EQUITIES: National Bank 'Monthly Equity Monitor', 2nd of 3; Also Altering Its Sector Allocation

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National Bank of Canada in its latest 'Monthly Equity Monitor' said its sector allocation is also modified this month. In June it recommended a caution-inspired shift of assets to Telecoms and Utilities. National noted these sectors have done better than the S&P TSX since this recommendation, but said its conviction that they will continue to do so is much weaker with interest rates slated to rise still further. So it is shifting them from Overweight to Neutral, and deploying the proceeds to shift metals & mining to Overweight on the assumption that global economy expands at a rate of around 3.5% in 2019.

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