A Canadian stock is among Morgan Stanley’s top North American energy ideas

Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow

“Friday Not a Short-Covering Rally. The Wells Fargo ‘Most-Shorted’ Portfolio underperformed on Friday, as did higher-risk stocks. Value factors outperformed. This suggests Friday’s rally may be more durable than some expect, as it was driven by a pro-cyclical post-jobs report reaction—not by risk/short-covering. Oddly, this market action probably creates some positive investor sentiment since long-only’s are making money and short-sellers are faring better than one might expect.

Against this backdrop, our investment bias remains skewed to subsectors where we ex pect operational traction to remain more resilient, particularly in multi-family, industrial, self-storage, and defensive retail. Our Outperform ratings include: Allied, Boardwalk, BSR, CAPREIT, Chartwell, Dream Industrial, European Residential, First Capital, Granite, InterRent, Killam, Minto, Morguard N.A.

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