The Canadian Vanguard Stock Market Report At Close – Wednesday, November 22, 2023
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Today’s Market Report And Analysis For Tomorrow’s Market Winning Trades And Profitable Investing
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The Toronto Market
The TSX composite index was up a paltry 3.99 points or 0.02% to close at 20,113.99. Today was a bit of a choppy session but the TSX, in the late afternoon, moderated the amplitude of the swings to stay closer to the previous session’s closing while holding on to a rather marginal gain. The index managed to close in green at 3.99 points at the closing bell.
Durable Consumer Goods & Services was the top gainer among the TSX sectors. The sector was up an impressive 2.85%. Food Distribution & Convenience industry, a major member of the sector, gained 3.52% today. Personal Services industry, another member of the sector, gained 1.88%.
Technology with a gain of 0.71% was the second top gaining sector. Healthcare followed with 0.24% gain; then Utilities with 0.19% gain and Industrials gained 0.02%. The remaining five of the major sectors ended up in the red. Financials was in the red with –0.04% decline, Basic Materials declined -0.09% and Energy was the worst performing sector today with -0.52% decline. Oil price was down today and that possibly contributed to Energy sector ending the day in red.
The top performing industry on the TSX today was Publishing, with a gain of 12.05%. Semiconductors industry was next with a gain of 3.74%. Food Distribution & Convenience Stores gained 3.52%; Retail – Apparel & Accessories gained 2.97%. Advertising/Marketing industry gained 2.37%.
In related news, Metro Inc., will be able to buy back, repurchase in other words, in normal course of business, between Nov 27, 2023 and November 26, 2024, up to 7 million of its outstanding common shares.
Today’s Statistics: The gaining issues (advancers) outnumbered the declined issues (decliners) by a ratio of 1.55-to-1. In real numbers, 846 advancers to 543 decliners with 210 Unchanged. The total volume of shares traded for gaining stocks was 110,641,384 or 38%; the total volume for declined stocks was 168,554,392 or 57.8% and 12,327,955 or 4.2% for “Unchanged”.
There were 119 new 52-Week Highs and 26 new 52-Week Lows. That is quite positive, contributing some points to our decision to make the call at this point that the current market bullish trend remains intact.
The total volume of stocks traded at the TSX today was 291,523,731 compared with 288,281,383 yesterday, a one per cent increase. Today’s volume of 288,281,383 is about 3% higher than the average of the most recent ten-market sessions.
The US Markets
The Dow Jones Industrial Average closed up 184.74 points, or 0.53%, to close at 35,273.03. The S&P 500 gained 18.43 points, or 0.41%, to close at 4,556.62. The Nasdaq Composite gained 65.88 points or 0.46%, to close at 14,265.86.
- This is a reminder that the US Market will be closed on Thursday, November 24 for Thanksgiving Holiday. The market will re-open at the usual time (9:30am) on Friday, November 25 but the session will end with the closing Bell ringing at 1pm.
The indexes were all up today with gains in the 0.5% range. The real story today, however, was why investors stayed away, thus denting the glow of the gains. Volume on the NYSE was down a massive 13.34% compared to yesterday. Volume was down on the NASDAQ 6.6% which certainly is not negligible.
The gains at the US markets today was broad based as seven of the major sectors ended in green. The top gaining sector was Durable Consumer Goods & Services with 0.66% gain, good gain but not big. Energy was the worst performing sector. It ended the market session in the red with -0.44% decline. Today was a day with no outsized gains or declines. Technology gained 0.48% while Financials gained 0.29%.
The top performing industry today was Retail – Catalog & Internet Order with 1.89% gain. Airport Services gained 1.72%; Textiles & Leather Goods gained 1.70%; Coal gained 1.59% and Marine Port services gained 1.57%.
Today’s Market Statistics: Today, the gaining issues (advancers) outnumbered the declined issues (decliners) on the NYSE. The ratio of decliners to advancers on the NYSE was 2.29-to-1. In real numbers, 2,612 advancers to 1,325 decliners with 306 “Unchanged”. The total volume of volume-gaining stocks was 270,265,537 or 32.3%; the total volume of declined-volume stocks was 557,833,561 or 66.7%; and 7,811,293 or 0.9% “Unchanged”.
There were 192 new 52-Week Highs and 54new 52-Week Lows.
The total volume of stocks traded on the NYSE today was 748,107,320 compared with 835,910,391 yesterday, an eleven per cent (11%) decrease. Yesterday we mentioned that investors largely took a pass, today even many more investors stayed away. Today’s total volume, of 748,107,320 shares traded was about twelve percent (12%) below the average of the most recent ten-market sessions.
On the NASDAQ, the advancers outnumbered the decliners. The ratio of decliners to advancers on the NYSE was 2.29-to-1. In real numbers, 2,723 advancers to 1,603 decliners with 412 “Unchanged”. The total volume of volume-gaining stocks was 2,509,314,274 or 63.6%; the total volume of declined-volume stocks was 1,351,486,732 or 34.2% and 85,228,892 or 2.2% “Unchanged”.
There were 137 new 52-Week Highs compared to 125 new 52-Week Lows.
The total volume of stocks traded today on the NASDAQ was 3,946,029,898 compared to 4,232,864,177 yesterday, a 7% decrease. The volume of stocks traded today at 3,946,029,898 was 10% lower than the average volume of the ten most recent market sessions. The total volume of stocks traded today on the NASDAQ was down about 9% from the average of the most recent ten-market sessions.
The market outlook remains uptrend positive.
10 –year Treasury Yield: The 10-year yield was essentially flat at 4.415% after falling to 4.365% intraday
Stocks In The News/Stocks To Watch:
The Toronto Market
One stock to keep a very keen eye on as an investor on the TSX is George Weston Limited (TSX:WN). The company yesterday, delivered another quarter of positive results during the earnings report, underpinned by the strong operational and financial performance of its business on Tuesday. According to the company’s Chief Executive Officer “”Choice Properties delivered stable cash flows and strong occupancy, and customers responded favourably to Loblaw’s offering of value, service, and quality. With strong performance from both of its market-leading businesses, George Weston is well positioned for the rest of the year.”
Loblaw Companies Limited (“Loblaw”) delivered another quarter of strong operational and financial results as it continued to execute on retail excellence. Loblaw’s focus on providing value across its food and drug retail businesses led to sales growth, increased market share, and higher unit sales. Drug retail sales reflected ongoing strength in front store beauty products and increased prescription sales. In food retail, Loblaw’s discount stores benefited from increased traffic from customers seeking quality and value from its private label brands and personalized PC OptimumTM offers. Loblaw continued to invest in opening new discount stores, including its 150th discount Maxi location in the community of Ville-des-Laurentides, which celebrated its first full-shop discount grocery store.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
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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