The Canadian Vanguard Stock Market Report At Market Close – Wednesday, March 6, 2024
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Data Driven Market Analysis And Report For Tomorrow’s Winning Trades
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The Toronto Market
The TSX advanced 68.03 points or 0.32%, to close the market session at 21,593.96. It was a positive market session. The TSX got some boost from the Bank of Canada’s announcement that the bank would be holding interest rate at the current 5% value. Other investors were disappointed that interest would not be coming down until June at the earliest. Macklem, the governor of the bank said rate cuts are not in the immediate offing. “It’s still too early to consider lowering the policy interest rate,” he added. The TSX opened above yesterday’s closing, rose as high as 21,703 but declined slowly throughout the session to end the session 110 points lower but still with a gain of 68 points. There was clearly no support for a major market bounce today.
The market gains were broad-based. Eight of the ten TSX’s major sectors ended the session with gains. Basic Materials was up 1.35% while Durable Consumer Goods & Services was up 0.86%; Telecommunications Services gained 0.73%; Utilities gained 0.53%; Financials was up 0.23%; Energy was up 0.14% and Technology was up 0.06%. Industrials and Healthcare declined -0.27% and -1.13% respectively.
Aluminum was up 8.33% today and was the top performing industry. Construction Materials gained 4.36% while Publishing gained 3.99%; Personal Products gained 3.12% and Aerospace & defense gained 2.71% while Coal was up 2.53%. Computer Hardware industry was the worst performing industry with -7.35% decline.
Today’s Statistics: Today, the gaining issues (advancers) totally outnumbered the declined issues (decliners). The ratio of advancers to decliners was 2.82-to-1.0 or in practical terms, for every fourteen advancers there were five decliners. In real numbers, 1,085 advancers to 384 decliners with 116 Unchanged. The total volume of shares traded for gaining stocks was 231,413,406 or 72.1%; the total volume for declined stocks was 78,352,010 or 24.4% and 11,329,271 or 3.5% for “Unchanged”.
There were 237 new 52-Week Highs and 11 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 321,094,687 compared to 395,277,915 yesterday, a nineteen percent decrease. Today’s volume of 321,094,687 was lower than the average of the ten most recent market sessions.
The US Markets
The Dow Jones Industrial Average was up 75.86 points, or 0.20%, to close at 38,661.05. The S&P 500 gained 26.11 points, or 0.51%, to close at 5,104.76. The Nasdaq Composite was up 91.95 points or 0.58%, to close at 16,031.54. Volume was down about 13% on the Nasdaq.
The market today was like the rising tide that floats all boats. Nine of the major sectors ended the session with gains with Basic Materials with 1.09% gain being the best performer of the sectors. Technology did well with 0.99% gain while Utilities gained 0.96%. Energy gained 0.67%; Industrials gained 0.66% and Financials was up 0.51%
Aluminum was up 3.47% today and was the top performing industry. Semiconductors gained 2.79% while Semiconductor Equipment & Testing gained 2.76%; Retail – Computers & Electronics while Coal was up 2.53%. Beverages – Distillers & Wineries was the worst performing industry today
Today’s Market Statistics: Today, the gaining issues (advancers) outnumbered the declined issues (decliners) on the NYSE by a ratio of 2.82-to-1 or there were roughly six decliners for every five advancers. In real numbers, there were 2,989 decliners to 1,060 advancers and 300 “Unchanged”. The total volume of volume-gaining stocks was 790,981,136 or 71.8%; the total volume of declined-volume stocks was 298,981,456 or 27.2%; and 11,011,133 or 1.0% “Unchanged”.
There were 493 new 52-Week Highs and 59 new 52-Week Lows. Today’s market, in this respect, couldn’t be more bullish.
The total volume of stocks traded at the NYSE today was 1,100,973,725 compared with 1,094,495,979 yesterday, about half a percent decrease. Today’s volume of 1,100,973,725 is slightly higher than the average of the ten most recent market sessions.
On the NASDAQ, the advancers outnumbered the decliners today by a ratio of 1.54-to-1 or roughly for every three advancers there were two decliners. In real numbers, there were 2,605 advancers to 1,687 decliners with 326 unchanged. The current rally remains alive. The total volume of volume-gaining stocks was 3,552,447,399 or 62.5%; the total volume of declined-volume stocks was 2,070,060,883 or 36.4% and 57,027,780 or 1.0% for “Unchanged”.
There were 229 new 52-Week Highs and 120 new 52-Week Lows. The current rally remains very much alive.
The total volume of stocks traded at the NASDAQ today was 5,679,536,062 compared to 6,508,025,116 yesterday, a thirteen percent decrease. Today’s volume of 5,679,536,062 is lower than the average of the ten most recent market sessions.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
All the EV manufacturers gained slightly today except Tesla which continues to decline.
IMPORTANT NOTICE
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