The Canadian Vanguard Stock Market Report At Close – Thursday, February 29, 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 climbed 119.84 points or 0.56% to close today’s market session at 21,363.61. The TSX was back, up today after yesterday’s decline.
Only six of the TSX’s major sectors gained today. Energy which has remained close to recent highs during the past three weeks was the top gaining sector. Basic Materials followed with 0.90% gain. Utilities sector was up 0.48%; Financials sector was up 0.46%; Technology gained 0.45% and Industrials was up 0.24%.Healthcare declined -0.26%; Discretionary Consumer Goods & Services was down -0.82% while Durable Consumer Goods & Services was down today by -0.97%.
Auto & Truck Manufacturers which lead the industries with a gain of 4.4% yesterday lead the industries again today with a gain of 3.71%; Electrical Components & Equipment gained 2.78%; Oil & Gas Exploration& Production gained 2.5% while Aerospace & Defense industry gained 2.26% and Paper Packaging ended the session up 2.14%.
Today’s Statistics: The gaining issues (advancers) totally outnumbered declined issues (decliners). The ratio of advancers to decliners was 2.79-to-1.0 or in practical terms, for every fourteen advancers there were five decliners. In real numbers, 1,096 advancers to 392 decliners to 111 Unchanged. The total volume of shares traded for gaining stocks was 389,427,743 or 61.9%; the total volume for declined stocks was 217,556,016 or 34.6% and 22,518,005 or 3.6% for “Unchanged”.
There were 238 new 52-Week Highs and 22 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 629,501,764 compared to 342,029,307 on Tuesday, an 84% increase, almost double. Today’s volume of 629,501,764 was one percent higher than the average of the ten most recent market sessions.
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The US Markets
All three US indexes were up today and up with good volume support. The Dow Jones Industrial Average was up 47.37 points, or 0.12%, to close at 38,996.39. The S&P 500 gained 26.51 points, or 0.52%, to close at 5,096.27. The Nasdaq Composite was up 144.18 points or 0.90%, to close at 16,091.92. The US market’s data for today’s session was from an investor’s view point what the “doctor ordered”. The current rally remains in full swing with the indexes’ gains today being powered by big volume increases compared to yesterday. Volume on the NASDAQ was 12.25% higher today than yesterday.
The market today was positive and fairly broad-based as seven of the major sectors ended the session today with gains. Basic Materials, up 1.09% was the top performer. Technology sector gained 1.00%; Durable Consumer Goods & Services gained 0.81%; Financials gained 0.56%; Energy was up 0.43%; Industrials was up 0.25% and Utilities gained 0.19%. Telecommunications Services declined -0.08% while Discretionary Consumer Goods & Services declined -0.26% and Healthcare sector was down -0.87%.
Aluminum industry was the top performing industry at the markets today. It was up 3.32%. Commercial Printing Services was up 3.22%; Computer Hardware gained 3.14%; Construction Materials was up 2.88% and Precious Metals and Materials gained 2.70%. Two market sessions ago, Computer Hardware was the worst performing industry with -0.71% decline. Marine Port Services, down -10.98% was the was the worst performing industry at the US markets today.
Today’s Market Statistics: Today, the gaining issues (advancers) completely outnumbered the declined issues (decliners) on the NYSE by a ratio of 2.70-to-1 or there were roughly fourteen advancers for every five advancers. In real numbers, there were 2,939 advancers to 1,087 decliners and 242 “Unchanged”. The total volume of volume-gaining stocks was 1,255,348,153 or 69.4%; the total volume of declined-volume stocks was 530,294,355 or 29.3%; and 23,634,760 or 1.3% “Unchanged”.
There were 505 new 52-Week Highs and 48 new 52-Week Lows. Today’s market, in this respect couldn’t be any more bullish. The rally remains in full swing.
The total volume of stocks traded at the NYSE today was 1,809,277,268 compared with 957,652,877 on Tuesday, almost doubled. Today’s volume of 957,652,877 is slightly higher than the average of the ten most recent market sessions.
On the NASDAQ, the advancers continue to prevail, outnumbering the decliners by a ratio of 1.58-to-1 or roughly for every eight advancers there were five decliners. In real numbers, there were 2,633 decliners to 1,666 advancers with 301 unchanged. The rally got a boost today with the inflation report. The report did not show inflation slowing but did not show it rising either. The total volume of volume-gaining stocks was 3,955,468,930 or 61.3%; the total volume of declined-volume stocks was 2,466,146,937 or 38.2% and 33,927,368 or 0.5% for “Unchanged”.
There were 281 new 52-Week Highs and 82 new 52-Week Lows. The current rally remains very much alive.
The total volume of stocks traded at the NASDAQ today was 6,455,543,235 compared to 5,567,505,260 yesterday, a sixteen percent increase. Today’s volume of 6,455,543,235 is just twelve percent higher than the average of the last ten market sessions.
Oil Price: U.S. crude oil prices dipped 0.4% to $78.26 a barrel. Oil continues to hug recent highs.
10 –year Treasury Yield: The 10-year Treasury yield dipped 2 basis points to 4.25%.
The market outlook remains confirmed uptrend.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
The EV manufacturers appear to be having a hard time participating in the current rally. They are currently involved in a discount war in China which remains the biggest EV market in the world. A problem is that discount wars often eats in to profits.
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