The Canadian Vanguard Stock Market Report At Market Close – Thursday, January 18, 2024
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Today’s Data Driven Market Report And Analysis For Tomorrow’s Market Winning Trades
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The Toronto Market
The TSX composite index was up 61.71 points or 0.30% to close today’s market session at 20,756.73.
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Seven of the TSX’s major sectors gained at today’s market session compared to yesterday when all ten sectors declined. Durable Consumer Goods & Services, like yesterday, was the top performing sector today and ended the session with a gain 1.73% which is quite a reversal of -0.23% decline yesterday.
Industrials sector was up 1.46%; Telecommunication Services was up 0.39%; Financials was up 0.33%; Discretionary Consumer Goods & Services was up 0.31%; Basic Materials was up 0.09% and Energy sector was up a mere 0.01%. Utilities declined -0.775; Technology declined -0.80% and Healthcare declined -1.18%
Construction Materials, up 4.41%, was the top performing industry today. Electrical Components & Equipment was up 2.99%; Paper Packaging gained 2.81%; Environmental Services was up 2.34% and Engineering & Construction gained 2.16%.
Members of the construction industry include Fab-Form Industries Ltd. (TSX:FBF), Source Energy Services Ltd (TSX:SHLE), Atlas Salt Inc. (TSX:SALT), Canadian Premium Sand Inc. (TSX:CPS), Homerun Resources Inc. (TSX:HMR) , Quebec Innovative Materials (TSX:QIMC) and Whitemud Resources Inc. (TSX:WMK)
Today’s Statistics: The gaining issues (advancers) outnumbered the declined issues (decliners) today. The ratio was 1.40-to-1.00 or roughly for every seven advancers there were five decliners. In real numbers, 825 decliners to 590 advancers with 145 Unchanged. The total volume of shares traded for gaining stocks was 92,671,497 or 32.2%; the total volume for declined stocks was 181,673,466 or 63% and 13,887,820 or 4.8% for “Unchanged”.
There were 95 new 52-Week Highs and 32 new 52-Week Lows. The market today tried to reverse yesterday’s broad-based negative market performance but for one there was not enough volume today to make a good comparison with yesterday’s market session. Also, although it is too early to say, the 21000 level may become a resistance for the index possibly in the short term.
The total volume of stocks traded at the TSX today was 288,232,783 compared with 307,874,564 yesterday, a 6.5% decrease. Today’s volume of 288,232,783 is lower than the average of the ten most recent market sessions.
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The US Market
The Dow Jones Industrial Average was up 201.94 points, or 0.54%, to close at 37,468,61. The S&P 500 gained 41.73 points, or 0.88%, to close at 4,780.94. The Nasdaq Composite was up 200.03 points or 1.35%, to close at 15,055.65.
The US markets were up with healthy gains today. The market practically reversed yesterday’s bearish trend. It was a broad-based positive market session. Eight of the sectors ended the session with gains. Technology, up 1.95%, Industrials gained 1.21%; Durable Consumer Goods & Services was up 0.72%; Basic Materials (mining companies are listed in this sector) was up 0.55%; Telecommunications Services was up 0.25%; Financials gained 0.16% and Energy gained 0.02%. Healthcare was down 0.04% and Utilities declined -0.98%.
Coal, up 4.56% was the top performing industry at today’s market session. Semiconductor Equipment & Testing was up 4.45%; Airlines gained 3.75%; Semiconductors gained 3.41% while casinos & Gaming gained 3.25%. Given recent performance, it may be worth the while to keep an eye on the Coal industry. The Coal industry according to recent data pays a dividend yield of 10.34%.
Today’s Market Statistics: Today, the gaining issues (advancers) outnumbered the declined issues (decliners) on the NYSE by a ratio of roughly three advancers to every two decliners or 1.34-to-1 numerically. In real numbers, 2,296 decliners to 1,711 advancers with 284 “Unchanged”. The total volume of volume-gaining stocks was 489,197,582 or 50.4%; the total volume of declined-volume stocks was 462,954,967 or 47.7%; and 18,828,462 or 1.9% “Unchanged”.
There were 160 new 52-Week Highs and 111 new 52-Week Lows. This difference is not wide enough to be considered bullish.
The total volume of stocks traded at the NYSE today was 970,981,011 compared with 956,958,606 yesterday, a 1.5% increase. Today’s volume of 970,981,011 is about one per cent higher than the average of the ten most recent market sessions.
The market tried to reverse yesterday’s bearish performance but the data points to the need for more work to be done by the market in order to be fully convincing about it. The US indexes did a better job of attempting to reverse yesterday’s negative market.
On the NASDAQ, the decliners outnumbered the advancers by a ratio of roughly eleven decliners to every ten advancers or a ratio of 2.15 -to-1 in numbers. There were 2,233 advancers to 2,011 decliners with 321 unchanged. The total volume of volume-gaining stocks was 3,165,070,629 or 55.5%; the total volume of declined-volume stocks was 2,485,338,938 or 43.6% and 53,760,698 or 0.9% for “Unchanged”.
There were 85 new 52-Week Highs and 202 new 52-Week Lows. This is bearish. The market today gave a couple of conflicting signals. We shall wait a few more market sessions before we make a call on the market direction. The market appears to be struggling to find the direction to go. The rally is not dead but it is more risky to count on it now.
The total volume of stocks traded at the NASDAQ today was 5,704,170,265 compared with 5,301,086,820 yesterday, a 7.6% increase. Today’s volume of 5,704,170,265 is about three per cent higher than the average of the ten most recent market sessions.
The market outlook is trade with caution.
10 –year Treasury Yield: The US 10-year rate inched up to 4.15 as at the time of writing this post.
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