Royalty company Wheaton Precious Metals (WPM.TO) has been trending up the rankings in the SIA S&P/TSX Composite Index Report since September and with the exception of a short dip into the yellow zone earlier this month, it has consistently been in the Green Favored Zone since November.
Since we last mentioned WPM.TO in the December 8, 2022 edition of the Daily Stock Report, the shares are up 17.1%. Currently, WPM.TO is in 5th place, up 3 spots in the last month.
Franco-Nevada Corp (FNV.TO) has moved up 20 spots in the last week in the SIA S&P/TSX 60 Index Report and now ranks in the 16th position, just on the edge of entering the Favored zone. The last time it has ranked this high in the Report was in August of 2020. FNV.TO is up 6.17% over the last week and up 11% over the last month.
Since bottoming out in the red zone back in January, Apple (AAPL) has been steadily working its way back up the relative strength rankings in the SIA S&P 100 Index Report. Last week it returned to the Green Favored Zone for the first time since October, and today it returned to the Green Favored Zone of the SIA S&P 500 Index Report. In the SIA S&P 100 Index Report, Apple currently sits in 16th place, up 31 positions in the last month.
The relative strength chart for Bank of New York Mellon (BK) within the SIA S&P 500 reminds us of just how fast sentiment toward a sector can change, in this case, financial services. BK spent the last nine months of 2022 stuck in the red zone but started to work its way back up the rankings starting in September. In January it climbed into the yellow zone and by February it had returned to the green zone for the first time in nearly a year.
Since peaking on March 9th, however, BK has quickly tumbled back down the rankings, falling back into the Yellow Neutral Zone, Currently in 45th place after falling 11 spots on Friday, BK has dropped 24 positions in the last month and it is currently 8 spots away from a return to the red zone.
Chipmaker Advanced Micro Devices entered the Green Favored Zone in the SIA S&P 100 Index Report at the start of February for the first time since it joined that index last summer. Since then, the shares have remained in the Green Zone gaining 9.4% over the last six weeks.
Software giant Microsoft’s (MSFT) relative strength has improved significantly in the last two months. Starting in the red zone, Microsoft has steadily climbed back up the rankings in the SIA S&P 100 Index Report, recently returning to the Green Favored Zone for the first time since January of 2022.
The social media giant spent 2022 stuck deep in the red zone of the SIA S&P 100 Index Report. Since November, however, the shares have been rising back up the rankings and yesterday it returned to the Green Favored Zone for the first time since October of 2021.
Gold producers have been attracting renewed interest this week in the midst of turmoil in the US banking system. Dundee Precious Metals (DPM.TO) is the highest ranked gold producer in the SIA S&P/TSX Composite Index Report, sitting in 7th position after climbing two spots yesterday.
Amid growing concerns about the health of the US banking sector, gold and gold producers have been attracting renewed interest from investors. Eldorado Gold (ELD.TO) had soared up the rankings back in November driving up from the red zone to the Green Favored Zone.
Payments technology provider Nuvei Corp. (NVEI.TO) has been on fire since reporting earnings earlier this week, gaining 6.6% yesterday and 23.3% over the last week. Since joining the SIA S&P/TSX Composite Index Report in December, the shares have been climbing the rankings moving from the red zone to the Green Favored Zone. Yesterday NVEI jumped 47 spots to 20th place.
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