The Canadian Vanguard Stock Market Report At Market Close – Monday, September 30, 2024
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The Toronto Market
The TSX today, advanced 43.55 points or 0.18% to close the market session at 24,000.37. The TSX continues to flirt with the 24,000 level.
The Market Spread: There was a shift from the risk averse, staid, sectors to growth and more risky plays. Six of the ten TSX’s major sectors gained today. Technology was the top gainer with 1.08% gain for the session. Durable Consumer Goods & Services was up 1%. Healthcare and Industrials gained but Utilities and Telecommunication Services were down. Basic Materials was down -1.03%. Risk was back in vogue today.
The Industry Groups: Coal was up 14.12%; Retail – Apparel & Accessories was up 3.68%; Paper & Packaging gained 2.36% and Highways & Railtracks was up 2.03%. Today, Consumer Electronics group was up 25%, but on the TSX, Consumer Electronics Group comprises only two companies: CE Brands Inc. (CEBI) and International Parkside Products (IPD). Today, CEBI gained 25% and IPD closed even with 0% gain. CEBI was up 25% or $0.10 to close at $0.50 with 15.2K shares traded. Penny stocks can go up or down any amount on any day. We do not normally cover penny stocks in this publication. When we do, we also make a point to point it out. We strongly recommend that our readers stay away from penny stocks.
The US Markets
The three major indexes ended the market session today in green. The Dow Jones Industrial Average was up 17.15 points or 0.04%, to close the market session at 42,330.15. The S&P 500 index gained 24.31 points, or 0.42%, to close the session at 5,762.48. The Nasdaq Composite was down 69.58 points or 0.38%, to close the session at 18,189.17. It looked like the Nasdaq index opened today with only one goal in mind – to exactly reverse the loss on Friday. It did just that.
Investors appear convinced that the economy will have a soft landing and that recession will be avoided. The indexes dropped sharply in reaction to Jerome Powell’s remark that there is not likely to be another 50 basis points interest cut this year. Last week, some investors were suggesting that another 50 basis points cut was likely before the year runs out. However, the indexes made a strong climb back during the last half hour of the market session. There was, as such, some volatility at the markets in the afternoon today.
The Market Spread: Seven sectors ended the market session with gains. Healthcare, Technology, Industrials, Financials, Utilities and Energy ended the session in the positive. Telecommunications Services and Basic Materials ended the session in the red.
The Industry Groups: Interest rates are coming down. This will positively impact Home Builders as Home owners will benefit from reduced mortgage interest. On Monday, Real Estate Operations industry group jumped 18.74%. The next highest was Textiles & Leather Goods which was up 2.58% – quite a difference.
Stocks In The News/Stocks To Watch
The Toronto Market
Aritzia Inc. (TSX:ATZ) was down on Friday but nearly recovered the losses on Monday and did so with good volume. ATZ was up 3.76% or $1.84 to close the session at $50.83 with 385k shares traded.
Bombardier Inc. (TSX:BBD.B) is a Canadian success story. The company has stayed above $100 for three consecutive sessions convincingly punching above that level on Monday. Bombardier is worth adding to the watchlist.
The US Markets
Apple Inc (APPL) is certainly doing well. It is a stock which belongs in everybody’s watchlist. The Chinese stocks traded at the US market continued the upswing from last week. The industry group which dominated the US markets on Monday was Real Estate Operations. Some names in that industry group worth keeping an eye on are Colliers International Group (CIGI), CBRE Group Inc. (CBRE) and Jones Lang Lasalle Inc. (JLL). CBRE stock has been up more than 30% in the last three months.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Investor’s Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
IMPORTANT NOTICE
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