The Stock Market At Close – Wednesday, August 30
The Toronto Market
The Toronto TSX composite index today gained 39.91 points, or 0.2%, to close at 20,330.32.
The TSX composite index extended gains today after fresh gross domestic product (GDP) numbers out of the U.S. were revised down from original expectations, potentially leading to a pause in rate hikes in September.
Five of the major sectors gained. Technology was the led the gainers while Utilities was the poorest performing sector today. Healthcare was up 0.76%, Energy was up 0.46% and Financials was up a grudgingly 0.02%. The materials sector, which includes miners and fertilizer companies, and utilities stocks both declined, down 0.2% and 0.8%, respectively.
Today’s Statistics: Today, the gaining issues (advancers) outnumbered the declined issues (decliners). The ratio of advancers to decliners was 1.30-to-1.00. In real numbers, 762 advancers to 585 decliners with 234 unchanged. There were 59 new 52-week highs and 28 new 52-week lows. The total volume of shares traded for gaining stocks was 166,363,904 or 68.0%; the total volume for declined stocks was 67,032,348 or 27.4% and 11,184,018 or 4.6% for “Unchanged”.
The total volume of stocks traded today was 244,580,270 compared to 267,566,118 on yesterday. The volume of stocks traded today was down 9.3% from yesterday’s volume.
The US Market
The S&P 500 and Nasdaq rose today after data showed the U.S. economy expanded by 2.1% in the second quarter, below a preliminary estimate of 2.4%.
The Dow Jones index gained 37.57 points, or 0.11% to close at 34,890.24. The S&P 500 gained 17.24 points, or 0.39% to end the session at 4,514.87 points. NASDAQ gained 75.55 points, or 0.54% to close the session at 14,019.31 points. The indexes modestly extended the gains from yesterday.
Seven of the sectors gained today with the Technology sector leading with a gain of 0.75%. Energy was up 0.42%. Basic Materials was up 0.14%. The Financial broke even, neither gaining nor loosing during the session.
According to news report from Reuters, China will unblock financing channels of stocks, bonds and loans for private enterprises and support their listing and refinancing, the central bank said on Thursday following a Wednesday meeting with companies and lenders.
The world’s second-largest economy will use stocks and bonds to deal with risk associated with property developers in a prudent manner and guide institutional investors to buy bonds of private firms, the People’s Bank of China said in a statement.
Today’s Statistics: Today, the gaining issues (advancers) outnumbered the declined issues (decliners) on both the NYSE and NASDAQ. The ratio of decliners to advancers on the NYSE was 1.75-to-1. In real numbers, 2,471 advancers to 1,407 decliners with 316 unchanged. There were 155 new 52-week highs and 43 new 52-week lows. The total volume of volume-gaining stocks was 401,920,858 or 55.3%; the total volume of declined-volume stocks was 303,605,861 or 41.8%; and 21,209,415 or 2.9% “Unchanged”.
The total volume of stocks traded on the NYSE today was 726,736,134 compared to 798,639,359 yesterday. The volume today was 10% lower than the volume yesterday. The volume today on the NYSE was below the usual daily average.
On the NASDAQ, the ratio of advancers to decliners was 1.25-to-1. The advancers prevailed. In real numbers, 2,416 advancers to 1,930 decliners with 375 unchanged. There were 86 new 52-week highs and 82 new 52-week lows. The total volume of volume-gaining stocks was 2,614,318,401 or 58.5%; the total volume of declined-volume stocks was 1,807,962,876 or 40.4% and 47,875,835 or 1.1% for “Unchanged”.
The total volume of stocks traded today was 4,470,157,112 compared to 4,838,853,941 yesterday. The volume today was 8.2%% lower compared to the volume yesterday.
Oil and the money markets: U.S. crude oil prices rose 0.6% to $81.63 a barrel. Oil prices are up 3.5% in its five-session win streak.
10 –year Treasury Yield: U.S. Treasury yields slipped to a near three-week low, with the 10-year yield last at 4.12%.
Stocks In the News/Stocks To Watch:
Toronto Market
The National Bank of Canada missed quarterly profit estimates and shares fell more than 2.5%. The bank followed on the heels of Toronto-Dominion Bank, Bank of Nova Scotia and Bank of Montreal missing third-quarter profit estimates on higher loan provisions and analysts say the trend will continue.
Suncor Energy Inc. (TSX:SU) gained $0.31 or 0.67% to close at $46.32.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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