Category: Daily Stock Report

With the price of Gold soaring to new all-time highs, gold and silver streaming stocks have been climbing in relative strength rankings as well. Today, we are going to look at Wheaton Precious Metals (WPM.TO) which we last commented on January 23, 2024, when the shares fell out of the Favored Zone into the Neutral Zone and further to the Red Zone on the SIA S&P/TSX 60 Index earlier this spring. Now the shares have clawed its way back into the Favored Zone of the TSX 60 Index.
Yesterday, WPM.TO finished in 15th position, up 3 spots on the week and up 36 places in the last month. Over the last month, the shares are up 18.83%, compared with a gain of 0.32% for the TSX 60 Index.

With the price of Gold soaring to new all-time highs, gold producers have been climbing in relative strength rankings. For the last two months, Agnico-Eagle Mines (AEM.TO) has been climbing back upward within the SIA S&P/TSX 60 Index Report. After falling through the first six weeks of this year, AEM.TO was deep in the red zone in February but since then, it has made its way back up into the Green Favored Zone for the first time since June.
Yesterday, AEM.TO finished in 12th position, up 2 spots on the day and up 24 places in the last month. Over the last month, the shares are up 12.5%, compared with a gain of 1.6% for the S&P/TSX Composite Index.

Energy producer Cenovus Energy (CVE.TO) has steadily been marching its way back up the relative strength rankings in the SIA S&P/TSX 60 Index Report for the last two months. Starting near rock bottom in February, the shares exited the red zone in March, and yesterday, they returned to the Green Favored Zone for the first time since November.
In the last month, CVE.TO has climbed 28 spots to 15th place. Over that time, the shares have gained 13.9% while the S&P/TSX Composite Index has moved up 2.1%.

Copper, Zinc, and Coal producer Teck Resources (TECK.B.TO) has been climbing up the relative strength rankings in the SIA S&P/TSX 60 Index Report, benefitting from a rally in energy and base metal prices.
The shares spent the late autumn and winter down in the red zone, but in recent weeks it has been on the rise, leaving the red zone in late March and returning to the Green Favored Zone this month for the first time since October.
TECK.B.TO has climbed 33 places in the last month, including a rise of 3 spots yesterday to 11th position. In the last month, the shares have rallied 19.8% compared to a gain of 2.9% for the S&P/TSX Composite Index over the same period.

Today, we are going to look at Eli Lilly & Co (LLY) which we last commented on August 16, 2023, when the price of the shares were at $546.62. Now the shares are at $777.29 representing a 42% increase since our last commentary on the stock. Furthermore, when the shares first entered the Favored Zone of the SIA S&P 100 Index back in early April of last year at a price of $354.62, the shares have gained over 112% in a year’s time versus the S&P 100’s gain of approximately 31% over the past trailing 1 year time frame. The shares currently occupy the #4 spot in the SIA S&P 100 Index, up 16 spots in the last quarter.

First Majestic Silver (FM.TO) gained 32.9% last week on a combination of factors. The Silver price has been soaring alongside Gold, attracting new interest to producers of either precious metal. Also, investors responded favorably to an earnings report and new resource estimates released by the company last week.
This combination of tailwinds enabled the stock to pop up from the red zone to the Green Favored Zone of the SIA S&P/TSX Composite Index Report and climb to its top rank in over three years. The shares finished on Friday in 13th position, up 90 spots last week and up 173 places over the last month.

With the price of oil rallying again yesterday, energy stocks continue to attract renewed interest. Suncor Energy (SU.TO) for example, has jumped from the red zone to the Green Favored Zone in the SIA S&P/TSX 60 Index Report this week, returning to the top tier for the first time since November.
In the last week, Suncor has jumped 11.8%, compared with a decline of 0.5% for the S&P/TSX Composite Index and a drop of 2.5% for the S&P 500 Index. This has enabled SU.TO to climb 25 spots in the SIA S&P/TSX 60 Index Report this week to 11th place.

Automaker General Motors (GM) was a perpetual underperformer for nearly two years, spending nearly all of 2022 and 2023 stuck in the red unfavored zone of the SIA S&P 100 Index Report. As recently as November, GM was near rock bottom in the relative strength rankings.
Since December, however, GM has been steadily working its way upward in the relative strength table. It exited the red zone in February and has continued to work its way upward within the Yellow Neutral Zone and is currently only four spots away from a return to the green zone for the first time since January of 2022. Yesterday, GM moved up 3 spots to 30th place, up 13 positions in the last month.
Year to date, GM is up 26.1%, compared with a gain of 10.1% for the S&P 100 Index so far this year.

The price of Uranium has increasingly been bouncing back from a February correction with a gain of 11.0% in the last month, including a rise of 6.7% in the last week. Boosted by a price resurgence, Uranium producing stocks have also been recovering from a winter correction and moving back up in relative strength rankings.
Yesterday, by jumping 24 spots to 13th position, Cameco Corp. (CCO.TO) has climbed up out of the red zone and returned to the Green Favored Zone of the SIA S&P/TSX 60 Index Report for the first time in about six weeks, confirming renewed interest in both the stock and the sector. During its previous 9-month run in the Green Favored Zone from May 2023 to February 2024, Cameco gained 46.5% while the S&P/TSX Composite rose 5.3% over the same period.

We highlighted the long-term perennial underperformance of 3M Company (MMM) back in the December 15, 2023 edition of the Daily Stock Report, and since then, the stock is down 12.1%, while the S&P 100 Index is up 12.2% over the same period. The shares have been stuck in the Red Unfavored Zone of the SIA S&P 100 Index Report since April of 2019 and have been out of the green zone since April of 2018.
Yesterday, 3M completed the spinoff of its healthcare division into a separate company, and the stock jumped 6.0%.
While MMM remains in the Red Unfavored Zone of the SIA S&P 100 Index Report, by jumping 17 spots to 75th place, it has broken out of a relative strength downtrend and reached its highest rank since August of 2021, and its SMAX score increased to its highest level since September of 2021.