The Canadian Vanguard Stock Market Report At Market Close – Wednesday, March 27, 2024
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Data Driven Market Analysis And Report For Smart Investors
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The Toronto Market
The TSX climbed 194.56 points or 0.89% to close today’s market session at 22,107.08. The TSX today terminated three consecutive sessions of declines and recovered all the points lost during the previous three sessions of declines and then some, informing more confidence in the current market rally.
The market advance today was broad-based. All of TSX’s major sectors advanced except Technology which declined a mere -0.04%. Healthcare remained the leading sector today just like it did yesterday. Healthcare was up a healthy 2.82% today. Basic Materials was up 2.50%; Discretionary Consumer Goods & Services was up 1.33%; Industrials gained 0.91%; Financials was up 0.75% while Utilities was up 0.64% and Energy was up 0.29%.
Pharmaceuticals – Generic & Specialty gained 3.19% yesterday and today gained 5.99% to lead the industries within the TSX; Media – Diversified was up 5.26%; Textiles & Leather Goods gained 3.57% while Auto & Trucks Manufacturers gained 3.53% and Precious Metals & Minerals gained 3.19%
Today’s Statistics: The gaining issues (Advancers) totally outnumbered the declined issues (Decliners) today. The ratio of Advancers to Decliners was 4.44-to-1.0 or in practical terms, for every nine Advancers there were two Decliners. In real numbers, 1,199 Advancers to 270 Decliners with 82 Unchanged. The total volume of shares traded for gaining stocks was 290,747,031 or 78.1%; the total volume for declined stocks was 58,389,020 or 15.7% and 23,154,647 or 6.20% for “Unchanged”. Why is the ratio of unchanged stocks so high? The market today was lopsidedly bullish.
There were 137 new 52-Week Highs and 7 new 52-Week Lows. That is quite bullish.
The total volume of stocks traded at the TSX today was 372,290,698 compared to 360,809,166 yesterday, a 3.2% increase. Today’s volume of 372,290,698 was higher than the average of the ten most recent market sessions.
The US Markets
The Dow Jones Industrial Average rocketed 477.75 points, or 1.22%, to close at 39,760.08. The S&P 500 gained 44.91 points, or 0.86%, to close at 5,248.49. The Nasdaq Composite was up 83.82 points or 0.51%, to close at 16,399.52.
It was a really broad-based US markets’ advance today as all the market sectors gained. Utilities lead the sectors with a 2.54% gain. Basic Materials was up 1.69%; Industrials gained 1.41%; Financials gained 1.40%. Telecommunications Services gained 1.28% and Healthcare gained 1.22%. Energy gained 0.83% and Technology was up a mere 0.01%.
Aluminum, up 4.68%, was the leading industry at the US markets today. Tires & Rubber Products gained 3.83%; Appliances, Tools & Housewares gained 3.69%; Retail – Department Stores was up 3.67% and Rails & Roads – Passengers was up 3.44%.
Today’s Market Statistics: Today, the gaining issues (Advancers) completely outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 4.50-to-1.0 or in practical terms approximately, for every nine Advancers there were two Decliners. In real numbers, 3,306 Advancers to 735 Decliners with 276 Unchanged. The total volume of shares traded for gaining stocks was 858,262,818 or 85.0%; the total volume for declined stocks was 143,438,623 or 14.2% and 8,599,617 or 0.9% for “Unchanged”.
There were 490 new 52-Week Highs and 47 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 1,010,301,058 compared with 927,734,809 yesterday, a seven percent increase. Today’s volume of 1,010,301,058 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 2.71-to-1 or roughly for every fourteen Advancers there were five Decliners. In real numbers, 3,129 Advancers to 1,153 Decliners with 293 Unchanged. The total volume of volume-gaining stocks was 3,592,368,170 or 73.5%; the total volume of declined-volume stocks was 1,256,949,266 or 25.7% and 35,098,146 or 0.7% for “Unchanged”.
There were 211 new 52-Week Highs and 79 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 4,884,415,582 compared to 5,257,438,166 yesterday, a seven percent decrease. Today’s volume of 4,884,415,582 is seven percent lower than the average of the last ten market sessions.
Oil Price: Oil price was up $0.41 or 0.52% to $81.77 as at the time of writing this post – just about midnight Wednesday.
10 –year Treasury Yield: The US 10-year Treasury yield closed down a couple of basis points at 4.21% on Wednesday.
The market outlook is Market in Rally Mode.
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Stocks In The News/Stocks To Watch
The Toronto Market
The TSX may be ready to finally join the US market rally. The banks look ready to enjoy the ride if the TSX does indeed rally – looks very likely. The economy is still not back at the level it was before the pandemic . Folks are making do with buying mainly essentials – Costco is a favourite of new Canadians for necessities purchased in bulk but Costco (TSX:COST) stock has become a bit pricey so it is time to give Dollarama, the junior store for new and average Canadians. It is a good time for an investor to give Dollarama a second look.
Dollarama has been building a flat base during the last five weeks.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The big Canadian banks are the current easy stock pickings right now.
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Tesla has gained the last three market sessions.
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