The Canadian Vanguard Stock Market Report At Market Close – Tuesday, January 16, 2024

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Your  Tuesday Market Report And Analysis For Wednesday’s Market Winning Trades

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The Toronto Market

The TSX composite index declined -113.79 points or -0.54% to close at 20,948.09. The TSX took its time to cross the 21,000 points level. It did yesterday but was quick to decline below the level at the following market session.

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Will the TSX cross the 21,000 level anytime soon or even before the end of the week – just three more market sessions left this week? The Canadian Vanguard is not in the business of predicting market specifics. We analyze the current markets’ performance data, combine the data with fundamentals to spot leading companies, we then make suggestions as to the company stocks which are likely to see growth in the near and long terms.  Our analysis are prepared by professionals with several years of industry experience. We go to great lengths to avoid involving AI in our analysis.

Six of the TSX major indexes were up today with Durable Consumer Goods & Services leading the sectors today with 0.64% gain. Telecommunications Services with 0.64% followed. Discretionary Consumer Goods & Services was up 0.40%; Technology was up 0.29%; Industrials was up 0.20% and Healthcare was up with 0.15%. Financials declined -0.12%; Utilities declined -0.31%; Energy declined -1.48% and Basic materials declined -2.08%

Retail – Apparel & Accessories up 19.51% was the top performing industry at the TSX today. Textiles & Leather Goods was up 16.67%; Paper Packaging was up 6.05%; Medical equipment, supplies & Distribution gained 2.40% and Pharmaceuticals – Generic & Specialty was up 1.57%.

Today’s Statistics: The declined issues (decliners) totally outnumbered the gaining issues (advancers) today. The ratio was 2.87-to-1.00 or roughly for every three decliners there was a decliner. In real numbers, 1138 decliners to 396 advancers with 81 Unchanged. The total volume of shares traded for gaining stocks was 96,679,505 or 30.3%; the total volume for declined stocks was 215,952,700 or 67.6% and 6,680,033 or 2.1% for “Unchanged”.

There were 96 new 52-Week Highs and 25 new 52-Week Lows. The market today was lopsidedly bearish, we shall ignore ratio of 52-Week Highs to 52-Week Lows. One market day’s performance is not enough to decide a judgement on the rally. The rally is surely aging but remains alive.  The TSX was quite hesitant to cross the 21,000 points level. It did with some small room to spare yesterday but declined to remain below that level today.

The total volume of stocks traded at the TSX today was 319,312,238 compared with 320,320,972 yesterday, an 8% increase. Today’s volume of 319,312,238 is about one per cent higher than the average of the ten most recent market sessions. The volumes at the market sessions have been relatively high during the first two weeks of this year.

 The US Markets

The Dow Jones Industrial Average was down today -23.86 points, or -0.62%, to close at 37,361.12. The S&P 500 was down -17.85 points, or -0.37%, to close at 4,765.98. The Nasdaq Composite declined -28.41 points or -0.19%, to close at 14,944.35. All the US indexes ended the market session in the red today. Indexes were down but volume was up.

Nine of the major US sectors ended the market session in the red today. Telecommunications Services with a gain of 0.26% was the only sector to escape closing in the red today. It was a broad-based market session of declines. Technology declined a mere -0.1% (one in a thousand) but Energy sector declined -2.30%. Basic Materials declined -1.88%; Utilities declined -1.19%; Financials was down -1.07% while Industrials was down  -0.98% and Healthcare was down -0.71%.

Marine Port Services, up 2.89%,  was the lead performing industry at the market session today. Semiconductors, up 1.71%, continue to remain a consistent market performer. Retail – Specialty was up 1.44% while Marine Transportation was up 0.88% and Integrated Telecommunication Services gained 0.86% today.

People continue to talk about bringing and end to fossil fuels but the Coal Industry in the US pays currently pays 10.01% dividend yield according to data available. Investment Trusts pay 8.43% dividend yield while Integrated Oil & Gas pays 7.74% dividend yield. For comparison, the five big Canadian pays good dividends but the dividend yield even for the nest of the banks is less six per cent. If you bought in November last year when the bank’s share prices were down you might be seeing a dividend yield higher than six percent.

Today’s Market Statistics: Today, the declined issues (decliners) completely outnumbered the gaining issues (advancers) on the NYSE by a ratio of roughly four decliners to every advancer or 3.82-to-1 numerically. In real numbers, 3,243 decliners to 849 advancers with 214 “Unchanged”. The total volume of volume-gaining stocks was 168,500,452 or 16.1%; the total volume of declined-volume stocks was 863,686,938 or 82.6%; and 12,862,849 or 1.2% “Unchanged”.

There were 128 new 52-Week Highs and 132 new 52-Week Lows. The current market rally is still alive.

Total volume of stocks traded on the NYSE today was 1,045,050,239 compared to a total volume of 936,032,709 last week Friday.

The volume of stocks traded was slightly higher than recent daily average and was higher than the volume of shares traded yesterday. The point to note today is the high volume on a bearish market day. This is never a positive for the any market.

On the NASDAQ, the decliners outnumbered the advancers by a ratio of roughly five decliners to every two advancers or a ratio of 2.66 -to-1 in numbers. There were 3,151 decliners to 1,184 advancers with 292 unchanged.  The total volume of volume-gaining stocks was 3,208,194,993 or 48.2%; the total volume of declined-volume stocks was 3,407,503,116 or 51.2% and 37,161,398 or 0.6% for “Unchanged”.

There were 87 new 52-Week Highs and 207 new 52-Week Lows.

The total volume of stocks traded today was 6,652,859,507 which is quite high and well above the average of ten most recent market sessions. The data indicted a rather bearish market session today. The bear market might be lurking around the corner especially as the current  market rally may be needing a short break.

The market outlook remains uptrend positive.

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Regular Market Day Features

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The Canadian Vanguard Chinese Stocks Watchlist 

EV, Energy and Resource Stocks Watchlist 

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