyTel Inc CTL -0.6% TELUS Corp T -0.6%
Cable & Wireless Communication CWC LN -1.4% Qwest Communications Internati Q -1.3% Manitoba Telecom Services Inc MBT -0.8%
Telecom Italia SpA TIT IM -1.5% Verizon Communications Inc VZ -1.7% Rogers Communications Inc RCI/B -2.2%
Portugal Telecom SGPS SA
SECURITY_NAME PTC PL
TICKER -1.8%
Chg MetroPCS Communications Inc
SECURITY_NAME PCS
TICKER -1.8%
Chg SECURITY_NAME TICKER Chg
Utilities Veolia Environnement VIE FP 1.1% Questar Corp STR 0.3% Atlantic Power Corp ATP 2.8%
Chubu Electric Power Co Inc 9502 JP 1.0% Constellation Energy Group Inc CEG 0.2% Brookfield Renewable Power Fun BRC-U 0.8%
Iberdrola Renovables SA IBR SM 0.9% Allegheny Energy Inc AYE -0.1% TransAlta Corp TA 0.5%
Cia Paranaense de Energia ELP US -2.1% Exelon Corp EXC -1.7% Northland Power Income Fund NPI-U -0.9%
Centrais Eletricas Brasileiras EBR US -2.2% AES Corp/The AES -1.9% Fortis Inc/Canada FTS -0.9%
Korea Electric Power Corp 015760 KS -2.7% NRG Energy Inc NRG -1.9% Canadian Utilities Ltd CU -0.9%

Bold = move of more than 5%

Page 5  March 24, 2010 (Back to Index)

 Market Elements

Canadian Market Movers

 Euro weakness (dollar strength) took the wind out of dollar sensitive metals – mind the EUR, and the headline risk at the EU summit
 Martinrea (MRE) gaps lower on results – Reuters, BMO

Energy Materials Industrials Consumer Discretionary Technology Financials

Symbol H/L Last %Chg Symbol H/L Last %Chg Symbol H/L Last %Chg Symbol H/L Last %Chg Symbol H/L Last %Chg Symbol H/L Last %Chg
PD-U 7.55 -1.8% MX  24.66 -1.7% BBD/B  5.79 -1.3% MG/A  62.71 -0.2% XIT  7.57 -0.6% XFN H 23.93 0.0%
ESI 14.62 -1.3% POT  125.85 1.2% CAE H 9.77 1.0% LNR  18.66 0.1% OTC  47.45 -0.8% RY  59.95 -0.4%
TDG 6.95 -2.7% AGU  72.55 0.0% RNO 6.25 0.8% MRE  8.75 -7.4% MN 3.78 1.3% TD  76.02 -0.1%
SVY 7.08 -0.2% CCL/B  28.86 2.5% VIC-U 15.95 -0.9% WPT  17.13 2.2% CX 1.01 2.1% BNS H 51.32 0.0%
TCW 13.01 -0.6% CAS 8.35 -0.9% WFI  27.82 1.1% BLD 2 .98 7.1% MMC 0.25 4.1% BMO  61.99 -0.4%
SCL/A  28.16 -0.7% TCK/B  41.69 0.3% SNC  50.31 -1.1% AZD 0. 23 6.9% GIB/A  15.40 1.5% CM  77.06 -0.1%
MTL  15.60 -0.5% IVN  16.61 -1.7% ARE  13.84 -0.0% ZNN 2.40 3.0% MTK  3.54 0.2% NA  62.73 0.2%
CFW 22.45 -2.6% FM  90.20 1.5% GNV-U  28.00 1.3% DII/B  32.27 -0.4% CTY  18.15 -0.5% CWB  24.22 0.2%
PSI 11.50 -2.7% IMN 56.35 -1.5% BDT-U 32.25 -0.6% GIL  26.62 -0.9% MDA 37.94 -0.3% LB  43.92 -0.5%
FES 12.58 -0.9% LUN  4.95 -2.1% KHD US  14.40 0.7% GC  8.10 -1.6% CSU H 42.50 0.5% MIC  26.96 1.1%
TESO US 11.30 -1.9% EQN 3.61 -2.6% CUQ 19.79 -2.8% THI  33.46 0.2% DSG  6.52 1.0% HCG  43.38 0.9%
SU 31.20 -0.6% S  8.71 -1.2% SDC  14.28 -0.8% MTY  9.50 -1.1% CMG  16.81 0.9% ETC  24.15 0.0%
IMO  38.57 -0.3% HBM 13.28 -3.7% CSIQ US 22.02 -1.9% BPF-U  11.88 -0.1% ESL 7.70 -1.2% FN-U H 21.80 1.5%
HSE  27.40 -0.7% TCM 13.87 0.4% TIH  30.34 1.2% PZA-U  7.37 -0.9% ENA 0.59 -1.6% MKP 12.29 2.4%
CVE  25.33 -1.0% QUA  16.36 -3.6% NFI-U  11.08 0.1% AW-U  16.18 -0.1% MKX  11.57 -1.5% FC-U  11.12 -0.8%
IOC US 67.95 -1.0% FNX  14.36 -5.1% AFN  35.98 -0.0% KEG-U  12.09 0.3% RKN  1.46 -1.3% HEQ 7.15 -0.5%
PVE-U  7.84 -0.3% WTN H 5.83 4.4% ATA 6.69 2.1% CWI-U 5.27 -0.3% TWT  3.48 3.8% DHF-U  17.60 1.2%
CLL 1.32 -0.7% NDM 9.13 -2.5% ARF-U 21.40 0.5% AER 10.60 -0.9% ABT 5.80 -0.8% OCX  28.09 1.2%
CNQ  72.33 -0.4% TKO 5.01 0.6% WJX-U  26.60 -0.5% MDZ/A  11.08 0.0% BWC 10.10 -3.1% X  30.00 -0.1%
ECA 30.82 -2.1% ORA 3.94 0.2% GLV/A  9.36 4.0% ACM/A  34.85 -1.1% AXX 1.73 2.9% QC  1.31 0.7%
TLM 17.14 -0.3% MDI 25.10 -1.0% FTT  17.82 0.5% CJR/B  19.51 -0.4% RIM 75.85 -1.1% CSF  14.89 0.8%
COS-U 28.20 -2.2% GCE H 8.42 3.4% SPB  14.24 -0.9% TVA/B  15.00 -2.8% AAH  31.96 -0.5% IGM  44.38 0.8%
NXY 24.44 1.0% CTQ  7.98 1.2% RUS H 19.48 0.9% SJR/B  20.03 -0.3% DWI 10.22 -5.0% CIX  21.09 -0.4%
PWT-U  21.75 0.1% AVM  3.80 -4.0% RCH  22.86 -0.4% CCA  41.60 -0.1% WIN  2.82 -1.7% AGF/B H 18.77 1.0%
CPG  38.81 -0.2% ABX 38.15 -3.2% CWX  4.73 1.0% CGO  33.00 -0.7% SW 8.90 0.3% DC/A  13.20 -0.0%
UPL US 44.86 0.4% G 38.23 -3.3% CVL  13.83 -0.1% CGX-U  19.43 -0.1% CDV 3.12 -0.6% SII 4.29 -1.8%
AET-U  21.40 -1.5% K  17.34 -4.2% TCL/A  13.60 -1.0% IMX H 16.95 0.5% RCM 19.55 1.0% U  5.92 0.6%
PBG  54.38 -0.8% AEM  56.77 -3.6% BIN  18.08 1.4% LGF US  6.25 4.3% SVC  1.89 -6.4% GS  21.00 -0.0%
NKO  101.04 0.2% YRI 10.06 -3.5% NAL 8.65 -0.6% FMN 1.69 4.9% VCM 6.65 -3.6% PNP 1.73 -1.7%
PBN L 26.25 -0.9% ELD 12.31 -4.2% MLX H 12.80 0.5% TRI  36.82 -1.8% EXF  6.07 -0.3% GCG/A  8.08 0.0%
PRE  19.49 -0.9% IMG 13.80 -5.6% RBA US 21.57 -1.4% YLO-U  6.19 -0.1% TZT  1.65 -0.6% DW  14.40 2.9%
ERF-U 23.81 -0.7% RBI 19.39 -4.4% BDI  19.29 -3.0% QBR/B  33.80 -0.5% WEW  0.59 1.7% GMP  14.01 1.7%
BTE-U H 36.49 1.8% FNV  25.54 -3.8% GW  11.31 -0.1% TS/B H 10.00 3.6% ET 13.70 -0.3% CF  11.20 0.6%
PGF-U  11.63 1.0% CG 12.65 -4.3% MSI-U  10.65 -0.7% GVC H 2.30 9.5% PUR 4.50 -3.2% WES  3.29 -2.9%
BNP-U  23.79 -1.6% OSK  8.49 0.1% STN 25.80 -0.6% UNS  30.04 -0.1% CTW/S 2.06 0.0% MFC 20.00 0.5%
PMG  31.93 -0.8% IGT  109.02 -0.9% IBG-U 14.16 0.4% SCC  28.73 -0.0% MT 4.62 -0.4% GWO H 28.33 0.0%
VET-U  35.15 -0.1% NGD 4.37 -3.9% WJA  13.75 0.0% CTC/A  54.85 -0.2% VNP  5.23 -2.0% PWF H 33.19 0.5%
PRQ 11.57 -2.2% AGI  13.65 -2.5% TRZ/B 12.50 -1.2% DOL  21.77 -1.0% DSA  8.25 0.6% SLF 32.44 1.0%
DAY-U  10.98 -1.9% GBU 4.17 -2.5% JAZ-U  4.47 -1.5% RET/A  16.18 -0.4% CLS  11.05 -3.1% POW  30.55 0.5%
NAE-U 13.21 -1.1% GAM 8.34 -5.0% AC/B H 2.01 6.3% CTU/A  13.55 5.0% SO  9.95 0.3% IAG  34.91 0.8%
PEY-U 13.24 -0.6% SMF H 5.44 1.1% CNR  60.17 0.8% GLN  15.00 -0.3% MSD  23.20 -0.8% FFH  376.05 -0.5%
BNK  9.32 -1.5% DGC  18.47 -1.4% CP  54.66 -0.6% RON  15.83 -0.7% GND  6.20 0.6% IFC  43.00 0.4%
POU 15.95 -0.7% NG  7.49 -5.4% TFI  9.90 0.1% FGL 14.24 -0.2% ZL  1.85 -3.1% XRE  12.20 0.6%
NVA 12.10 -1.5% XGD 19.37 -3.1% STB  5.11 -0.3% IDG  17.50 -2.1% HR-U  16.54 0.8%
AAV 7.30 -0.2% EGU 6.31 -3.2% CSS H 9.00 0.8% LNF  12.24 0.3% Utilities REF-U  27.70 1.2%
UTS  2.57 -1.9% LSG 2.66 -3.9% WTE-U  16.58 -0.5% GBT/A  36.50 0.6% Symbol H/L Last %Chg CUF-U  19.35 0.3%
BIR 8.65 -1.2% RMX 4.00 -4.7% Health Care Consumer Staples FTS  28.76 -0.8% CRR-U H 11.70 1.3%
CR H 17.46 1.9% SGR 3.23 -2.4% Symbol H/L Last %Chg Symbol H/L Last %Chg EMA  24.54 0.0% AP-U  20.33 1.1%
TNP  3.49 6.7% JAG 10. 09 -9.5% IM  6.70 -0.7% SC  44.39 -0.8% GZM-U  16.49 0.7% D-U  25.98 0.5%
IE 3.42 -3.9% GSC 3.80 -0.7% EKO 1. 32 -7.0% PJC/A  9.82 -0.8% CU  47.86 -0.9% WRK-U  15.08 0.5%
FRU-U  17.17 -0.8% NGX 3.04 -4.7% FMD-U  9.42 0.7% GCL  12.48 1.2% ACO/X  50.57 -0.4% BEI-U H 41.50 2.4%
CLT 19.50 -2.6% SEA  22.83 4.0% CLC-U  12.86 0.8% L  37.60 0.0% JE-U  14.16 -0.7% CAR-U  14.43 1.2%
QEC 4.12 -2.3% VEN 9.27 -2.2% DR-U  10.88 -0.6% WN  69.90 -0.4% TA  23.03 0.5% NPR-U H 24.50 1.6%
LEG  12.65 0.3% R  1.92 -4.0% SXC H 69.25 2.2% MRU/A  42.26 1.3% BRC-U  21.31 0.8% REI-U  18.99 -2.1%
TET 8.25 -0.8% ARZ 4.79 -1.8% CNJ 4.50 0.2% ATD/B 18.11 -0.0% NPI-U  13.57 -0.8% CWT-U  21.52 0.8%
PXX  2.58 -1.9% CRU 0.47 1.0% TH  5.09 -0.3% EMP/A  51.71 -0.1% CPA-U  17.97 -0.1% PMZ-U  17.48 1.6%
BNE  36.30 -0.3% JIN  4.57 0.4% QLT H 5.46 2.6% NWF-U  18.20 -0.2% ATP  13.10 2.8% MRT-U  13.33 0.1%
PMT-U 4.87 0.6% MFL 9.66 -1.9% BU  9.50 4.5% LIQ-U  17.15 1.1% CPX  22.63 -0.6% AX-U  11.70 0.0%
GO 6.89 -1.0% XRC  6.84 -3.5% ONC 3.41 0.5% BR-U H 16.95 0.2% RPG  2.98 -0.9% CSH-U  7.53 1.4%
CMF 7.63 -3.0% HRG 0. 69 -5.4% HBP 2. 40 -14.2% CDL/A  15.30 -0.4% AQN  4.67 0.4% EXE-U  10.61 0.5%
OPC 1.85 -0.5% GBG 1.70 -3.4% RVX 5.83 0.5% BCB 7.69 0.2% BLX  10.41 0.1% INN-U  5.91 2.2%
SEO L 10.51 -0.2% SLW 15.51 -3.4% NYMX US 3.74 0.0% VT 9.44 1.2% MXY 1.60 -2.4% BAM/A  25.66 0.3%
KEY-U  26.47 0.1% PAA 23.01 -4.1% YM 1.16 -1.6% ABC 1.43 -2.7% IEF-U  12.23 0.3% FCR  22.00 -1.1%
PKI-U 11.55 0.0% SSO  17.67 -2.6% TTH  2.65 -3.9% SAP  29.20 -0.6% MPT-U  7.24 0.5% MRC  43.00 0.0%
TRP  37.14 -0.0% SVM 6.89 -3.7% MDG 0.55 -3.5% CBY  51.85 0.0% PCC 3.49 0.0% BPP  19.48 1.1%
ENB  49.05 -0.5% ELR 1.37 -2.1% AEZ  0.87 3.5% MFI 10.27 0.4% BPT-U  4.49 1.8% PRK  5.47 0.0%
IPL-U  11.77 -0.1% HW 9.88 -2.5% BVF H 16.81 2.1% AGT  33.59 -1.1% Telecom Services BPO H 15.75 0.0%
PIF-U  17.61 -0.9% PPN 1.40 -0.7% PLB H 23.65 1.7% RSI-U  4.91 0.0% Symbol H/L Last %Chg MIM/A 13.26 0.6%
FCE-U  10.65 0.0% GNA 7.79 -0.8% COM  6.63 -1.3% BXI 1.92 1.0% PIX 1.11 1.8% KMP 8.28 0.6%
ALA-U  18.53 -0.4% CLM  9.04 -0.9% DDS 1.49 0.0% PBH  14.25 0.0% BCE  30.63 -0.0% MEQ  10.35 -0.2%
CCO 27.60 -1.6% LIF-U  51.36 -0.3% ANP 1.14 0.0% SOY 3.98 0.7% T  37.44 -0.5% MRD  11.60 0.4%
SGQ 16.81 1.9% TRE  19.91 -3.7% NRI 0.24 0.0% HLF H 10.85 2.3% BA-U  25.92 0.5% GDC  3.83 -2.0%
UUU 2.60 0.0% WFT H 38.96 0.6% MDS  8.75 0.2% AG-U 2.85 -4.0% MBT  31.28 -0.8% FSV  22.45 -0.2%
DML 1.51 2.0% CFP  9.25 1.0% PTI 2.58 -0.3% ATB  17.09 -0.5% WRX 0.87 -2.2% AIF-U  13.92 4.5%
XEG  17.68 -0.6% NBD 16.50 -0.0% GLG 7.50 2.8% RCI/B  34.57 -2.1% BRE-U  13.15 -0.6%

H/L = at a new closing 52- wk High/Low; / = within 10% of the 52- wk High/Low; Blue = S&P/TSX 60 member, Italics = ETF, Bold = move of more than 5%

Page 6  March 24, 2010 (Back to Index)

 Market Elements

Earnings Expected Next Session

Company Ticker Country Sector Industry MktCap Period Time

West Energy Ltd. WTL CN Canada Energy OG E&P 420 Q4
BlackWatch Energy Services Corp BWT CN Canada Energy OG Equip 260 Q4
Midway Energy Ltd MEL CN Canada Energy OG E&P 200 Q4
Orleans Energy Ltd. OEX CN Canada Energy OG E&P 160 Q4
Cnpc Hong Kong Ltd 135 HK Bermuda Energy OG E&P 6,460 Y
Franco-Nevada Corporation FNV CN Canada Materials Gold 2,980 Q4 Aft-mkt
Gleichen Resources Ltd GRL CN Canada Materials Gold 350 Q1
Augusta Resource Corp AZC CN Canada Materials DvrsMng 320 Q4
Texas Industries Inc TXI US U. S. Materials CstrMat 1,060 Q3
China Steel Corp 2002 TT Taiwan Materials Steel 13,390 Y
Peter Hambro Mining Plc POG LN U.K. Materials Gold 3,160 Y
Ameron International Corp AMN US U. S. Industrials BldPrdcts 630 Q1
Empresas COPEC SA COPEC CI Chile Industrials IndCongl 18,990 Y
Hochtief AG HOT GR Germany Industrials Cns&Eng 5,410 Y 07:00
UTi Worldwide Inc UTIW US Virgin Islands British Industrials AirFrght 1,700 Q4 Bef-mkt
Flughafen Wien AG FLU AV Austria Industrials AirprtSrv 1,000 Y
Centrotherm Photovoltaics AG CTN GR Germany Industrials ElcCmpEq 990 Y
PV Crystalox Solar PLC PVCS LN U.K. Industrials ElcCmpEq 310 Y
CENTROTEC Sustainable AG CEV GR Germany Industrials BldPrdcts 260 Y
Danaos Corp DAC US Marshall Islands Industrials Marine 260 Q4
Aleo Solar AG AS1 GR Germany Industrials ElcCmpEq 160 Y
Tianjin Capital Environmental Protection Gr 1065 HK China Industrials EnvionServ 130 Y
Best Buy Co Inc BBY US U. S. CMR Disc CmpElRtl 17,350 Q4
Lululemon Athletica Inc LLL CN U. S. CMR Disc Aprl&Gds 1,850 Q4
Finish Line FINL US U. S. CMR Disc ApparlRtl 750 Q4 16:30
China Automotive Systems Inc CAAS US U. S. CMR Disc AutoParts 570 Q4 Bef-mkt
Wet Seal Inc WTSLA US U. S. CMR Disc ApparlRtl 460 Q4
Fred's Inc FRED US U. S. CMR Disc GMrchStrs 450 Q4
G-III Apparel Group Ltd GIII US U. S. CMR Disc Aprl&Gds 430 Q4 Bef-mkt
American Apparel Inc APP US U. S. CMR Disc Aprl&Gds 250 Q4 Aft-mkt
Conn's Inc CONN US U. S. CMR Disc CmpElRtl 140 Q4
Hermes International RMS FP France CMR Disc Aprl&Gds 14,930 Y Bef-mkt
China Resources Enterprise 291 HK Hong Kong CMR Disc Distrib 8,410 Y
Kingfisher PLC KGF LN U.K. CMR Disc HmImpRtl 8,060 Y 07:00
Next PLC NXT LN U.K. CMR Disc DeptStrs 5,860 Y
Yue Yuen Industrial Holdings Ltd 551 HK Bermuda CMR Disc Footwear 5,580 Q1
Cyrela Brazil Realty SA CYRE3 BZ Brazil CMR Disc HomeBld 5,140 Y Aft-mkt
Signet Group PLC SIG US Bermuda CMR Disc SpecStors 2,420 Q4 07:30
Big Rock Brewery Inc Trust BR.UN CN Canada CMR Stap Brewers 100 Q4
ConAgra Foods Inc CAG US U. S. CMR Stap PkgFdMt 11,650 Q3 07:30
McCormick & Co Inc MKC US U. S. CMR Stap PkgFdMt 4,750 Q1 07:00
Hengan International Group Co Ltd 1044 HK Cayman CMR Stap PersPrdct 8,520 Y
Theratechnologies Inc TH CN Canada Hlth Care Biotech 300 Q1
Ind. and Com. Bank of China 1398 HK China Financials DiversBnk 61,210 Y
Banca Monte dei Paschi di Siena SpA BMPS IM Italy Financials DiversBnk 8,730 Y
China Everbright Ltd 165 HK Hong Kong Financials OthrDivFS 4,010 Y
Unipol Gruppo Finanziario SpA UNI IM Italy Financials Multi-LnIns 1,810 Y
Bank Leumi Le-Israel BM LUMI IT Israel Financials DiversBnk 660 Y
Gottex Fund Management Holdings GFMN SW Guernsey Financials AsstMgmt 290 Y
Israel Discount Bank Ltd DSCT IT Israel Financials DiversBnk 210 Y
Gennum Corp GND CN Canada Info Tech Semi 210 Q1
Oracle Corp ORCL US U. S. Info Tech SystmSwr 130,240 Q3 Aft-mkt
TIBCO Software Inc TIBX US U. S. Info Tech ApplicSwr 1,790 Q1 Aft-mkt
SYNNEX Corp SNX US U. S. Info Tech TechDist 1,080 Q1 Aft-mkt
Spectrum Control Inc SPEC US U. S. Info Tech ElecComp 150 Q1 16:00
Accenture Ltd ACN US Ireland Info Tech ITConsult 26,810 Q2
United Internet AG UTDI GR Germany Info Tech InetSftSrv 3,840 Y
Kingsoft Corp Ltd 3888 HK Cayman Info Tech HmEntSwr 880 Y
SMART Modular Technologies WWH Inc SMOD US Cayman Info Tech EMS 410 Q2 Aft-mkt
Telecom Italia SpA TI US Italy Telecom IntegTelSrv 19,320 Y
Western Wind Energy Corp WND CN Canada Utilities IPPTrad 70 Q4
ACEA SpA ACE IM Italy Utilities MultiUtil 2,290 Y

Red = Canadian incorporated, Blue = U.S. incorporated, Highlighted = S&P Global 1200 Index member

Page 7  March 24, 2010 (Back to Index)

 Back to Index

Economic Research
March 25, 2010
Research Comment

Dr. Sherry Cooper (800) 613-0205

Jennifer Lee (416) 359-4092
Benjamin Reitzes (416) 359-5628

A.M. Notes

Dr. Sherry Cooper, Chief Economist

sherry.cooper@bmonb.com
416-359-4112

OVERSEAS – Benjamin Reitzes

The US$ index is lower this morning, following its largest daily gain in three and a half months yesterday. All the major currencies
are stronger, though the euro continues to lag. The NZ$ is benefiting from solid Q4 real GDP growth (+0.8% as expected), which
likely keeps the RBNZ on pace to start tightening around mid-year as previously stated. Meantime, the A$ is rallying after
comments from RBA Assistant Governor Lowe that rates were being gradually moved to a “more normal level”. And, don’t forget
about the C$, strengthening after yesterday’s comments from Carney which some took as a potential step towards a pre-July move.
We’re sticking with our July call, as Carney also noted that the underlying inflation trend is less than 2% and that the recent rise was
due partially to transitory effects. Commodities are a little stronger: oil is up 0.3% to $80.90, gold is $7 higher to $1094, base
metals are mostly a tad stronger, and grains are mixed.

A bunch of data came out of Europe but it was overshadowed by the ECB’s decision to extend its looser collateral rules. ECB
President Trichet made the announcement overnight as EU leaders come together for a meeting, with the rules to remain in place
through 2011. The looser rules ensure that Greek bonds are accepted as collateral (under normal rules, only A- rated or above,
Greek bonds currently at BBB+ would not qualify). The haircuts for the various types of collateral are going to change though. This
looks like the ECB’s contribution to supporting Greece. Meantime, German Chancellor Merkel said that IMF aid and bilateral loans
for Greece are a last resort.

On the data front, Euro area M3 fell 0.2% y/y in the three month to February. Flat money growth is just another sign that inflation
pressures aren’t a significant concern at this point. Some negative data out of France, where consumer spending on durable
goods fell 1.2% in February (consensus was looking for +0.4%). This follows a 2.5% drop in the prior month, as it is clear that a
difficult labour market is weighing on French consumers. The bad news didn’t stop there, with Italy's retail sales declining 0.5% in
January, much worse than expected. The only morsel of decent news was that German GfK consumer confidence held steady in
April. Overall, nothing to change the view that while Europe is recovering, it’s going to be a slow and bumpy ride.

The pound is rallying nicely after February retail sales surged 2.1%, handily beating expectations. The prior month was revised
down, but that wasn’t enough to offset the strong gain. Excluding autos and fuel, sales were up 1.6%, solid and beating expectations
as well. Improved weather likely aided sales following a cold January, which was also weakened as the VAT was boost in that
month. Data out of the U.K. are showing some improvement, which, along with temporarily elevated inflation, should keep the
Bank of England from easing further.
Sector Comment Economic Research

Asian equity markets closed mixed, as the Nikkei rose 0.1%, the Hang Seng lost 1.1%, and
China’s CSI 300 was down 1.5%. European markets are higher; DAX (+0.6%), CAC
(+0.5%), FTSE (+0.3%). U.S. equity futures are up 0.3%. U.S. treasuries are stronger, with
yields down 2-3 bps across the curve. Gilts and Bund 10-yrs yields are weaker, with yields up
4 and 3 bps, respectively. JGB 10-yr yields were up 2 bps.

Currency Market
Current Change High Low
7:08 AM
US$ Index 81.64 -0.20 82.031 81.635
C$ 1.0200 -0.0069 1.0268 1.0196
C$ (US ce nts) 98.01 +0.62 97.39 98.08
GBP 1.4977 +0.0108 1.4977 1.4859
EUR 1.3363 +0.0048 1.3363 1.3290
JPY 92.12 -0.18 92.33 91.77
A$ 0.9127 +0.0053 0.9132 0.9067
CNY 6.8271 +0.0004

Data Docket:

Euro area: M3 Money Supply (Feb) -0.2% y/y, in the 3 months to February
Germany: GfK Consumer Confidence (Apr) steady at 3.2, better than expected
France: Consumer Spending (Feb) -1.2%, +1.6% y/y, much weaker than
expected
Italy: Retail Sales (Jan) -0.5%, -2.6% y/y, well below consensus
U.K.: Retail Sales ex autos/fuel (Feb) +1.6%, +5.4% y/y, well above
consensus, though prior month was revised down

NORTH AMERICA – Jennifer Lee

What’s on today’s docket?

U.S. initial claims remain a market-moving indicator each Thursday, even on non-survey
weeks. Today’s report (@8:30 am) will cover the number of first-time unemployment insurance
claimants for the week of March 20th. A modest 7k decline is expected, which would be the
fourth improvement in a row. Since bottoming in early January at around 440k, the trend in UI
claims has not been very friendly. Although we are quite far from the highs of over 670k a year
ago, the number of Americans receiving U.I. for the first time has been trending higher so far
this year, a trend that needs to be reversed.

Fed Chairman Bernanke will be testifying at the House Financial Services Committee
Hearing at 10 am ET today. The subject is “Unwinding Emergency Federal Reserve Liquidity
Programs and Implications for Economic Recovery”. If that sounds vaguely familiar, it is
because this was the hearing that the Chairman was supposed to be at back in February, but was
postponed due to the weather (i.e. the snowstorm). Recall that his written testimony was
released, as scheduled, in which he laid out a credit-tightening blueprint….and one afternoon
just over a week later, the Fed raised the discount rate. Today’s testimony may be the same as

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Sector Comment Economic Research

the one as February 10th, but the Q&A should have some more up-to-date tidbits on the
Chairman’s thinking, although the overriding theme should not have changed too, too, much
from last week’s FOMC press release.

Also on the Fed and other officials’ speaking docket is Cleveland Fed President Sandra
Pianalto (@ 9:10 am in Florida), and Treasury Secretary Timothy Geithner (appearing before
the House Appropriations Subcommittee (@ 1:30 pm).

Confidence is not an issue north of the 49th parallel: Both the Canadian economy and the
U.S. economy grew about 5% annualized in the fourth quarter, and inflation doesn’t appear to
be too much of an issue for both countries either. But that is about where the similarities end as
far as recent economic data go. Housing markets and employment trends have been heading in
different directions. And so has consumer sentiment. The Conference Board released
Canadian consumer confidence for March and the index jumped 4.3 pts to 92.5 in the month.
It doesn’t quite retrace February’s hefty decline but it made a pretty good effort and is the 2nd
highest reading in two years. Compare and contrast that increase to the weaker readings coming
out of the U.S. The University of Michigan’s survey, for example, showed sentiment down in
February and March.

Provy budget time: Yesterday, the Province of Saskatchewan released its latest budget.
According to our Robert Kavcic, the Province “is projecting a $20 mln surplus in FY2010/11,
a rare drop of black ink on the provincial fiscal landscape this year. While the Province will
draw $194 mln from its reserve fund, it will also immediately begin to rein in spending
growth—this differs from the other provinces that have so far chosen to postpone restraint for a
year.”

Today, Ontario takes its turn at the limelight. Before the actual unveiling of the numbers
though, Finance Minister Duncan announced yesterday that the Province was in the red to
the tune of $21.3 billion for FY09/10, the highest ever but below what was called for in the
October statement. According to page A7 of today’s Globe and Mail, “Mr. Duncan delivered
the good news on the eve of Thursday's provincial budget, which will show the McGuinty
government shifting gears after successive increases in spending for health care, education and
other social programs during its 6 1/2 years in office.”

Backgrounders:

“Quebec scraps energy deal with NB Power: After months of negotiation, Quebec and New
Brunswick announced Wednesday they are scrapping a controversial energy deal that would
have seen Hydro-Quebec get greater access to energy-hungry markets in the northeastern
United States.” National Post, page FP5

“Social Security to See Payout Exceed Pay-In This Year: The bursting of the real estate
bubble and the ensuing recession have hurt jobs, home prices and now Social Security. This
year, the system will pay out more in benefits than it receives in payroll taxes, an important
threshold it was not expected to cross until at least 2016, according to the Congressional
Budget Office.” New York Times, page A1

“Bank Launches Big Plan to Cut Mortgage Debt: Under pressure by Massachusetts
prosecutors, Bank of America Corp. said Wednesday it would reduce mortgage-loan balances
as much as 30% for thousands of troubled borrowers, in what could presage a wider
government effort to encourage banks to offer debt reduction to ease the mortgage crisis. The
plan is one of the boldest moves yet to address the plight of millions of U.S. homeowners who
are "under water," owing more on their homes than they're worth. It could make it easier for

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Sector Comment Economic Research

the Obama administration to move in a similar direction with its existing loan-modification
program, although senior government officials and many bankers remain very wary of offering
to cut loan balances as the main way of helping distressed borrowers.” Wall Street Journal,
page A1

AM CHARTS
 Canadian Government Stimulus: It Mattered
 Unemployment Lines Shorten
 U.S. Homebuilders Still In Recession
 U.S. Capital Spending To Continue
 Two Takes on The World’s Number Two Economy

ON THE WEB: (Link to Chart)

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BMO Capital Markets Disclosure Statements

IMPORTANT DISCLOSURES

Analyst's Certification
As to each company covered in this report, each analyst hereby certifies that the views expressed accurately reflect the analyst’s personal views about
the subject securities or issuers. Each analyst also certifies that no part of the analyst’s compensation was, is or will be, directly or indirectly, related to
the specific recommendations or views expressed in this report.
Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their
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Company Specific Disclosures

For Important Disclosures on the stocks discussed in this report, please go to
http://researchglobal.bmocapitalmarkets.com/Company_Disclosure_Public.asp

Distribution of Ratings (Dec. 31, 2009)

Rating BMOCM US BMOCM US BMOCM US BMOCM BMOCM First Call

Category BMO Rating Universe* IB Clients** IB Clients*** Universe**** IB Clients***** Universe
Buy Outperform 32.2% 12.3% 38.3% 36.1% 47.9% 50%
Hold Market Perform 62.6% 10.2% 61.7% 56.9% 48.9% 43%
Sell Underperform 5.3% 0% 0% 6.9% 3.2% 7%
* Reflects rating distribution of all companies covered by BMO Capital Markets Corp. equity research analysts.
** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services
as percentage within ratings category.
*** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking
services as percentage of Investment Banking clients.
**** Reflects rating distribution of all companies covered by BMO Capital Markets equity research analysts.
***** Reflects rating distribution of all companies from which BMO Capital Markets has received compensation for Investment Banking services as
percentage of Investment Banking clients.

Ratings and Sector Key

We use the following ratings system definitions:
OP = Outperform - Forecast to outperform the market;
Mkt = Market Perform - Forecast to perform roughly in line with the market;
Und = Underperform - Forecast to underperform the market;
(S) = speculative investment;
NR = No rating at this time;
R = Restricted – Dissemination of research is currently restricted.

Market performance is measured by a benchmark index such as the S&P/TSX Composite Index, S&P 500, Nasdaq Composite, as appropriate for each
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value, income, quantitative; and US large, US small) have replaced the Top Pick rating.

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For Important Disclosures on the stocks discussed in this report, please go to
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Prior BMO Capital Markets Ratings Systems

http://researchglobal.bmocapitalmarkets.com/documents/2009/prior_rating_systems.pdf
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BMO Capital Markets Disclosure Statements

General Disclaimer
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