The S&P/TSX Composite fell 2.6 per cent for the trading week ending with Thursday’s close and sits 28.2 per cent lower for the year.
The benchmark has almost escaped technically oversold conditions according to Relative Strength Index (RSI). The current reading of 29 is just below the buy signal of 30.
There are 123 index constituents trading at oversold RSI levels – the 25 most oversold stocks are ranked in the table below. Shawcor Ltd. is the most oversold company in the index, followed by Air Canada, Sleep Country Canada Holdings Inc., Seven Generations Energy Ltd., Exchange Income Corp., RIOCAN REIT and Alaris Royalty Corp.
There are no index members trading with overbought, frothy technicals above the RSI sell signal of 70, but a couple of companies are climbing closer. Paper provider Cascades Inc. has an RSI of 59, Metro Inc. at 55 and Cronos Group Inc. has an RSI of 53.
There are no S&P/TSX stocks making new 52-week highs this week – few stocks anywhere have price momentum.
There are 23 companies making new 52-week lows and they are ranked by market capitalization below. The largest companies making new lows are, in order, Sun Life Financial Inc., Fairfax Financial Holdings Ltd., Canadian Apartment REIT, IGM Financial Inc., CCL Industries Inc. and Riocan REIT.