The Canadian Vanguard Stock Market Report At Market Close – Wednesday, March 13, 2024
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Data Driven Market Analysis And Report For Smart Investors
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The Toronto Market
TSX advanced 139.09 points or 0.64% to close today’s market session at 21,970.11. The TSX remains on a roll. The index is up three consecutive market sessions and knocking on the door to 22,000 level.
The TSX currently has good momentum. Given available analysts’ comments and looking at current data, it is hard to see why the index would not cross the 22,000 level soon. Will it stay above the level for some time or even climb higher? The market will do whatever it wishes to do.
The TSX’s performance today was broad-based as eight of the major sectors ended the market session with gains. Basic Materials, the top gaining sector today, was up 2.25%; Technology followed with 1.29% gain; Energy was up 0.95%; Discretionary Consumer Goods & Services gained 0.66% and Durable Consumer Goods & Services gained 0.59%; Healthcare gained 0.63%; Financials sector was up 0.21% and Industrials gained 0.05%. Utilities and Telecommunications Services declined -0.61% and -1.23% respectively.
Personal Products, up 6.34%, was the dominant industry on the TSX today. Mining & Metals – Specialty was up 6.13%; Retail – Apparel & Accessories gained 2.84%; Apparel & Accessories was up 2.84% and Airlines gained 2.40%.
Today’s Statistics: The gaining issues (Advancers) outnumbered the declined issues (Decliners) today. The ratio of Advancers to Decliners was 1.13-to-1.0 or in practical terms, for every eleven Advancers there were ten Decliners. In real numbers, 776 Advancers to 687 Decliners with 128 Unchanged. The total volume of shares traded for gaining stocks was 262,526,580 or 70.6%; the total volume for declined stocks was 97,505,495 or 26.2% and 11,629,333 or 3.1% for “Unchanged”.
There were 255 new 52-Week Highs and 17 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 371,661,408 compared to 303,060,170 yesterday, roughly twenty two percent increase. Today’s volume of 371,661,408 was eight percent higher than the average of the ten most recent market sessions.
The US Markets
The markets were mixed today. Nasdaq and S&P 500 were both down while Dow Jones gained . The Dow Jones Industrial Average gained a paltry 37.83 points, or 0.10%, to close at 39,043.32. The S&P 500 declined -9.96 points, or -0.19%, to close at 5,165.31. The Nasdaq Composite was down -87.87 points or -0.54%, to close at 16,177.77.
Energy was the leading sector today. The sector was up 1.42%. Basic Materials gained 1.15%; Utilities was up 0.50%; Durable Consumer Goods & Services gained 0.45%; Industrials and Financials gained 0.31% and 0.29% respectively. Healthcare declined -0.26% and Technology sector declined -0.65%.
Marine Port Services was the top performing industry today with a gain of 6.22%; Mining & Metals – Specialty was up 3.67%; Advertising /Marketing gained 2.99%; Retail – Department Stores was up 2.03% and Airport Services gained 2.01%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 1.53-to-1.0 or in practical terms, for every three Advancers there were two Decliners. In real numbers, 2,409 Advancers to 1,571 Decliners with 308 Unchanged. The total volume of shares traded for gaining stocks was 735,820,638 or 62.7%; the total volume for declined stocks was 426,725,808 or 36.3% and 11,403,134 or 1.0% for “Unchanged”.
There were 558 new 52-Week Highs and 39 new 52-Week Lows. The market keeps rallying on. The rally remains intact.
The total volume of stocks traded at the NYSE today was 1,173,949,580 compared with 940,902,714 yesterday, a two percent increase. Today’s volume of 1,173,949,580 is about one per cent higher than the average of the ten most recent market sessions.
On the NASDAQ, the Decliners slightly outnumbered the Advancers today by a ratio of 1.06-to-1 or roughly for every Decliner there was an Advancer. In real numbers, there were 2,196 Decliners to 2,059 Advancers with 342 Unchanged. The total volume of volume-gaining stocks was 2,459,607,604 or 49.3%; the total volume of declined-volume stocks was 2,418,751,834 or 48.5% and 108,755,288 or 2.2% for “Unchanged”. The decliners were higher but the volume of stock with increase in volume of shares traded were higher for the advancers.
There were 200 new 52-Week Highs and 122 new 52-Week Lows. The NASDAQ was negative today. The rally may be getting tired but we have to watch the market performance for a few more sessions to make a call on that.
The total volume of stocks traded at the NASDAQ today was 4,987,114,726 compared to 5,233,480,520 yesterday, a five percent decrease. Today’s volume of 4,987,114,726 is three percent lower than the average of the last ten market sessions.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 4.202%.
Stocks In The News/Stocks To Watch
The US Markets
We have always mentioned that the EV manufacturers’ stocks are long term investments. Long term as in several years. The novelty has worn out for now, the next stage is the roll out for regular use by day to day people, for example, like current fossil fuel powered automobiles large scale usage. That will take quite some time and considerable investment to establish the infrastructure needed.
Tesla Inc. (TSLA) was down -4.54% or -$8.06 with 106.5M shares changing hands.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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