Covid-19 Update
June 3, 2020

The rate of infection of the COVID-19 virus continues to flatten in most of Canada and our Provincial Governments and municipalities are beginning to gradually reverse restrictions and plan for the resumption of businesses and social interaction.

Mackie Research Capital continues to conduct business almost as usual, subject to the constraints of physical distancing. The office towers which house our head office in Toronto and most of our branches are still closed to the public. We are slowly bringing back some of our employees to work from our offices, but the majority of our staff are still working from home. Physical distancing protocols in elevators and within our office space limit the number of employees who can be present in our offices. Our reception areas are still locked and visitors are not permitted. Our cage operations continue to receive and deliver securities and funds electronically and by mail and courier. Our trading operations continue to operate as usual.

Financial markets have recovered quite well from the lows of late March, and while they have not returned to the record high levels of early 2020, they reflect an attitude of confidence in the recovery of our economy. At the time of writing the S&P 500 is up 13% and the Dow Jones Industrial Average is up 5% from where they were one year ago. The TSX S&P is down 2.7% from one year ago but has risen 38% from its low on March 23, 2020. We are also seeing some resurgence in financing activity with many issuers raising new equity capital.

We will update this message as changes occur. In the meantime we will continue to provide the highest level of service and look forward to each step towards resuming life as usual.

Geoff Whitlam