The Canadian Vanguard Stock Market Report At Market Close – Tuesday, March 19, 2024
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Data Driven Market Analysis And Report For Investors
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The Toronto Market
The TSX composite gained 23.40 points or 0.11% to close today’s market session at 21,860.58. The index tried to climb but clearly there was no support for such a move today. The TSX appears to be trading in a narrow range even as the US indexes, especially the Dow Jones, are hitting triple digit points gain. There was clearly no support for closing high today.
Discretionary Consumer Goods & Services carried the day among the sectors today with 1.56% gain. Energy gained 0.68%. Oil declined slightly today but it remains at multi-month high. Technology was up 0.50% but the only technology company in the top 20 on the TSX today was Constellation Software which is probably a bit pricey for most of our readers. Financials sector was up 0.27%; Durable Consumer Goods & Services was up 0.11% and Healthcare was up 0.09%. Industrials sector was down -0.06%; Utilities was down -0.26% and Basic Materials was down -1.33%.
Apparel & Accessories was the top industry at the TSX today. The industry was up 8.44%.Construction Materials was up 3.05%; Forest & Wood Products was up 2.42%; Retail – Apparel & Accessories was up 1.95% and Retail – Departmental Stores gained 1.86%. Consumer Electronics was the big decliner today, down -6.67%.
Today’s Statistics: The gaining issues (Advancers) outnumbered the declined issues (Decliners) today. The ratio of Advancers to Decliners was 2.24-to-1.0 or in practical terms, for every eleven Advancers there were five Decliners. In real numbers, 1,002 Advancers to 447 Decliners with 102 Unchanged. The total volume of shares traded for gaining stocks was 186,838,982 or 61.0%; the total volume for declined stocks was 106,006,400 or 34.6% and 13,546,642 or 4.4 % for “Unchanged”.
There were 173 new 52-Week Highs and 10 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 306,392,024. Today’s volume of 306,392,024 was seven percent lower than the average of the ten most recent market sessions.
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The US markets
The Dow Jones Industrial Average was up a healthy 320.33 points, or 0.83%, to close at 39,110.76. The S&P 500 gained 29.09 points, or 0.56%, to close at 5,178.51. The Nasdaq Composite was up 63.34 points or 0.39%, to close at 16,166.79. Volume on Nasdaq was down -5.30% as investors probably stayed away waiting until we hear from the Feds on Wednesday.
The US markets were quite buoyantly positive today with a broad-based spread of the gainers. Nine of the major sectors ended the session in green. Energy lead the sectors with 0.82% gain. Industrials gained 0.72%; Utilities gained 0.68%; Healthcare gained 0.57%; Technology was up 0.35% and Financials gained 0.17%; Basic Materials was up0.11%. Telecommunications Services, down -0.27% was the only sector to decline.
Rail & Roads – Passengers was up 4.61%; Advertising / Marketing was up 3.72%; Paper Packaging was up 3.33% while Paper Products was up 2.81% and Commercial Printing Services was up 2.53%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 3.77-to-1.0 or in practical terms, approximately for every four Advancers there was one Decliner. In real numbers, 2,780 Advancers to 1,233 Decliners with 309 Unchanged. The total volume of shares traded for gaining stocks was 714,323,030 or 62.3%; the total volume for declined stocks was 406,928,946 or 35.5% and 25,687,036 or 2.2% for “Unchanged”.
There were 286 new 52-Week Highs and 53 new 52-Week Lows. The day was really bullish. The Dow had a good day today. Investors should tread carefully and exercise some caution until the Feds release the decision on inflation at the conclusion of their two-day meeting tomorrow afternoon.
The total volume of stocks traded at the NYSE today was 1,146,939,012. Today’s volume of 1,146,939,012 is about three per cent higher than the average of the ten most recent market sessions.
On the NASDAQ, the Advancers prevailed over the Decliners today by a ratio of 1.42-to-1 or roughly for every three Advancers there were two Decliners. In real numbers, there were 2,517 Advancers to 1,768 Decliners with 318 Unchanged. The total volume of volume-gaining stocks was 2,646,633,885 or 54.0%; the total volume of declined-volume stocks was 2,151,197,093 or 43.9% and 105,826,586 or 2.2% for “Unchanged”.
There were 98 new 52-Week Highs and 126 new 52-Week Lows. This was slightly bearish.
The total volume of stocks traded at the NASDAQ today was 4,903,657,564. Today’s volume of 4,903,657,564 is about two percent lower than the average of the last ten market sessions.
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Stocks In The News/Stocks To Watch
The Toronto Market
Aritzia Inc. (TSX:ATZ) have established Automatic Share Purchase Plan. The stock today gained 2.04% or $0.73 to close at $36.52 with 148.3K shares traded. The chart shows the stock is currently tracing a flat base. This kind of base could take a few more market sessions or even weeks to complete. We must watch and make our move when it hits a buy point.
Another stock to keep an eye is Precision Drilling (TSX:PD). The chart appears to be forming the right side of a “cup with a handle”.
For the more cautious investors, the Canadian banks have done well in recent weeks. Canadian Imperial Bank of Commerce (TSX:CM) looks certainly a stock to keep an eye on. Last year the stock was kind of in the doldrums but the stock has since recovered. It is currently a bit stretched or extended but it is worth keeping an eye especially if the current chart develops a clean flat base. It may then be actionable. In any case, an incentive is the dividend/yield which currently is at $0.90 or 5.4%. We shall keep an eye on the stock. It is important to remember that the higher the stock rises the lower the yield if the dividend remains at the current level. This should not be an issue as bank stocks are not growth stocks.
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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