The Canadian Vanguard Stock Market Report At Market Close – Thursday, March 28, 2024
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Your Weekend Data Driven Stock Market Analysis And Report
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The Toronto Market
The TSX climbed 59.95 points or 0.27% to close today’s market session at 22,167.03 to further reinforce its stay above the 22,000 level.
Basic Materials sector, which has been trending higher for a few sessions, was the top performing sector on Thursday. The TSX was up but the advance was strained and only five of the sectors ended the market session with gains. Energy gained 0.63% as Oil price continues to rise. Financials sector was up 0.31% as the sector continues to show promise of likely gains ahead. Utilities gained 0.17%; Discretionary Consumer Goods & Services gained 0.10%. Technology sector with a -1.04% was the worst performing sector and Healthcare which has been the leading sector for a couple sessions declined -0.90%.
Computer Hardware, up a muscular 11.60%, led the industry group within the TSX at Thursday’s market session. Consumer Electronics gained 10%; Media Diversified gained 6.85% while Construction Materials gained 5.36% and Retails – Drugs was up 4.2%. Some members of the Computer Hardware industry group within the TSX include: Irwin Naturals Inc., (TSX:IWIN), Quantum eMotion Corp (TSX:QNC) and Route1 Inc. (TSX:ROI)
This was a short week but for the week, Healthcare was the leading sector with a 5.77% gain; Basic Materials was next with 3.35% gain; Energy gained0.63% while Financials gained 0.09%. Technology was the worst performer with -2.38% decline just below Telecommunications Services which declined -1.90% this week.
Today’s Statistics: The gaining issues (Advancers) outnumbered the declined issues (Decliners) today. The ratio of Advancers to Decliners was 1.70-to-1.0 or in practical terms, for every seventeen Advancers there were ten Decliners. In real numbers, 927 Advancers to 545 Decliners with 128 Unchanged. The total volume of shares traded for gaining stocks was 265,410,008 or 64.8%; the total volume for declined stocks was 134,790,477 or 32.9% and 9,671,877 or 2.4% for “Unchanged”.
There were 242 new 52-Week Highs and 11 new 52-Week Lows. That, just like yesterday, is quite bullish.
The total volume of stocks traded at the TSX today was 409,872,362 compared to 372,290,698 yesterday, a ten percent increase. Today’s volume of 409,872,362 was higher than the average of the ten most recent market sessions.
The US Markets
The Dow Jones Industrial Average rocketed 47.29 points, or 0.12%, to close at 39,807.37. The S&P 500 gained 5.86 points, or 0.11%, to close at 5,254.35. The Nasdaq Composite declined -20.06 points or -0.12%, to close at 16,379.46.
On Thursday, Technology was the only one of the major sectors at the US markets to end the market session in red. Discretionary Consumer Goods & Services ended the session unchanged and eight of the sectors ended the session with gains. Energy, reflecting the increase in Oil price for some weeks now, was the leading sector. Energy gained 0.97%; Utilities gained 0.75%; Basic Materials was up 0.52% while Financials maintained the current momentum gaining 0.44%; Telecommunications Services was up 0.34%; Industrials gained 0.28% and Healthcare gained 0.08%.
The technology big names dominated the gains and big advances driving the US markets rally since the beginning of the year. The rally is thriving largely because the market advance is broadening. This short week, nine of the major sectors gained. Technology, down 0.92%, was the only sector to decline for the week. Utilities led the sector gains, up 2.55%; Energy gained 1.58%; Basic Materials gained 1.32%; Healthcare was up 1.30%; Telecommunications Services gained 0.95%; Financials gained 0.75%; Industrials was up 0.59% while Durable Consumer Goods & Services gained 0.53% for the week.
When it comes to the industry groups: Precious Metals & Minerals gained 2.38% on Thursday; Aluminum followed with 1.94% gain; Home Building gained 1.78%; Utilities – Natural Gas gained 1.43% while Textiles & Leather Goods gained 1.40%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 1.87-to-1.0 or in practical terms, approximately for every two Advancers there was one Decliner. In real numbers, 2,631 Advancers to 1,408 Decliners with 285 Unchanged. The total volume of shares traded for gaining stocks was 854,792,337 or 69.0%; the total volume for declined stocks was 364,426,187 or 24.4% and 19,724,159 or 1.6% for “Unchanged”.
Today, there were 767 new 52-Week Highs and 40 new 52-Week Lows. Yesterday, there were 490 new 52-Week Highs and 47 new 52-Week Lows. This is even more bullish than yesterday. The rally remains in full swing. There is some rotation taking place; yesterday the small caps dominated the gains. Today, the distribution of gains is a better spread.
The total volume of stocks traded at the NYSE today was 1,238,942,683 compared with 1,010,301,058 yesterday, a 22% increase. Today’s volume of 1,238,942,683 is about nine 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 fourteen Advancers there were ten Decliners. In real numbers, 2,528 Advancers to 1,781 Decliners with 314 Unchanged. The total volume of volume-gaining stocks was 2,938,891,913 or 55.2%; the total volume of declined-volume stocks was 2,297,264,698 or 43.2% and 83,816,724 or 1.6% for “Unchanged”.
Today, there were 288 new 52-Week Highs and 52 new 52-Week Lows. Yesterday, there were 211 new 52-Week Highs and 79 new 52-Week Lows. Today, this aspect reflects a more bullish market than yesterday.
The total volume of stocks traded at the NASDAQ today was 5,319,973,335 compared to 4,884,415,582 yesterday, a nine percent increase. Today’s volume of 5,319,973,335 is four percent higher than the average of the last ten market sessions.
The volume today, removed any doubt from the previous market session as to whether the rally lacks full support. The volume increase today confirms that the rally has support. This rally is very much alive. The rally has also rotated out of technology stocks in to the broader market.
Oil Price: Oil price was up $1.58 or 1.96% to $82.36 on Thursday as at market close.
10 –year Treasury Yield: The US 10-year Treasury was down slightly during the week but is currently trending up – up just one basis point so far during this long weekend.
The market outlook is Market in Rally Mode.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian big banks is worth paying attention to, especially as the market appears to be rotating out of the technology stocks in to the broader market.
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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