In this edition of Equity Leaders Weekly, we look at the Canadian Financial Sector and the price of Crude Oil. Bank of Canada’s 10 interest rate hikes since last year have slowed the housing market, increased consumer debt, and delayed mortgage repayments forcing banks to set aside more money to protect against potential loan losses.
Recent trading action in Phillips 66 (PSX) indicates that the current energy market rally is more broadly based. In the last month, PSX has climbed 168 positions within the SIA S&P 500 Index Report, climbing up from the bottom of the Neutral zone back up into the Favored zone for the first time since early May, finishing yesterday in 68th place.
In this edition of Equity Leaders Weekly, we look at continuing rebounds in regional banks and US retail stocks. Although most major indices and industry groups have declined over the last week, this action appears to be a common correction with markets bending but not breaking.
Benefitting from a rebound in energy prices, ConocoPhillips (COP) has been trending back up the rankings in the SIA S&P 100 Index Report since April. Yesterday it climbed another 6 spots to 20th place, and it is up 31 positions in the last month returning to the Favored Zone for the first time since November.
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