The Canadian Vanguard Stock Market Report At Close – Friday, November 17, 2023
Your Market Report And Analysis For Tomorrow’s Market Winning Trades And Profitable Investing.
The Toronto Market
Today, the Toronto TSX composite index gained 122 points or 0.61% to close at 20,175.77. The index climbed even higher above the 20,000 level for the second consecutive market session, thanks to the 4% gain in Oil prices today.
Today’s market performance was all around positive. Seven of the major TSX sectors ended the market session in the green. Oil price was up 4% today. Energy sector was the top performing sector on TSX today, up 2.17%. Durable Consumer Goods & Services followed with 1.19%. Healthcare gained 1.13% while Financials and Technology each gained 0.52%. Utilities ended the market session with 0.29% gain. Industrials, Basic Materials and Discretionary Consumer Goods & Services ended the market session in the red.
For the week, Technology sector was clearly the top gainer. Technology gained a princely 7.92%. Basic Materials gained 3.24% while Financials gained 3.16%. The banks did well during the week. Energy, in spite of today’s gain, actually went down 0.76% for the week. Oil price declined drastically earlier in the week.
Coal, with a gain of 5.04%, was the top performing industry at the market session today. Integrated Oil & Gas gained 3.57%. Oil & Gas Drilling gained 2.66% while Auto & Truck Manufacturers gained 2.52%.
Today’s Statistics: The gaining issues (advancers) outnumbered the declined issues (decliners) today. The ratio was 1.93-to-1.00 or for every two advancers there was one decliner. In real numbers, 905 advancers to 469 decliners with 207 “Unchanged”. The total volume of shares traded for gaining stocks was 217,333,511 or 74.9%; the total volume for declined stocks was 63,813,744 or 22% and 8,963,426 or 3.1% for “Unchanged”.
The total volume of stocks traded at the TSX today was 290,110,681 compared with 340,360,399 yesterday, a 15% decrease in volume. Today’s volume of 290,110,681 is about the average of the ten most recent market sessions.
There were 70 new 52-Week Highs and 16 new 52-Week Lows. The rally is gaining steam and the TSX is sitting more comfortably above the 20,000 level. It is time to get fully invested. The current market rally has legs.
The US Markets
The Dow Jones Industrial Average was up or managed to stay up 1.81 points, or 0.01%, to close at 34,947.28. The S&P 500 was up 5.78 points, or 0.13%, to close at 4,514.02. The Nasdaq Composite gained 11.81 points or 0.08%, to close at 14,125.48.
The market performance today was even more broad-based in the US where eight of the major sectors ended up in green at today’s market. Energy was the top gaining sector with 2.16% gain. Financials followed with 0.85% gain. Durable Consumer Goods and Services gained 0.83%. Basic Materials gained 0.44%; Industrials gained 0.42% and Utilities gained 0.27%. Technology sector was the worst performer today with a decline of 0.07%, not major but still a decline.
Technology was the top gaining sector for the week. It gained 4.88%. Five of the major sectors of US markets gained higher than 4% for the week. It was a good week as every sector ended in green for the week. Energy was the worst performing sector during this week, but it still managed to remain in green with a gain of 0.22%. Retail – Apparel & Accessories made an impressive gain of 6.15%. Oil & Gas Drilling gained 3.39%, while Retail – Department Stores gained 3.35%, Airport Services gained 3.24% and Rails &Roads – Passengers gained 3.16%.
The top performing industry today was Precious Metals & Minerals with a gain of 1.52%. Insurance – Multiline followed with a gain of 1.2%; Restaurants followed with 1.08% while Medical Equipment, Supplies & Distribution was up 1.03%.
Today’s Market Statistics: Today, the gaining issues (advancers) outnumbered the declined issues (decliners) on the NYSE. That is a change from the past four market sessions. The ratio of advancers to decliners on the NYSE was 2.65-to-1, or thirteen to five. In real numbers, 2,846 advancers to decliners 1,072 with 270 “Unchanged”. Yesterday’s performance by the decliners was just a one day event. The advancers are back today with vigour. The total volume of volume-gaining stocks was 758,875,351 or 74%; the total volume of declined-volume stocks was 255,829,118 or 24.9%; and 10,917,994 or 1.1% “Unchanged”. There were 132 new 52-Week Highs and 34 new 52-Week Lows.
The total volume of stocks traded on the NYSE today was 1,025,622,463 compared with 958,820,695 yesterday, a 7% increase. The market data is positively bullish. The rally remains in excellent shape. Today’s volume of 1,025,622,463 shares traded, is a bit higher than the average of most recent ten-market sessions. The current market rally remains intact.
On the NASDAQ, the advancers outnumbered the decliners today. There were 2,930 advancers to 1,356 decliners with 414 unchanged, a ratio of 2.16-to-1 or eleven to five. The total volume of volume-gaining stocks was 3,374,756,819 or 74.8%; the total volume of declined-volume stocks was 1,090,406,096 or 24.2% and 44,929,364 or 1.0% for “Unchanged”. There were 74 new 52-Week Highs and 102 new 52-Week Lows.
The total volume of stocks traded on the NASDAQ today was 4,510,092,279 compared with 4,670,856,579 yesterday, a 4% decrease. The volume of stocks traded today at 4,510,092,279 was lower than the average volume of the ten most recent market sessions. The Nasdaq Composite index rose slightly today but volume was down a bit.
Stocks In The News/Stocks To Watch:
The Toronto Market
Toromont Industries Ltd. (TIH) is a stock to watch. The TIH stock today gained 0.86% or $0.98 to close at $114.77 with a volume of 104K shares traded. It is currently rated by industry analysts at Outperform. The stock is near a proper buy point of $115.
The Canadian Big Five banks are back. On Monday, October 30, Royal Bank of Canada (TSX:RY) closed at $110.12 and Canadian Imperial Bank of Commerce (TSX:CM) closed $48.78. Today, RY stock closed at $120.49, up 0.61% or $0.73 with a volume of 3.0M shares changing hands. RY stock has gained thirteen of the past fifteen market sessions. CM stock closed today at $54.22, up 1.18% or 0.63 with 2.1M shares traded.
For easy comparison here are some closing price data:
……………. Monday, Oct 30 Friday, Nov 17 Quarterly Dividend Yield
TSX:RY $110.12 $120.49 4.65%
TSX:CM $48.78 $54.22 6.72%
TSX:BMO $104.53 $112.03 5.35%
TSX:TD $77.19 $84.78 4.74%
The US Markets
On Wednesday, Palo Alto Networks (PANW) was the second-worst performer on the NASDAQ. It was down 5.4%. But the stock was up Thursday and up 2.118% on Friday with a big 118% increase in volume of shares traded compared to the previous day. The stock is behaving as if it is going try to recoup the losses of Wednesday. We shall keep both an analog and a digital eye on the stock.
Two days ago, we mentioned that LI Autos appears to be on its way to hitting the $40 price. Today it closed at $40.80 crossing not only the $40 price level but doing so with 47% volume increase compared with the previous market session– remarkable performance. Today, the company unveiled LI MEGA, its high-tech flagship Family MPV, at the 21st Guangzhou International Automobile Exhibition.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The banks are back. We suggested buying the Canadian banks a week and a half ago. Ideally a smart investor would have purchased the banks around October 30 – October 31 time frame. Please see Toronto Market above.
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
IMPORTANT NOTICE
Readers are reminded that the market’s performance at the following day’s market session may completely differ from the market performance at the overnight markets.
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