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Canada’s S&P/TSX 60 Index Has Much to Do in H2 2023

of S&P/TSX 60 Index It rose by 3.90% in the first half of 2023.Canadian dollar version S&P500 Index, S&P/TSX Composite Index, It rose 13.20% in the first half of this year, up 930 basis points.

of The S&P/TSX 60 Represents the Large Cap Segment About the Canadian stock market. If the index hopes to catch up with the S&P 500, its constituents need to improve their stock performance in the second half.

Unfortunately, unless oil prices rise and interest rates fall, Most of the Canadian Stock Market It will remain fixed in neutral.

of S&P/TSX 60s The top three players in the first half of the year were Shopify (CA: Shop), open text (Sea Otex)and Kameko (CA: CCO). They rose by 82.13%, 37.34% and 35.19% respectively.

These three stocks need to stay strong to keep pace with America’s best-known index. Here are three other things from him that will make a big difference in the second half of this year.

very disappointing bank stocks

Toronto-Dominion Bank (Canada: TD) is the second largest holding of iShares S&P/TSX 60 (Mo: Siu)which Track index performance. In fact, financial stocks account for 34.01% of exchange-traded fund holdings.

TD stock fell 6.34% through June 30, 5-year annualized total return of 5.1%. this is, SPDR S&P 500 ETF Trust (USA: Spy).

TD was the most active of the six major Canadian banks in buying banks south of the border. In May, its aggressiveness became an issue again, forcing it to scrap a proposed $13.4 billion acquisition. First Horizon (United States: FHN) Due to regulatory obstacles.

of failed to complete the acquisition This has forced banks to focus on organic growth of their existing businesses.

“This is a bit of a setback and First Horizon would have accelerated its presence in the Southeast market and it could take five to seven years to achieve essentially what it would have achieved on day one. do not have.” globe and email report “But that doesn’t mean TD can’t go back to banking M&A after solving the problems that forced it to exit,” Bank of America analyst Ebrahim Poonawala said on May 31.

Any signs of a return to sub-border buying would boost the stock’s performance.

Energy drives Canadian stocks

Energy stocks accounted for the second largest weighting after financial stocks at 16.69%. Cenobus (CA: CVE) It is the fifth largest energy holding in the XIU ETF with a weight of 1.32%. The company’s stock will fall 14.35% in 2023, giving it a five-year annualized total return of 11.47%, 74 basis points lower than SPY.

June 5th, Cenova announced The Rainbow Lake site in Alberta was producing 62,000 barrels of oil equivalent per day (BOE/day). Full production is expected to return to 85,000 BOE per day by mid-June.

Given the drop in oil prices, the May and June shutdowns will have a lesser negative impact on Q2 earnings and earnings. Cenovas expects total production to be at least 790,000 BOE/day for the entirety of 2023.

in the 12 months later, at the end of March 31, Cenevus had free cash flow of $5.64 billion. Based on a market cap of $42.9 billion, free cash flow would be 13.1%.

Given its current free cash flow yield, Cenobus shares are trading in value territory.

5 years money pit

Supt (California: SAP) Stocks have been a disaster in recent years. 12.34% decrease in 2023It also has a 5-year annualized total return of -5.31%, 17.5 points worse than SPY.

This Quebec-based company many brands of dairySaputo, Neilson, Heluva Good!, Dairyland, Cathedral City, and Armstrong.

Saputo has reported better-than-expected results in the fourth quarter of 2023. This included a 12.4% increase in revenue to $4.45 billion and a profit of 47 cents, an 80.8% increase over Q4 2022 and an increase of 5 cents above analyst expectations.

But CEO Lino Saputo said consumer sentiment turned negative in the final quarter of the fiscal year, suggesting the dairy market had become “somewhat uncertain.” said there is. Shares fell more than 11% on the news.

Fund Sentiment takes a similar position, with Sapt’s score of 54.19 on Fintel’s Fund Ownership Dashboard, a very average score.

Given all the efforts Saputo has made and will continue to make to maximize the efficiency of its operations around the world, the long-term prognosis remains positive despite the short-term uncertainties. Good.

Institutional investors will buy heavily if stock prices are weak. Individual investors should take advantage of the 2023 stock market decline.

This story was originally Fintel.

The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.

Summarize this content to 100 words
of S&P/TSX 60 Index It rose by 3.90% in the first half of 2023.Canadian dollar version S&P500 Index, S&P/TSX Composite Index, It rose 13.20% in the first half of this year, up 930 basis points.of The S&P/TSX 60 Represents the Large Cap Segment About the Canadian stock market. If the index hopes to catch up with the S&P 500, its constituents need to improve their stock performance in the second half.

Unfortunately, unless oil prices rise and interest rates fall, Most of the Canadian Stock Market It will remain fixed in neutral. of S&P/TSX 60s The top three players in the first half of the year were Shopify (CA: Shop), open text (Sea Otex)and Kameko (CA: CCO). They rose by 82.13%, 37.34% and 35.19% respectively. These three stocks need to stay strong to keep pace with America’s best-known index. Here are three other things from him that will make a big difference in the second half of this year.very disappointing bank stocksToronto-Dominion Bank (Canada: TD) is the second largest holding of iShares S&P/TSX 60 (Mo: Siu)which Track index performance. In fact, financial stocks account for 34.01% of exchange-traded fund holdings.TD stock fell 6.34% through June 30, 5-year annualized total return of 5.1%. this is, SPDR S&P 500 ETF Trust (USA: Spy).

TD was the most active of the six major Canadian banks in buying banks south of the border. In May, its aggressiveness became an issue again, forcing it to scrap a proposed $13.4 billion acquisition. First Horizon (United States: FHN) Due to regulatory obstacles. of failed to complete the acquisition This has forced banks to focus on organic growth of their existing businesses. “This is a bit of a setback and First Horizon would have accelerated its presence in the Southeast market and it could take five to seven years to achieve essentially what it would have achieved on day one. do not have.” globe and email report “But that doesn’t mean TD can’t go back to banking M&A after solving the problems that forced it to exit,” Bank of America analyst Ebrahim Poonawala said on May 31.Any signs of a return to sub-border buying would boost the stock’s performance. Energy drives Canadian stocksEnergy stocks accounted for the second largest weighting after financial stocks at 16.69%. Cenobus (CA: CVE) It is the fifth largest energy holding in the XIU ETF with a weight of 1.32%. The company’s stock will fall 14.35% in 2023, giving it a five-year annualized total return of 11.47%, 74 basis points lower than SPY.

June 5th, Cenova announced The Rainbow Lake site in Alberta was producing 62,000 barrels of oil equivalent per day (BOE/day). Full production is expected to return to 85,000 BOE per day by mid-June. Given the drop in oil prices, the May and June shutdowns will have a lesser negative impact on Q2 earnings and earnings. Cenovas expects total production to be at least 790,000 BOE/day for the entirety of 2023.in the 12 months later, at the end of March 31, Cenevus had free cash flow of $5.64 billion. Based on a market cap of $42.9 billion, free cash flow would be 13.1%. Given its current free cash flow yield, Cenobus shares are trading in value territory. 5 years money pitSupt (California: SAP) Stocks have been a disaster in recent years. 12.34% decrease in 2023It also has a 5-year annualized total return of -5.31%, 17.5 points worse than SPY.

This Quebec-based company many brands of dairySaputo, Neilson, Heluva Good!, Dairyland, Cathedral City, and Armstrong. Saputo has reported better-than-expected results in the fourth quarter of 2023. This included a 12.4% increase in revenue to $4.45 billion and a profit of 47 cents, an 80.8% increase over Q4 2022 and an increase of 5 cents above analyst expectations.But CEO Lino Saputo said consumer sentiment turned negative in the final quarter of the fiscal year, suggesting the dairy market had become “somewhat uncertain.” said there is. Shares fell more than 11% on the news. Fund Sentiment takes a similar position, with Sapt’s score of 54.19 on Fintel’s Fund Ownership Dashboard, a very average score. Given all the efforts Saputo has made and will continue to make to maximize the efficiency of its operations around the world, the long-term prognosis remains positive despite the short-term uncertainties. Good.

Institutional investors will buy heavily if stock prices are weak. Individual investors should take advantage of the 2023 stock market decline.
This story was originally Fintel.

The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.

https://www.nasdaq.com/articles/canadas-sp-tsx-60-index-has-a-lot-of-work-to-do-in-2023s-second-half Canada’s S&P/TSX 60 Index Has Much to Do in H2 2023

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