S&P/TSX 60 cross-listed stocks
The number of shares traded on each exchange gives clues to which country is driving the price of "cross-listed" Canadian stocks. And for the stocks where it's the U.S. investors who are doing more of the trading, it's more likely that Canadians are the followers, and are more subject to fluctuations in the price of the Canadian dollar.
The following is a list of the 42 cross-listed stocks in the Toronto Stock Exchange and their average daily volumes in Canada and the U.S. They are ranked in order of the ratio of TSX volume to U.S. volume, highest to lowest. This means the stocks where most of the action comes in Canada — and are theoretically less affected by exchange rates — are at the top. The stocks closer to the bottom of the list see proportionately more of their action in the U.S.
Read David Milstead's full analysis here.
| Company | Ticker | TSX volume (millions) | U.S. Volume (millions) | Ratio |
|---|---|---|---|---|
| Crescent Point Energy Corp. | CPG-T | 7.850 | 1.340 | 5.86 |
| Canadian Imperial Bank of Commerce | CM-T | 2.420 | 0.564 | 4.29 |
| Telus Corp. | T-T | 1.620 | 0.462 | 3.51 |
| CGI Group Inc. | GIB.A-T | 0.946 | 0.285 | 3.32 |
| Imperial Oil Ltd. | IMO-T | 1.870 | 0.679 | 2.75 |
| Shaw Communications, Inc. | SJR.B-T | 1.600 | 0.582 | 2.75 |
| Royal Bank of Canada | RY-T | 5.650 | 2.360 | 2.39 |
| Rogers Communications Inc. | RCI.B-T | 1.340 | 0.617 | 2.17 |
| The Bank of Nova Scotia | BNS-T | 3.880 | 1.880 | 2.06 |
| Pembina Pipeline Corp. | PPL-T | 1.850 | 0.900 | 2.06 |
| Sun Life Financial Inc. | SLF-T | 1.610 | 0.801 | 2.01 |
| Bank of Montreal | BMO-T | 2.030 | 1.210 | 1.68 |
| BCE Inc. | BCE-T | 2.770 | 1.740 | 1.59 |
| Toronto-Dominion Bank | TD-T | 5.560 | 3.590 | 1.55 |
| Gildan Activewear Inc. | GIL-T | 0.880 | 0.575 | 1.53 |
| Enbridge Inc. | ENB-T | 4.910 | 3.300 | 1.49 |
| Cenovus Energy Inc. | CVE-T | 4.570 | 3.090 | 1.48 |
| Manulife Financial Corp. | MFC-T | 5.280 | 3.880 | 1.36 |
| TransCanada Corp. | TRP-T | 2.430 | 1.930 | 1.26 |
| Canadian National Railway Co. | CNR-T | 2.990 | 2.750 | 1.09 |
| Magna Int'l Inc. | MG-T | 2.220 | 2.600 | 0.85 |
| Eldorado Gold Corp. | ELD-T | 5.740 | 7.190 | 0.80 |
| Thomson Reuters Corp. | TRI-T | 0.890 | 1.220 | 0.73 |
| Suncor Energy Inc. | SU-T | 7.660 | 11.400 | 0.67 |
| Cameco Corp. | CCO-T | 1.030 | 1.630 | 0.63 |
| Franco-Nevada Corp. | FNV-T | 1.180 | 2.090 | 0.56 |
| Canadian Natural Resources Ltd. | CNQ-T | 6.710 | 12.000 | 0.56 |
| Brookfield Asset Mgmt. Inc. | BAM.A-T | 1.240 | 2.380 | 0.52 |
| Teck Resources Ltd. | TCK.B-T | 8.250 | 16.400 | 0.50 |
| Silver Wheaton Corp. | SLW-T | 2.810 | 5.970 | 0.47 |
| Canadian Pacific Railway Ltd. | CP-T | 0.962 | 2.270 | 0.42 |
| Kinross Gold Corp. | K-T | 4.950 | 12.000 | 0.41 |
| Yamana Gold, Inc. | YRI-T | 4.170 | 11.800 | 0.35 |
| Agnico Eagle Mines Ltd. | AEM-T | 1.110 | 3.180 | 0.35 |
| Encana Corp. | ECA-T | 9.530 | 28.400 | 0.34 |
| Restaurant Brands Int'l Inc. | QSR-T | 0.630 | 1.880 | 0.34 |
| Goldcorp Inc. | G-T | 3.940 | 11.800 | 0.33 |
| BlackBerry Ltd. | BB-T | 3.640 | 14.300 | 0.25 |
| Barrick Gold Corp. | ABX-T | 7.080 | 29.200 | 0.24 |
| Potash Corp. of Sask. Inc. | POT-T | 3.180 | 15.300 | 0.21 |
| Agrium Inc. | AGU-T | 0.457 | 2.260 | 0.20 |
| Valeant Pharmaceuticals Int'l Inc. | VRX-T | 0.563 | 5.860 | 0.10 |
Source: S&P Capital IQ
Trading volume is a three-month daily average through April 20.