The Stock Market At Close – Wednesday, September 13
The Toronto Market
The TSX composite index gained 55.86 points, or 0.28%, to close at 20,278.94. The total of shares traded at the TSX market was down 5.5% compared with the volume traded at yesterday’s market session.
The Discretionary Consumer Goods & Service gaining 0.75% and the Utilities gaining 0.74% led the sectors with gains today. Going with the market trend the top gain today was less than 1%. The Financials gained 0.56%; Industrial gained 0.53% and Telecommunications gained 0.29%. Rogers Communications gained over 2% today. Basic Materials declined, a scant -0.01% while Healthcare declined -0.28%. Energy declined -0.32% and Technology declined -0.44%.
The TSX index gained today but there was something missing. A good number of the stocks appear to be starting or are already into building flat bases, an indication they are probably preparing to make the move upwards.
Today’s Statistics: The declined issues (decliners) outnumbered the gaining issues (advancers) today. The ratio of decliners to advancers was 1.13-to-1.00. In real numbers, 639 decliners to 728 advancers with 234 unchanged. There were 23 new 52-week highs and 31 new 52-week lows. The total volume of shares traded for gaining stocks was 128,978,693 or 39.5%; the total volume for declined stocks was 185,520,192 or 56.8% and 12,169,843 or 3.7% for “Unchanged”.
The total volume of stocks traded today was 326,668,728 compared to 345,822,461 yesterday, a decrease of 5.5%.
The US Market
The Dow Jones Industrial Average declined -70.46 points, or -0.20%, to close at 34,575.53. The S&P 500 gained 5.54 points, or 0.12%, to close at 4,467.44. The NASDAQ Composite gained 39.97 points, or 0.29%, to close at 13,813.59. The gain was scant in the case of S&P 500, falling within daily market noise range.
Utilities led the five gaining sectors with a gain of 1.08%. It may be that investors are looking for a bit more security as Utilities tend to provide that through dividends. Utilities provide steady dividends which even if not large can always be be counted on to arrive. Durable Consumer Goods & Services followed with a gain of 0.41%. Telecommunications Services was next with a gain of 0.36%. Technology gained 0.16% while Financials declined -0.19% and Healthcare declined -0.22%. The Energy sector declined -0.57%.
The so called AI companies appear to be having a rest after those giant gains since the beginning of the year. It could also be that the AI hype is waning. Ultimately the AI companies which survive will be those that build applications that aid in completing day to day activities more easily.
Today’s Statistics: Today, the declined issues (decliners) outnumbered the gaining issues (advancers) on both the NYSE and NASDAQ. The ratio of decliners to advancers on the NYSE was 1.15-to-1. In real numbers, 2,269 decliners to 1,575 advancers with 280 unchanged. There were 86 new 52-week highs and 122 new 52-week lows. The total volume of volume-gaining stocks was 312,743,390 or 34.1%; the total volume of declined-volume stocks was 591,409,006 or 64.5%; and 13,079,956 or 1.4% “Unchanged”.
The total volume of stocks traded on the NYSE today was 917,232,352 compared to 815,447,020 yesterday, an increase of 12.5%. The two indexes that gained today made scant gains, however, the session resulted in an increase in volumes traded. This requires further analysis but that is beyond the scope of this free Stock Market Report.
If you are interested in more detailed analysis, please subscribe. We provide a more detailed analysis in easily understood high level presentations, however, this service is available ONLY to our subscribers. Statistically, the market performance was worse today than yesterday. Even though S&P 500 and NASDAQ made gains today, those gains were marginal.
On the NASDAQ, the ratio of decliners to advancers was 1.64-to-1. The decliners prevailed today. In real numbers, 2,692 decliners to 1,641 advancers with 411 unchanged. There were 35 new 52-week highs and 217 new 52-week lows. The total volume of volume-gaining stocks was 2,426,238,404 or 49.1%; the total volume of declined-volume stocks was 2,454,830,544 or 49.7% and 57,478,375 or 1.2% for “Unchanged”.
The total volume of stocks traded today was 4,938,547,323 compared to 4,698,854,943 yesterday an increase of 5.1%. This is a bit significant in the sense that at 5%, it is higher than what would pass for daily noise increase/decrease range.
Stocks In The News/Stocks To Watch:
The Toronto Market
The Bank Of Montreal (TSX:BMO) has reversed from the trend of the past weeks when the bank stocks were mainly in decline. BMO stock has gained handsomely during each of the past three market sessions. Today the stock gained 1.24% or $1.44 to close the day at $117.63. The volume of BMO shares traded today was 1.6M which is quite higher than the average daily volume for the stock.
Dollarama Inc. (TSX:DOL) bolted upwards today. The stock climbed 5.93% or $5.30 to close at $94.66. The volume of shares of Dollarama traded was 1.9M. The closing value today further takes Dollarama to an all time high.
North West Company Inc. (TSX:NWC) is a more risky play. However, the company has just raised its dividend to $0.39. In addition several analysts have upgraded the stock to “Buy” from “Hold”. Today the stock jumped 14.66%. Volume traded was 457.9K
The US Market
The AI hype may be starting to fade a bit. Most of the technology stocks that recorded giant gains early in the year are now shedding a bit of those gains. Nvidia Corporation (NVDA) has temporarily gone off the “radar screens”. Oracle Corporation recovered a bit of yesterday’s damage today. The stock gained 2.03% or $2.23 to close at $111.84. The volume of shares traded was 27.2M
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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