In our latest Daily Stock Report, we observe Kinross Gold (K.TO)’s transition from a top performer in the SIA S&P/TSX 60 Index to a notable decline amid a wakening gold sector. Previously consistently in the SIA Favored Zone, Kinross has recently dropped 24 spots to 28th, entering the SIA Neutral Zone amid a weakening gold sector.
SIACharts highlights a notable shift for Walt Disney (DIS), moving from the Unfavored to the Neutral Zone in the SIA S&P 100 Index Report after years of underperformance. Climbing 49 spots in just one month, DIS’s recent 22.6% rally is a sharp improvement from its previous 41.0% drop, outperforming the S&P 100’s modest 1.5% gain.
Microchip Technology Inc. (MCHP), in the dynamic Electronics and Semiconductors sector, is lagging behind its peers. Despite the sector’s overall strong performance, highlighted by giants like Nvidia and Broadcom, MCHP’s growth has been muted. Since falling from the SIA Charts NASDAQ 100 Index Report’s Favoured Zone in August, its shares have climbed only 3.7%, underperforming the NASDAQ 100 Index’s 15.6% gain. Recently, MCHP slipped into the Unfavored Zone, further descending 16 spots in just a month to 67th place in the SIA rankings.
West Fraser Timber (WFG.TO) is underperforming in the SIACharts’ relative strength rankings, hinting at the risks associated with the Materials sector, particularly forest products. Exiting the green zone early August , WFG.TO has remained flat, contrasting sharply with the S&P/TSX Composite Index’s 4.4% gain. Over the last month, West Fraser lost 8.9%, further lagging behind the benchmark index’s 0.9% decline. Now in the SIA Neutral Zone and ranked 103rd –a 26 spot drop– it signals a cautionary stance for the sector.
Mattr Corp. (MATR.TO) has seen a notable resurgence, climbing 51 spots in the SIA S&P/TSX Composite Index Report to 54th place, marking its return to the Green Favored Zone. With a 5.2% increase in share value year-to-date, outperforming the S&P/TSX Composite’s 0.1% gain, Mattr presents a compelling piece in the energy sector.
Wesdome Gold Mines (WDO.TO) surged 25.2% in a month, outpacing the S&P/TSX Composite Index and gold prices, thanks to strong exploration, earnings, and recent acquisition. Climbing 123 spots to rank 38th, Wesdome re-enters the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since July 2022.
GFL Environmental (GFL.TO) seems to be reversing a downtrend, climbing 43 spots in the SIA S&P/TSX Composite Index Report, reaching 58th place. In the last month, the stock rose 12 positions, marking a 12.15% year-to-date increase, outperforming the S&P/TSX Composite Index’s 0.4% decline.
Stelco Holdings (STLC.TO) recorded a notable 17.0% drop in the last month, sharply contrasting with the S&P/TSX Composite’s 1.0% gain. The company’s recent exit from the green zone of the SIA S&P/TSX Composite Index Report, plunging 22 spots to 88th, underscores the urgent reassessment of stocks in the cyclical sectors.
Meta Platforms Inc (META) soared in premarket this morning after impressing on earnings and announcing a quarterly dividend. Since joining SIACharts’ Green Favored Zone in March 2023, META’s shares have surged 103.4%, with an 11.5% increase year-to-date.
Markets fluctuated in January 2024, ending with modest gains for NASDAQ and declines in China’s markets. Crude Oil and Copper resisted the downtrend. The S&P 100 excelled, while the Russell 2000 struggled. Investors appear to be shifting focus, favoring less risky assets as central banks maintain a tight monetary stance. Despite mixed earnings reports, with some notable sell-offs, the markets are now eyeing major tech and energy firms’ upcoming financial disclosures. The S&P/TSX Composite Index hints at a rebound, particularly in Financials and Energy.
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