TSX stocks opened on a mixed note on Wednesday morning. Nonetheless, the Canadian market soon turned positive to reach a new record high, as lower-than-expected U.S. crude oil stockpiles data helped the oil prices reverse and turn upward. Also, the ongoing strength in silver and gold prices took precious metal miners’ stocks higher. At the time of writing, the TSX Composite Index was up by 0.3% for the day at 21,143.
Here are some of the Canadian stocks that were making the biggest moves midday on October 20.
In the third quarter, the Canadian railroad company’s adjusted earnings rose by more than 10% YoY (year over year) to $1.52 per share, beating analysts’ estimates. At the same time, CNR’s management reaffirmed its 2021 guidance. Including today’s gains, CNR stock was trading with a nearly 16% year-to-date rise.
Fortuna Silver Mines stock
Fortuna Silver Mines (TSX:FVI)(NYSE:FSM) rose by about 5% Wednesday afternoon to over $6 per share. With this, the shares of the Canadian precious metal mining company have now risen by more than 20% in October.
The ongoing rally in precious metals prices — especially in silver — is the key reason for its recent gains. Note that a continued rise in silver prices could help miners like Fortuna Silver boost their profits for the ongoing quarter.
NFI Group (TSX:NFI) stock was up by 3.6% at $24.35 per share. In a press release this morning, the company revealed that its subsidiary New Flyer has received an order for 10 heavy-duty battery-electric buses from the NFTA-Metro transit agency. NFI also highlighted that under this order, NFTA-Metro has options to purchase up to 140 additional buses.
While this news boosted investors’ confidence today, NFI stock remains flat on a year-to-date basis.
goeasy (TSX:GSY) was also among the top TSX gainers today, as it was trading with 3.4% gains at 192.35 per share this afternoon. These gains came after TD Securities started its coverage on the Canadian financial services provider with a buy rating and a target price of $260 per share. This new target price for GSY stock reflected a handsome upside potential of about 35% from its current market price.
This morning, goeasy also confirmed that it would release its Q3 2021 results on Wednesday, November 3.
Canadian Pacific’s Q3 earnings
Canadian Pacific Railway (TSX:CP)(NYSE:CP) announced its Q3 results today before the market opened. During the September quarter, its revenue rose by nearly 4% YoY to $1.94 billion. As a result, CP’s third-quarter adjusted earnings missed analysts’ consensus estimates.
On the positive side, the company maintained its full year-adjusted EPS guidance. This could be the primary reason why its stock rose by 1.2% today, despite its Q3 earnings miss.