The Stock Market At Close – Wednesday, September 27
The Toronto Market
The Toronto TSX composite index declined -120.17 points, or -0.61%, to close at 19,435.98. The TSX closed at 20,622 points, up 54.40 points on Friday, September 15th, but it has been downhill for the index since then. The increased likelihood of further interest rate hikes as the Bank of Canada continues to wrestle with a stubborn inflation and the consequence of the resulting high cost of borrowing money for the economy has been one of the major issues for the TSX.
The price of a barrel of Oil was up again today touching a one year high during the day. Energy was one of the only two gaining sectors within the TSX today. It gained 1.61%. The other was Technology which gained a mere 0.27%. Industrials declined -0.86%; Financials declined -1.17%; Basic Materials declined -1.58% and Utilities sector declined -2.61%. Amongst the industries, Publishing was the top performing industry, gaining 5.04% today. Medical Equipment, Supplies and Distribution gained 3.46%; Insurance gained 3.06% while Integrated Oil and Gas gained 2.83%.and Hotels, Motels & cruise Lines gained 2.66%.
Today’s Statistics: The declined issues (decliners) continued to outnumber the gaining issues (advancers), the same scenario as for the past three sessions. The ratio of decliners to advancers was 1.93-to-1.00. In real numbers, 932 decliners to 482 advancers with 188 Unchanged. There were 16 new 52-Week Highs and 209 new 52 Week Lows. The total volume of shares traded for gaining stocks was 144,245,185 or 41.6%; the total volume for declined stocks was 195,969,191 or 56.5% and 6,648,507 or 1.9% for “Unchanged”.
The total volume of stocks traded today was 346,862,883 compared to 333,481,718 yesterday, a 3.1% increase. Today’s volume at 346,862,883 is higher than the most recent ten-market session average.
Yesterday, for every stock that reached created a new 52-Week High, twenty stocks receded to a new 52 Week Low. It was a sort of cannibalization of growth stock. Today, things were just a little bit better but still far from a regular market day. For every stock that climbed to a new 52 Week High there were thirteen (13) stocks that declined past their previous 52 Week Low. The market remains bearish. We are retaining the label we created yesterday – a “recession precursor” market.
The US Market
The Dow Jones Industrial Average declined -68.61 points, or -0.20%, to close at 33,550.27. The S&P 500 gained a miserable 0.98 points, or 0.02%, to close at 4,274.51. The Nasdaq Composite was up 29.24 points, or 0.22%, to close at 13,092.85. The indexes closed higher today than yesterday but other than that not much has changed with the markets. The volume on the NASDAQ was up 3.15% or 148M. The volume on the NYSE was up 11.62% or 404M, quite heavy.
Energy was the top performing sector today at the US markets. Industrials and technology followed with gains of 0.44% and 0.41% respectively. Financials declined -0.15%; Healthcare declined -0.38% and Utilities was the worst performing sector declining -1.86%. Coal was the top performing industry at the markets today.
Today’s Statistics: Today, the declined issues (decliners) outnumbered the gaining issues (advancers) on the NYSE but not on the NASDAQ. The ratio of decliners to advancers on the NYSE was 3.8-to-1. In real numbers 1955 advancers to 2,029 decliners with 268 “Unchanged”. The total volume of volume-gaining stocks was 510,070,860 or 52.2%; the total volume of declined-volume stocks was 458,904,782 or 47.0%; and 8,292,439 or 0.8% “Unchanged”. There were 56 new 52-Week Highs and 440 new 52-Week Lows.
The market today slightly improved compared to yesterday’s one sided bearish market. For every 10 stocks that gained 38 stocks declined and for every stock that gained higher than its previous 52 Week High, seven and a half stocks receded past their previous 52 Week Low. The total volume of stocks traded on the NYSE today was 977,268,081 compared to 898,106,829 yesterday, an 8.8% increase. The bears are still very much on the prowl.
On the NASDAQ, the ratio of advancers to decliners was 1.14-to-1. The advancers prevailed today but the gap between the decliners and advancers was close. For every twenty two advancers there were twenty decliners. In real numbers, 2,312 advancers to 2,026 decliners with 377 unchanged. The total volume of volume-gaining stocks was 2,760,671,437 or 55.9%; the total volume of declined-volume stocks was 2,035,341,102 or 41.2% and 146,634,570 or 3.0% for “Unchanged”. There were 35 new 52-Week Highs and 341 new 52-Week Lows.
The total volume of stocks traded today was 4,942,647,109 compared to 4,803,797,346 yesterday, a 2.9% increase.
Oil and the money markets: Light sweet oil futures, gained more than 2% and hit as high as $94.14 a barrel on today.
10 –year Treasury Yield: The U.S. Treasury 10-year yield rose sharply today to a level not seen in 15 years. It was up as much as 8 basis points to 4.64% before settling at 4.62%
Gold and Precious Metals: (as at 6:24pm EDT )
Gold was at $1,893.80 up $3.10 or 0.16%
Silver was at $22.77 up 0.05 or 0.22%
Copper was at $3.6445, up 0.008 or 0.22%
Platinum was at $889.10, up 1.70 or 0.19%
Stocks In The News/Stocks To Watch:
The Toronto Market
The stocks in the news story today at the TSX are Oil related and the banks. Oil price continues to climb but the banks stocks continue to edge downwards. Today, the Royal Bank (TSX:RY) closed down -$1.56 or -1.31% to close the market session at $117.30 with 3.4M shares changing hands. The last time RY closed close around $117 was in October 2022 and prior to that, the last closing within that price range was in May 2021.
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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