Conditions are getting frothy in the Canadian equity market.
The S&P/TSX Composite was up 1.5 per cent for the trading week ending with Thursday’s close. The benchmark’s Relative Strength Index (RSI) reading of 79 is well above the 70 sell signal, indicating overbought markets vulnerable to a correction in the short term.
There are only two technically attractive index members trading at oversold levels below the RSI buy signal of 30. Bombardier Inc. is the most oversold company after getting walloped by 35 per cent this week. Cogeco Communications Inc is the other oversold stock after dropping 8.4 per cent.
The list of overbought, technically vulnerable benchmark companies is long at 42 members. Ballard Power Systems Inc. is the most overbought TSX stock, followed closely by ONEX Corp., Genworth MI Canada Inc., Aritzia Inc. and Element Fleet Management Corp. Other prominent overbought names include Shopify Inc., Brookfield Asset Management Inc. and Bank of Montreal.
The list of S&P/TSX Composite stocks showing strong price momentum by hitting new 52-week highs is unsurprisingly big this week at 34 members.
They are ranked by market capitalization below. The largest company making new highs is Enbridge Inc., followed by Brookfield Asset Management Inc., Shopify Inc., Thomson Reuters Corp., Sun Life Financial Inc., CGI Inc. and Franco-Nevada Inc.
Stocks with downward price momentum – those hitting 52-week lows – are Bombardier Inc. and Shawcor Ltd.
Stocks hitting 52-week highs
Return 1W % Return YTD %
ENB-T ENBRIDGE INC 1.304932 2.246756
BAM-A-T BROOKFIELD ASSET MANAGE-CL A 5.714661 7.250433
SHOP-T SHOPIFY INC - CLASS A 4.75987 13.94538
TRI-T THOMSON REUTERS CORP 4.122246 10.3994
SLF-T SUN LIFE FINANCIAL INC 0.3662421 6.451613
GIB-A-T CGI INC 0.1508162 3.883317
FNV-T FRANCO-NEVADA CORP 4.267598 2.401372
OTEX-T OPEN TEXT CORP 1.530527 6.658511
AQN-T ALGONQUIN POWER & UTILITIES 2.198391 3.756124
ONEX-T ONEX CORPORATION 2.735773 8.437064
TIH-T TOROMONT INDUSTRIES LTD 0.6326445 1.402465
BTO-T B2GOLD CORP 7.444668 2.495202
NPI-T NORTHLAND POWER INC 4.894327 4.007353
EFN-T ELEMENT FLEET MANAGEMENT COR 9.372237 11.54193
MIC-T GENWORTH MI CANADA INC 3.980783 6.652587
DSG-T DESCARTES SYSTEMS GRP/THE 0.01666667 8.126126
CIGI-T COLLIERS INTERNATIONAL GROUP 4.238679 6.785361
BYD-T BOYD GROUP SERVICES INC 3.904401 8.688119
RNW-T TRANSALTA RENEWABLES INC 3.160158 2.827812
CPX-T CAPITAL POWER CORP 2.332361 2.064554
GRT-UN-T GRANITE REAL ESTATE INVESTME 5.24724 5.486511
CRT-UN-T CT REAL ESTATE INVESTMENT TR 2.391441 0.8054523
TFII-T TFI INTERNATIONAL INC 2.906715 4.340873
BLDP-T BALLARD POWER SYSTEMS INC 28.45674 55.17241
ENGH-T ENGHOUSE SYSTEMS LTD 0.4995197 8.572021
ATZ-T ARITZIA INC-SUBORDINATE VOTI 0.9162849 27.1916
INE-T INNERGEX RENEWABLE ENERGY 6.497342 6.939502
CRR-UN-T CROMBIE REAL ESTATE INVESTME 3.039899 2.070263
MEG-T MEG ENERGY CORP 2.319588 7.44249
NVU-UN-T NORTHVIEW APARTMENT REAL EST 4.270343 4.622132
D-UN-T DREAM OFFICE REAL ESTATE INV 2.800764 3.758432
CJT-T CARGOJET INC 7.360334 9.542243
CHR-T CHORUS AVIATION INC 2.339901 2.719407
JWEL-T JAMIESON WELLNESS INC 1.061008 3.572815
Stocks falling to 52-week lows
Return 1W % Return YTD %
BBD-B-T BOMBARDIER INC-B -34.75936 -36.78756
SCL-T SHAWCOR LTD -2.579035 -6.544294
Oversold RSI Price 200DMA Return 1W % Retrun YTD % PE Ratio TTM PE Ratio Fwd
BBD-B-T BOMBARDIER INC-B 14.34 1.22 2.02 -34.76 -36.79 #N/A N/A #N/A N/A
CCA-T COGECO COMMUNICATIONS INC 19.95 102.82 103.22 -8.39 -8.91 14.19 13.36
Overbought RSI Price 200DMA Return 1W % Retrun YTD % PE Ratio TTM PE Ratio Fwd
BLDP-T BALLARD POWER SYSTEMS INC 86.85 14.64 6.60 28.46 55.17 #N/A N/A #N/A N/A
ONEX-T ONEX CORPORATION 84.67 88.98 79.37 2.74 8.44 3.48 #N/A N/A
MIC-T GENWORTH MI CANADA INC 83.90 60.97 46.27 3.98 6.65 11.91 11.68
ATZ-T ARITZIA INC-SUBORDINATE VOTI 80.96 24.49 18.23 0.92 27.19 31.99 23.80
EFN-T ELEMENT FLEET MANAGEMENT COR 80.96 12.45 10.30 9.37 11.54 17.59 12.67
TRI-T THOMSON REUTERS CORP 80.57 102.52 88.65 4.12 10.40 174.66 47.19
CHP-UN-T CHOICE PROPERTIES REIT 80.47 14.77 13.87 4.99 5.97 #N/A N/A #N/A N/A
WSP-T WSP GLOBAL INC 79.6529 94.17 77.34325 1.886997 5.954663 30.37127593 23.10920245
CGX-T CINEPLEX INC 79.54581 33.95 25.2886 0.08852169 0.2067947 39.28011612 #N/A N/A
WCN-T WASTE CONNECTIONS INC 79.45226 127.31 121.8001 3.966052 8.011869 42.32487013 34.30797294
CAE-T CAE INC 79.3404 38.99 33.9784 2.778513 12.97266 30.90348639 26.22057835
SHOP-T SHOPIFY INC - CLASS A 79.14 592.00 423.15 4.76 13.95 #N/A N/A 612.70
TSX-T S&P/TSX COMPOSITE INDEX 78.99 17514.58 16578.70 1.47 2.59 17.83 15.42
STN-T STANTEC INC 78.13 38.63 32.02 2.22 5.20 24.87 16.49
BAM-A-T BROOKFIELD ASSET MANAGE-CL A 77.64 80.84 68.61 5.71 7.25 12.45 #N/A N/A
MEG-T MEG ENERGY CORP 77.48 7.90 5.60 2.32 7.44 27.77 42.93
CJT-T CARGOJET INC 77.06 113.00 92.14 7.36 9.54 71.23 84.64
INE-T INNERGEX RENEWABLE ENERGY 76.71 18.03 15.34 6.50 6.94 115.65 143.10
CIGI-T COLLIERS INTERNATIONAL GROUP 75.79 108.29 92.97 4.24 6.79 24.80 17.11
AIF-T ALTUS GROUP LTD 74.59 42.25 34.54 4.44 10.93 115.31 2.73
HBC-T HUDSON'S BAY CO 73.88 10.89 9.14 0.28 10.32 #N/A N/A #N/A N/A
IAG-T IA FINANCIAL CORP INC 73.79 73.46 58.59 0.00 2.34 12.41 11.06
BLX-T BORALEX INC -A 73.71 26.19 21.25 3.97 6.95 #N/A N/A #N/A N/A
CLS-T CELESTICA INC 73.25 11.67 9.63 6.89 8.08 33.35 12.64
FTS-T FORTIS INC 72.81 55.75 52.90 2.26 3.29 22.08 19.74
PBH-T PREMIUM BRANDS HOLDINGS CORP 72.72 93.85 88.84 2.62 3.30 34.54 23.71
SNC-T SNC-LAVALIN GROUP INC 72.63 31.42 24.39 4.73 5.01 #N/A N/A 17.69
BB-T BLACKBERRY LTD 72.58 8.81 9.33 2.66 6.47 #N/A N/A 48.20
SLF-T SUN LIFE FINANCIAL INC 72.49142 63.29 56.4368 0.3662421 6.451613 15.34412414 11.8454052
CIX-T CI FINANCIAL CORP 72.33435 23.06 20.23515 0.7433318 6.126209 10.38738715 9.15442636
D-UN-T DREAM OFFICE REAL ESTATE INV 71.83365 32.4 26.924 2.800764 3.758432 31.19578195 #N/A N/A
OTEX-T OPEN TEXT CORP 71.79767 61.17 54.5032 1.530527 6.658511 37.85280422 16.22175754
RNW-T TRANSALTA RENEWABLES INC 71.36691 15.91 14.0395 3.160158 2.827812 23.61490611 #N/A N/A
ENB-T ENBRIDGE INC 71.24752 52.91 48.1501 1.304932 2.246756 19.52623322 20.28757669
BYD-T BOYD GROUP SERVICES INC 71.2389 220 176.6084 3.904401 8.688119 50.10208299 39.75424648
CPX-T CAPITAL POWER CORP 70.78408 35.27 31.35995 2.332361 2.064554 16.94920978 8.08203483
IFC-T INTACT FINANCIAL CORP 70.78207 144.24 127.0664 0.02081599 2.656317 34.38478333 18.85243759
SIA-T SIENNA SENIOR LIVING INC 70.70583 19.07 18.9695 4.660088 4.545455 93.47031053 #N/A N/A
PPL-T PEMBINA PIPELINE CORP 70.59814 50.25 48.3356 0.09978049 4.217743 16.30160268 20.72164948
BMO-T BANK OF MONTREAL 70.58589 103.51 99.466 1.882701 2.702703 11.21077713 10.54502852
CNR-T CANADIAN NATL RAILWAY CO 70.58116 124.85 121.1761 3.66614 6.154763 20.9678178 20.99024882
BIP-UN-T BROOKFIELD INFRASTRUCTURE PA 70.54247 69.77 61.20965 7.062625 7.277213 #N/A N/A 49.06789842
MTY-T MTY FOOD GROUP INC 70.1633 58.85 59.38515 4.857651 6.199315 13.49211118 17.54098361
Source: Bloomberg