The Canadian Vanguard Stock Market Report At Close – Friday, January 5, 2024
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Your Market Report And Analysis For Monday’s Market Winning Trades
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The Toronto Market
The TSX composite index gained 66.20 points or 0.32% to close at 20,937.55. The TSX uptrend, ongoing from Friday, October 27th continues.
Eight of the ten TSX major sectors ended the market session in green today. Healthcare was the big performer, up 1.90%. Technology followed with a gain of 0.78%. Financials sector was up 0.47% today while Energy and Utilities sector gained 0.46% each today. Basic Materials sector was up 0.09%. Durable Consumer Goods & Services and Industrials sectors ended the session with declines of -0.04% and -0.25% respectively.
For the week, Healthcare gained 3.93%, Telecommunication Services gained 3.06%; Energy gained 1.3%; Utilities gained 0.46% while Discretionary Consumer Goods & Services gained 0.1%. Technology declined for the week by -3.08% and Financials declined -0.86%.
The top performing industries today were: Pharmaceuticals – Generic & Specialty was up 3.71%; Oil & Gas Drilling was up 3.48%; Insurance – Multiline industry was up 2.19% for the day; Pharmaceuticals – Diversified was up 2.11% and Biotechnology was up 2.08%. Members of the Oil & Gas Drilling industry are: AKITA Drilling Ltd., Cathedral Energy Service Inc., Ensign Energy Services Inc., PHX Energy Services Corp, Precision Drilling Corp and Stampede Drilling Inc. Precision Drilling Corp was the top performer on the TSX today. The stock gained 5.3% or $3.69 to close at 73.28 with 128.5K shares traded.
Today’s Statistics: The gaining issues (advancers) outnumbered the declined issues (decliners) today. The ratio was 1.70-to-1.00 or roughly for every seventeen advancers there were ten decliners. In real numbers, 881 advancers to 519 decliners with 236 Unchanged. The total volume of shares traded for gaining stocks was 169,533,411 or 67%; the total volume for declined stocks was 71,130,113 or 28.1% and 12,211,175 or 4.8% for “Unchanged”.
There were 32 new 52-Week Highs and 8 new 52-Week Lows. The market is still in a bullish trend but may be getting a little tired. Last week Wednesday, the TSX crossed 21,000 for the first time since June 2nd, 2022. It looks like the current climb will take the index over the 21,000 line. Of course, the market will do what it wishes to do. Smart traders know to study and follow the market.
The total volume of stocks traded at the TSX today was 258,874,699 which is quite below the average of recent market sessions.
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The US Markets
The Dow Jones Industrial Average gained 25.77 points, or 0.07%, to close at 37,466.11. The S&P 500 advanced 8.56 points, or 0.18%, to close at 4,697.24. The Nasdaq Composite was up 13.77 points or 0.09%, to close at 14,524.07. The market session was quite choppy as a result of the job reports. Earlier in the session, the Dow Jones index was as high as 37,601 but declined to 37,324, climbed back up, declined again to finally settle at 25 points above yesterday’s closing.
Today’s market actions were driven largely by the job report released in the morning. On the surface, more jobs than economists expected were created during the month of December but upon closer examination the picture was not as rosy as it first appears. Employers added 216,000 positions but also there was the resolution of the United auto Workers strike. What is at stake in this report is the effect on rate cuts. Interest rate increases tend to stifle the market and by some quirks of capitalism when more people are employed, interest rate must go up to dampen the demand for higher wages by workers. When wage growth rises, it is assumed that inflation will follow and that of course brings the Feds back with the big hammer against inflation. However, surveying the analysts’ opinion after the job report today, the market appears set to see further rate cuts ahead during the 2024 year.
The market gains today had a good spread as eight of the major sectors gained. Telecommunications Services was up 0.90%. Financials certainly had a good day and was up 0.60% as the big banks gained. Utilities and Discretionary Consumer Goods & Services were both up 0.35% each. Energy gained 0.24% and Industrials was up 0.18% while technology gained 0.10%. Healthcare declined -01.0% and Durable Consumer Goods & Services declined -0.37%.
For the week, Healthcare was up 1.99%; Utilities was up 1.05%; Telecommunications Services was up 1.00% and Durable Consumer Goods & Services gained 0.31%. There were some relatively big declines for the week: Basic Materials declined -3.88%; Technology declined -3.70%; Industrials declined -2.42% and Energy was down -0.55%.
Airlines was the top performing industry today; the industry was up 3.47%; Airport Services followed with 1.75% gain. The Coal industry was up 1.40%; Paper Packaging was up 1.36% and Aluminum was up 1.35%. Marine Port Services, down -4.70% was the worst performing industry.
Today’s Market Statistics: Today, the gaining issues (advancers) outnumbered the declined issues (decliners) on the NYSE by a ratio of roughly six advancers for every five decliners or 1.16-to-1 numerically. In real numbers, 2,133 advancers to 1,838 decliners with 290 “Unchanged”. The total volume of volume-gaining stocks was 649,600,241 or 63.2%; the total volume of declined-volume stocks was 365,715,849 or 35.6%; and 12,109,977 or 1.2% “Unchanged”.
There were 100 new 52-Week Highs and 36 new 52-Week Lows. The current market rally is still alive. The rally may be aging but it is still very much alive.
The total volume of stocks traded at the TSX today was 1,027,426,067.
On the NASDAQ, the decliners outnumbered the advancers by a ratio of roughly thirteen decliners to every ten advancers or a ratio of 1.3 -to-1 in numbers. There were 2,402 decliners to 1,837 advancers with 352 unchanged. The total volume of volume-gaining stocks was 2,029,504,869 or 37.7%; the total volume of declined-volume stocks was 3,307,454,305 or 61.5% and 44,958,112 or 0.8% for “Unchanged”.
There were 55 new 52-Week Highs and 94 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 5,381,917,286 which is just about average at this time of the year.
The market outlook remains uptrend positive.
10 –year Treasury Yield: The 10-year yield, was down to 3.79% on Dec. 27, but it has inched up during the last few days back to 3.99%. The 10-year yield jumped to 4.08% after the jobs report, but it then finally settled at 4.05% at today’s market session.
Crude oil was up today 2.44% or $1.76.
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