The TSX closed the Monday May 12, 2008 trading day at 14,666.07 marking a new all-time high for the barometer of Canadian stocks. The index had flirted with the 12,000 level in late January and of course the talk of the town has been the sub-prime mortgage meltdown and on-again, off-again recession in the United States.
If we look beyond just the index numbers we’ll see that there hasn’t been a broad based recovery so much as there have been a few sectors that have really picked up the slack of the rest of the index. Energy and commodity based companies have been on a tear while the financial sector is still well off the highs of the past year. Hear are the highs, lows and current prices (as of May 12, 2008) for the big five banks:
Bank Of Montreal
52 week high: $71.48, 52 week low: $38.00, Current: $49.12
Bank of Nova Scotia
52 week high: $54.67, 52 week low: $42.00, Current: $48.37
CIBC
52 week high: $107.45, 52 week low: $56.25, Current: $73.30
Royal Bank
52 week high: $61.08, 52 week low: $42.82, Current: $48.74
TD
52 week high: $77.10, 52 week low: $58.57, Current: $67.05
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I think the TSX high reflects a couple of canada’s companies (think RIM) and not the market as a whole in Canada.
It’s only a matter of time before the big banks reach their old highs again, IMO!
Zeromoney: you are quite right. In fact only 8 stocks were needed to account for the majority of the gains YTD.
MDJ: patience is a virtue and you are being paid to wait for these recoveries with big fat yields to boot.