It has been a very mixed week for world equity markets. Although some major US indices have continued to rally to all-time highs, including the S&P 500 and the NASDAQ, these highs have been marginal, suggesting upward momentum is slowing. Gains have been concentrated in a shrinking number of large cap stocks, mainly in the semiconductor sector. In this edition of Equity Leaders Weekly, we look at concentration in the US equity market and the ongoing selloff in Europe.
Canadian engineering stocks started the year off strong but recently stalled out for a few weeks. Unlike some of its competitors, which saw their relative strength weaken considerably, AtkinsRéalis* (ATRL.TO) remained highly ranked through this period, staying in the upper half of the Green Favored Zone in the SIA S&P/TSX 60 Index Report, while its SMAX score remained above 7.
ATRL.TO has consistently been in the Green Favored Zone of the SIA S&P 60 Index Report since March of 2023. Over that time it has gained 93.5%, while the S&P/TSX Composite Index has climbed 4.5%.
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