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CIBC analyst prefers TSX to S&P 500 and likes these ten stocks

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Tsx,Energy,United States

Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow

CIBC analyst Sid Mokhtari prefers the TSX to the S&P 500 and offered ten domestic stock ideas to play the theme. His matrix method includes dividend yield, relative strength index, and momentum factors,

“Our TSX matrix-factors were collectively recording better rates of change in their monthly and quarterly prints relative to the SPX factors – often associated with stronger trend characteristics. Our preference for the TSX index has been reinforced with the October prints again being stronger in many of our matrix-factors relative to those for the SPX, with 164 bps of relative outperformance – TSX returned +0.65% versus SPX at -0.

“In October, the RBC Global Energy Best Ideas List was down 0.1% compared to the iShares S&P Global Energy Sector ETF which was also down 0.1% and a hybrid benchmark that was down 0.8% on a sequential basis. Since its inception in February 2013, the RBC Global Energy Best Ideas List is up 172.7% compared to the S&P Global Energy Sector ETF up 35.6%. We are removing Pason Systems from the RBC Global Energy Best Ideas list this month.

This leaves Shell, Suncor Energy, California Resources, Chord Energy Corporation, ConocoPhillips, ARC Resources, Topaz Energy, Tourmaline Oil, Canadian Natural Resources, MEG Energy, Woodside Energy, Enerflex Ltd., SLB, Subsea 7, AltaGas Ltd., Pembina Pipeline Corporation, Archrock Inc., Energy Transfer LP, Grenergy, Northland Power, Superior Plus and PG&E Corporation.“While the U.S.

“Although the VIX exceeded the 20 mark in October, don‘t expect volatility to abate in the early days of November. Investors are still facing a deluge of earnings releases this week , the US election is held on Tuesday, which will probably take a few days before the results are revealed, and we have a Fed meeting on Thursday.

 

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