The S&P/TSX Composite rose 0.7 per cent for the trading week ending with Thursday’s close and stands 5.5 per cent higher for 2020 so far.
In technical terms, the benchmark is now overbought according to Relative Strength Index (RSI) and is vulnerable to a temporary dip in the short term. The index’s RSI of 72 is marginally above the sell signal of 70.
RSI highlights four stocks trading at attractive technical levels below the buy signal of 30. Pretium Resources Inc. is the most oversold stock in the index, Dollarama Inc., MTY Food Group Inc. and Knight Therapeutics Inc. round out the list.
There are 44 S&P/TSX Composite companies trading at frothy RSI levels above the 70 sell signal. Northview Apartment REIT is the most overbought benchmark constituent, followed by Boralex Inc., Northland Power Inc., and Killam Apartment REIT.
Other notable names on the overbought list include TC Energy Corp., Hydro One Ltd., Shopify Inc., George Weston Ltd., and Barrick Gold Corp.
There are 24 index members showing strong price momentum by hitting new 52-week highs this week and they are ranked by market capitalization below.
Brookfield Asset Management Inc. is the largest stock making new highs – TC Energy Corp., Brookfield Infrastructure Partners LP, Pembina Pipeline Corp., and National Bank of Canada are next.
There are three companies bucking the bullish trend, hitting new 52-week lows – Teck Resources Ltd., MTY Food Group Inc. and Enerflex Ltd.
Stocks falling to 52-week lows
Return 1W % Return YTD % Market Cap TECK-B-T TECK RESOURCES LTD-CLS B -7.92 -24.11 9,375,450,759 MTY-T MTY FOOD GROUP INC -13.43 -6.51 1,294,908,117 EFX-T ENERFLEX LTD -5.43 -18.81 890,510,931
Stocks jumping to 52-week highs
Return 1W % Return YTD % Market Cap BAM-A-T BROOKFIELD ASSET MANAGE-CL A 2.38 20.65 94,970,669,980 TRP-T TC ENERGY CORP 2.92 9.98 71,374,666,426 BIP-UN-T BROOKFIELD INFRASTRUCTURE PA 1.72 15.02 29,516,933,200 PPL-T PEMBINA PIPELINE CORP 1.10 11.03 27,238,474,980 NA-T NATIONAL BANK OF CANADA 1.32 3.62 25,060,067,225 IFC-T INTACT FINANCIAL CORP 2.29 10.18 22,126,335,511 CU-T CANADIAN UTILITIES LTD-A 1.49 9.01 11,536,023,804 AQN-T ALGONQUIN POWER & UTILITIES 1.72 19.43 11,501,459,707 IGM-T IGM FINANCIAL INC 1.48 8.26 9,617,549,472 KEY-T KEYERA CORP 0.95 6.83 7,747,106,792 AP-UN-T ALLIED PROPERTIES REAL ESTAT 2.30 15.52 7,369,635,780 PAAS-T PAN AMERICAN SILVER CORP 10.62 7.38 6,930,868,481 BTO-T B2GOLD CORP 8.66 15.55 6,203,007,922 RNW-T TRANSALTA RENEWABLES INC 3.83 18.05 4,820,070,834 CPX-T CAPITAL POWER CORP 2.56 12.01 4,249,787,797 GRT-UN-T GRANITE REAL ESTATE INVESTME 1.99 13.84 4,045,666,691 ATZ-T ARITZIA INC-SUBORDINATE VOTI 1.83 37.11 2,821,742,059 NVU-UN-T NORTHVIEW APARTMENT REAL EST 14.78 24.23 2,772,328,989 BEI-UN-T BOARDWALK REAL ESTATE INVEST 2.99 12.67 2,611,535,693 TCN-T TRICON CAPITAL GROUP INC 1.02 12.14 2,316,398,628 KMP-UN-T KILLAM APARTMENT REAL ESTATE 7.67 19.70 2,207,701,944 D-UN-T DREAM OFFICE REAL ESTATE INV 5.57 14.71 2,079,366,834 SMU-UN-T SUMMIT INDUSTRIAL INCOME REI 1.74 16.49 1,910,585,894 WDO-T WESDOME GOLD MINES LTD 9.51 1.87 1,429,601,813
This week's overbought and oversold stocks
Oversold RSI Price 200DMA Return 1W % Return YTD % PE Ratio TTM PE Ratio Fwd PVG-T PRETIUM RESOURCES INC 20.32 9.74 13.94 -0.92 -32.60 26.78 13.94 DOL-T DOLLARAMA INC 23.47 40.83 46.40 -6.16 -8.43 23.23 20.61 MTY-T MTY FOOD GROUP INC 28.01 51.71 59.75 -13.43 -6.51 11.86 15.41 GUD-T KNIGHT THERAPEUTICS INC 28.64 7.43 7.67 -2.24 -1.98 89.46 58.50 Overbought RSI Price 200DMA Return 1W % Return YTD % PE Ratio TTM PE Ratio Fwd NVU-UN-T NORTHVIEW APARTMENT REAL EST 91.33 36.66 28.98 14.78 24.23 20.96 #N/A N/A BLX-T BORALEX INC -A 89.19 31.42 22.44 2.05 28.45 #N/A N/A 126.69 NPI-T NORTHLAND POWER INC 88.98 32.12 26.43 2.88 18.48 23.78 24.15 KMP-UN-T KILLAM APARTMENT REAL ESTATE 87.28 22.61 19.73 7.67 19.70 55.23 #N/A N/A D-UN-T DREAM OFFICE REAL ESTATE INV 86.87 35.62 28.04 5.57 14.71 37.88 #N/A N/A CPX-T CAPITAL POWER CORP 86.85 38.52 32.02 2.56 12.01 18.51 14.30 BEP-UN-T BROOKFIELD RENEWABLE PARTNER 86.66 75.04 53.61 6.26 24.44 #N/A N/A 314.40 TRP-T TC ENERGY CORP 85.18 76.06 67.36 2.92 9.98 17.51 18.57 PPL-T PEMBINA PIPELINE CORP 84.66 53.22 48.59 1.10 11.03 17.27 22.06 RNW-T TRANSALTA RENEWABLES INC 84.21 18.15 14.42 3.83 18.05 26.94 22.46 TA-T TRANSALTA CORP 83.61 11.10 8.74 3.74 19.61 #N/A N/A #N/A N/A BEI-UN-T BOARDWALK REAL ESTATE INVEST 82.57 51.66 44.33 2.99 12.67 154.19 #N/A N/A AQN-T ALGONQUIN POWER & UTILITIES 82.43 21.94 17.73 1.72 19.43 26.59 22.03 AP-UN-T ALLIED PROPERTIES REAL ESTAT 82.40 60.00 51.89 2.30 15.52 38.08 #N/A N/A BAM-A-T BROOKFIELD ASSET MANAGE-CL A 82.24 90.52 71.06 2.38 20.65 18.72 22.02 INE-T INNERGEX RENEWABLE ENERGY 82.19 21.78 16.02 0.69 29.18 139.71 58.39 GRT-UN-T GRANITE REAL ESTATE INVESTME 81.82 74.86 65.00 1.99 13.84 27.32 #N/A N/A NWH-UN-T NORTHWEST HEALTHCARE PROPERT 81.06 13.31 11.99 1.76 12.17 #N/A N/A #N/A N/A H-T HYDRO ONE LTD 78.95 29.00 24.43 0.83 15.63 18.91 20.60 IFC-T INTACT FINANCIAL CORP 78.25 154.71 131.49 2.29 10.18 34.36 18.74 SHOP-T SHOPIFY INC - CLASS A 77.29 711.04 465.22 0.66 37.72 #N/A N/A 2331.43 BIP-UN-T BROOKFIELD INFRASTRUCTURE PA 77.15 74.60 63.22 1.72 15.02 2658.39 56.26 SMU-UN-T SUMMIT INDUSTRIAL INCOME REI 76.27 14.00 12.75 1.74 16.49 36.73 #N/A N/A CIGI-T COLLIERS INTERNATIONAL GROUP 76.21 119.72 95.50 3.29 18.42 27.03 17.63 WN-T WESTON (GEORGE) LTD 76.05 110.91 105.48 0.89 7.66 18.35 14.54 ABX-T BARRICK GOLD CORP 75.43 27.54 22.21 9.63 14.18 87.77 28.26 CIX-T CI FINANCIAL CORP 75.35 25.46 20.84 4.52 17.27 10.97 9.64 ACO-X-T ATCO LTD -CLASS I 74.75 54.40 47.85 0.82 9.30 8.35 18.20 ECN-T ECN CAPITAL CORP 74.26 6.03 4.65 1.34 25.89 197.81 13.26 ALA-T ALTAGAS LTD 73.87 22.48 19.67 3.17 14.10 15.31 19.28 CU-T CANADIAN UTILITIES LTD-A 73.83 42.24 38.45 1.49 9.01 16.09 20.83 WPM-T WHEATON PRECIOUS METALS CORP 73.72 43.03 34.99 11.80 11.36 68.66 41.08 TCN-T TRICON CAPITAL GROUP INC 73.31 11.92 10.55 1.02 12.14 13.96 11.15 K-T KINROSS GOLD CORP 72.84 7.42 5.81 8.96 20.45 16.76 15.42 BBU-UN-T BROOKFIELD BUSINESS PT-UNIT 72.47 61.15 52.14 3.36 13.81 #N/A N/A #N/A N/A TSX-I S&P/TSX COMPOSITE INDEX 72.41 17944.06 16719.70 0.70 5.52 18.06 16.21 PBH-T PREMIUM BRANDS HOLDINGS CORP 72.36 101.14 91.27 -0.21 11.19 37.22 25.62 TXG-T TOREX GOLD RESOURCES INC 72.11 21.06 17.15 15.78 2.63 20.27 29.14 IIP-UN-T INTERRENT REAL ESTATE INVEST 71.82 17.46 15.43 1.16 11.81 12.40 #N/A N/A CAR-UN-T CAN APARTMENT PROP REAL ESTA 71.80 59.69 52.81 2.56 12.83 36.40 #N/A N/A AX-UN-T ARTIS REAL ESTATE INVESTMENT 71.54 12.68 11.97 4.36 6.96 11.42 9.12 FNV-T FRANCO-NEVADA CORP 71.39722 154.08 123.68 1.395104 14.9079 76.55949774 54.73344192 DOO-T BRP INC/CA- SUB VOTING 71.05283 73.78 53.07315 -0.7132283 24.71264 20.46705237 17.27868852 NA-T NATIONAL BANK OF CANADA 70.91368 74.69 66.79395 1.315789 3.620977 11.74772858 11.16108787 ATZ-T ARITZIA INC-SUBORDINATE VOTI 70.6772 26.12 19.0289 1.832359 37.11286 34.1150283 25.38386783
Source: Bloomberg/Scott Barlow
Scott Barlow