TSX trades up, value down in November

As a sign of the times, the TSX saw fewer trades involving a smaller number of shares worth less in dollar value in November, according to figures released by the stock exchange Wednesday.

The TSX, which produces monthly trading statistics, had 17.6 million trades of 10.4 billion shares worth $118.6 billion in the second-last month of 2008. All three indicators were lower than October's results.

In November there were 22 per cent fewer transactions involving 15 per cent fewer shares compared with October. The total value of those equity trades fell by 32 per cent versus one month earlier.

The global meltdown drove these indicators lower as investors dumped stocks in October and stayed away to some extent in November. The monthly numbers indicated that people were willing to trade stocks even as the value of these equities slipped.

The TSX index fell 8.3 per cent in November, down from a monthly peak of 10,116 points on Nov. 4 to 9,270 by the end of the month.

Compared with last November, there were more transactions involving more shares. But the value of those trades in the most recent period fell by 25 per cent compared with November 2007.

Year to date, the TSX figures are all up.

For the first 11 months of the year, the number of transactions jumped by 53 per cent, hitting 166.5 million trades. The shares involved and the value of those equity issues also rose both by 10 per cent.

The number of initial placement offerings, generally a sign of strength in equity markets, fell in the January-to-November period for 2008 compared with the same period one year earlier, 42 versus 68.

But there were seven new IPOs in November compared with zero for October.