The Canadian Vanguard Stock Market Report At Market Close – April 26, 2024 Weekend
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Data Driven Stock Market Analysis And Report – April 26 – 28, Weekend Edition
The Toronto Market
The TSX advanced 83.86 points or 0.38% to close Friday’s market session at 21,969.24. The market on Friday was up right from the opening bell and mainly stayed positive throughout the market session.
The market on Friday was broad-based positive. Eight of the ten major market sectors gained. Basic Materials was the leading sector again with 1.77% gain. Healthcare was up 1.14%; Financials was up 0.45%; Technology was up 0.40% while Industrials gained 0.18%; Energy gained 0.08% and Discretionary Consumer Goods & Services gained 0.05%. Utilities declined -0.03% and Telecommunications Services declined -0.42%.
For the week, eight of the major sectors gained. Durable Consumer Goods & Services lead the sectors for the week with 2.32% gain. Basic Materials was up 1.97%; Energy was up 1.95%; Discretionary Consumer Goods & Services gained 1.37%; Utilities was up 0.75%; Technology was up 0.68%; Healthcare gained 0.61%; Financials gained 0.56% while Telecommunications Services declined -0.65% and Industrials declined -0.61% for the week.
Coal was the top industry on Friday up 14.23%; Mining & Metals – Specialty was up 4.25% on Friday, up from 3.99% on Thursday. Oil & Gas Drilling was up 3.57%; Construction Materials was up 3.55% while Leisure & Recreation was up 3.06%
Today’s Statistics: Today, the gaining issues (Advancers) totally prevailed over the declined issues (Decliners). The ratio of Advancers to Decliners was 3.44-to-1.0 or in practical terms, for every seven Advancers there were two Decliners. In real numbers, 1,099 Advancers to 319 Decliners with 88 Unchanged. The total volume of shares traded for gaining stocks was 188,816,071 or 67.3%, the total volume for declined stocks was 84,032,865 or 29.9% and 7,809,874 or 2.8% for “Unchanged”.
There were 36 new 52-Week Highs and 5 new 52-Week Lows. Yesterday, there were 16 new 52-Week Highs and 15 new 52-Week Lows. The market on Friday was bullish.
The total volume of stocks traded at the TSX today was 280,658,810 compared to 308,927,679 yesterday, a 9.1% percent decrease. Today’s volume of 280,658,810 was fifteen percent lower than the average of the ten most recent market sessions.
The US Market
The Dow Industrial Average climbed 153.24 points or 0.40%. The S&P 500 gained 51.54 points, or 1.02%, to close at 5,099.96. The Nasdaq Composite was up 316.14 points or 2.03%, to close at 15,927.90.
The market on Friday was buoyant with NASDAQ roaring from the starting block at the opening bell. Seven of the major sectors finished the session in green. Technology was far ahead of the other sectors with 2.30% gain. Discretionary Consumer Goods & Services gained 1.22%; Basic Materials was up 0.82%; Telecommunications Services gained 0.57%; Industrials gained 0.26% while Healthcare gained 0.20% and Financials was up by just 0.06%. Energy declined -0.41% and Utilities was down by -0.85%.
This was a good week after all for the sectors with all the major sectors registering gains for the week. Technology had a particularly good week as the sector was up a good 5.31% for the week. Discretionary Consumer Goods & Services gained 2.92%; Industrials sector was up 2.00%; Utilities was up 1.89%; Financials was up 1.76% this week; Healthcare was up 1.72%; Durable Consumer Goods & Services was up 1.57%; Energy gained 1.45% for the week. Basic Materials gained 1.08% and Telecommunications Services, which was the only sector to gain less than 1% for the week, was up 0.65%
Semiconductors industry continued the pace from Thursday to gain 3.65%; Retail – Catalog & Internet Order was up 3.38%; Pharmaceuticals – Generic & Specialty was up 3.09%; IT Services & Consulting gained 3.07% and Aluminum industry gained 2.78%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 2.24-to-1.0 or in practical terms, approximately for every two Advancers there was one Decliner. In real numbers, 2,752 Advancers to 1,225 Decliners with 259 Unchanged. The total volume of shares traded for gaining stocks was 588,614,194 or 62.9%; the total volume for declined stocks was 333,754,195 or 35.6% and 13,861,669 or 1.5% for “Unchanged”.
There were 117 new 52-Week Highs and 39 new 52-Week Lows. On Thursday, there were 72 new 52-Week Highs and 85 new 52-Week Lows. On Wednesday, there were 80 new 52-Week Highs and 50 new 52-Week Lows. There was clearly a reversal of trend on Friday.
The total volume of stocks traded at the NYSE today was 936,230,058 compared with 1,051,581,554 yesterday, an 11% decrease. Today’s volume of 936,230,058 is five per cent lower than the average of the ten most recent market sessions.
On the NASDAQ, the Advancers prevailed over the Decliners today by a ratio of 1.85-to-1 or roughly for every two Advancers there was one Decliner. In real numbers, there were 2,730 Advancers to 1,476 Decliners with 304 Unchanged. The total volume of volume-gaining stocks was 3,143,671,757 or 65.4%; the total volume of declined-volume stocks was 1,561,099,175 or 32.5% and 100,467,703 or 2.1% for “Unchanged”. The size of the “Unchanged” was substantial, unusually so especially given that the day’s volume was quite low.
There were 59 new 52-Week Highs and 88 new 52-Week Lows. On Thursday there were 37 new 52-Week Highs and 203 new 52-Week Lows. While on Wednesday, there were 55 new 52-Week Highs and 120 new 52-Week Lows. NASDAQ continues to be bearish even if less bearish than the previous session.
The total volume of stocks traded at the NASDAQ today was 4,805,238,635 compared to 4,969,774,552 yesterday, a 3.4% decrease. Today’s volume of 4,805,238,635 is about three percent lower than the average of the last ten market sessions.
10 –year Treasury Yield: The 10-year Treasury yield rose 5.5 basis points for the week to 4.67%. The yield slipped after the latest US inflation report but continues to trend up. The 10-year yield is currently at 4.64 as at the 12:00am Monday April 29th morning. It is generally not good for the stock market when the 10-year yield is at 4% or higher. Investors can make similar or better returns from bonds with much less risk compared to the stock market.
The market outlook remains Market In Early Rally Mode. We continue to recommend that investors wait for the rally to gain traction before jumping in. The indexes were up at market close on Friday but volume was down. The 10-year yield remains above 4.5. All these signals add up to caution required – the rally remains in the early stage.
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