Category: Daily Stock Report

Agricultural, forestry, machinery, and heavy equipment manufacturer Deere & Co. (DE) has been steadily sinking since it joined the SIA S&P 100 Index Report in the neutral zone back in September. Since it entered the report, it has declined by 13.8%, including a decline of 2.2% since it fell into the Red Unfavored Zone about a month ago, right about the time that broader markets took off. In comparison the comparable index ETF is up 3.8% in the last month.

Grocer Metro Inc. (MRU.TO) has been out of the green zone of the SIA S&P/TSX 60 Index Report since July of 2022. Over that time, the shares are down 2.5%.
Metro climbed up the rankings and out of the Red Unfavored Zone between March and October, but as North American equities have rallied over the last month, MRU.TO has sunk back into the Red Zone. On Friday, it finished in 33rd place, down 3 spots on the week and down 8 positions in the last month.

Relative strength analysis not only can help investors identify stocks that are outperforming their peers but also to avoid periods of underperformance. After climbing 6 spots in the last week and 12 positions in the last month, T-Mobile US Inc. (TMUS) has returned to the Green Favored Zone for the first time since November of 2022.

With the price of gold breaking out to a new all-time high on Friday, stocks of gold producers continue to attract attention from investors. The top ranked gold stock in the SIA S&P/TSX 60 Index Report is Kinross Gold* (K.TO), which has been in the Green Favored Zone since March and is currently sitting in 4th place. The only other precious metal stock currently in the Green Zone is Wheaton Precious Metals (WPM.TO) which is in 12th spot.
Over the time Kinross Gold* had remained in the Green Zone, K.TO has returned 34.3%, including a gain of 9.2% since we last mentioned Kinross in the October 18, 2023 edition of the Daily Stock Report.

Clawing back some summer slippage, Manulife Financial (MFC.TO) has been working its way back up the rankings in the SIA S&P/TSX Composite Index Report since September. This week, it returned to the Green Favored Zone for the first time since February, joining five other insurance companies in the top tier. In the SIA S&P/TSX 60 Index Report, MFC.TO has jumped seven spots in the last week, moving up toward the top of the Yellow Neutral Zone in that report.

Although the sharp dropoff in US treasury yields has ignited a rally in equity markets in general, it hasn’t necessarily benefitted all individual stocks or sectors equally. Utilities, for example, which one would expect to do well in a falling interest rate environment, have been struggling lately.
Exelon (EXC) the largest utility in the US, dropped 10 spots in the SIA S&P 100 Index Report to 62nd place, dropping back into the Red Unfavored Zone.

Although it remains the highest ranked of the Canadian banks within the SIA S&P/TSX 60 Index Report, National Bank of Canada (NA.TO) has been weakening relative to stocks in other sectors since March, when sentiment turned against banks in the wake of multiple regional bank failures in the US. This week, NA.TO has dropped into the Red Unfavored Zone for the first time since May of 2020.