Earnings, not politics, drive shares of Quebec companies

Recent election had little impact on stock prices.

Martin Warych 10 July, 2014 | 6:00PM
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The recent Quebec election revealed that politics had little if any impact on the share prices of Quebec-based companies. The campaign proved to be a wild ride for all concerned. This was particularly so for the previously ruling Parti Québécois, which had presided over a minority government.

Early polls indicated that the pro-sovereignty PQ had a good chance of winning a majority of seats. However, voters handed the PQ its worst ever defeat and lowest popular vote since its first election campaign in 1970.

The earlier prospect of a PQ majority brought the risk of Quebec sovereignty to the forefront. Political uncertainty in Quebec has long been thought to be of concern for both domestic and foreign investors in Canadian stocks, particularly those of Quebec-based companies. One might have thought that the decisive win by the federalist Liberal Party on April 7 would have provided a boost to Quebec-based stocks.

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About Author

Martin Warych

Martin Warych  Martin Warych, CFA, is an equity data analyst with the CPMS division of Morningstar.

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