General Electric (GE) has been climbing back up the rankings in the SIA S&P 100 Index Report since August. In October it broke out of a downtrend and this week it returned to the Green Favored Zone for the first time since April of 2021.
In this edition of the Equity Leaders Weekly, we look at the evolving relationship between the price of crude oil and oil stocks, and at what the Australian/Canadian Dollar relationship tells us about changing sentiment and global capital flows.
Gold producers have caught fire lately with the metal price on the rise against the US Dollar. As a case in point, Barrick Gold (ABX.TO), which had spent the last two years stuck deep in the red zone of the SIA S&P/TSX 60 Index Report, has soared up the rankings in recent weeks, and has kicked off 2023 by returning to the Green Favored Zone for the first time since November of 2020.
Energy producers have started the new year in decline along with energy commodity prices. Peyto Exploration (PEY.TO), for example, started to slide in the rankings of the SIA S&P/TSX Composite Index Report a couple of weeks ago.
With metal prices making a comeback in recent months, Labrador Iron Ore Royalty (LIF.TO) has been steadily climbing back up the rankings in the SIA S&P/TSX Composite Index Report, and this week, it has returned to the Green Favored Zone for the first time since March. LIF.TO finished yesterday in 58th position, up 43 places in the last month.
After spending a year languishing in the red zone of the SIA NASDAQ 100 Index Report, most of that right near the bottom, Docusign (DOCU) suddenly shot straight up into the Green Favored Zone yesterday on the back of a positive earnings report that sparked a 7.3% rally in the share price. Docusign currently sits in 24th position after climbing 29 spots yesterday and 57 places in the last month.
Chipmaker for data center applications Broadcom (AVGO) started climbing back up the rankings in the SIA NASDAQ 100 Index Report in October. Yesterday it returned to the Green Favored Zone in 26th place after climbing 4 spots yesterday and 21 positions in the last month.
Gold miner Dundee Precious Metals (DPM.TO) jumped 6.0% on news of positive exploration results from a project in Serbia yesterday. This enabled the shares to jump 71 spots in the SIA S&P/TSX Composite Index Report to 33rd place.
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