The Globe and Mail attempts to identify non-energy stocks with upward
momentum in its Thursday, Jan. 15, edition. The Globe's guest columnist Ian Tam writes in the Number Cruncher column that as the Canadian energy sector
continues to suffer through the
oversupply of crude, investors
looking for a sector rotation will
quickly realize that aside from
the energy and (to a lesser
extent) the materials sector, Canadian
markets have seen
upward price momentum in
several other sectors.
Mr. Tam looked for names with positive
earnings and price momentum. He looked for positive three-month estimate revisions. He looked for quarterly earnings
momentum based on four
quarters of reported earnings. As well, he looked for positive quarterly earnings
surprises. Finally, Mr. Tam searched for positive price changes in the
three-month, six-month, nine-month and 12-month time frames. Qualifying names also
had to have positive consensus earnings-per-share estimates for the
current fiscal year.
Mr. Tam's non-energy momentum plays are Sierra Wireless, Dominion Diamond, Amaya, Air Canada, Fairfax Financial Holdings, Linamar, Alimentation Couche-Tard, Great Canadian Gaming, Intertape Polymer and Interfor.
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