Mississauga, ON -- (SBWIRE) -- 06/21/2013 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled “Taiga Swings to a Profit in Fourth Quarter but Cancels Dividend Payment.”
Companies mentioned in this article include Taiga Building Products Ltd. (TSX:TBL).
Homebuilders and suppliers in North America are taking a beating this week as part of a widespread market sell-off after the U.S. Federal Reserve said it plans to taper its policy of buying Treasuries and mortgage-backed securities. XHB, the SPDR S&P Homebuilders Index ETF has plunged about 8 percent this week, halfway through Friday’s trading session.
The housing market in Canada has been very strong in recent years and housing in the U.S. turned the corner in 2012 to provide a positive influence on the economy, but investors are afraid that taking away monetary easing and eventually raising interest rates will hurt the housing markets in North America in the future.
Shares of Burnaby, British Columbia-based Taiga Building Products Ltd. (TSX:TBL) have fallen this week as well; extending a slide that began in March that has seen the stock price drop 40 percent. Thursday evening, the building products distributor reported a strong rise in profits for the fourth quarter and fiscal year ended March 31 as higher commodity prices and strong demand from the United States helped lift sales.
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