TSX Stocks Making the Biggest Moves Midday on October 28

Shopify Inc. (TSX:SHOP)(NYSE:SHOP), Lightspeed POS (TSX:LSPD)(NYSE:LSPD), and Suncor Energy (TSX:SU)(NYSE:SU) are three of the biggest gainers on the TSX today.

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Canadian stocks turned positive again Thursday after falling in a previous couple of sessions. At the time of writing, the TSX Composite Index is trading at 21,192 with about 1.1% advances for the day. Largely better-than-expected earnings, a tech sector-wide rally, and rising metals prices are helping the main Canadian market gauge inch up today.

Here are some of the biggest movers on the TSX today.

Suncor Energy stock

Suncor Energy (TSX:SU)(NYSE:SU) stock surged 10% to $30.97 per share after announcing its third-quarter results yesterday evening. Improving demand for energy products and its strong refinery utilization rate drove the company’s revenue up by 58% year over year, as it posted a strong operating income of $0.71 per share for the quarter.

In the last quarter, Suncor’s increased production helped it achieve lower cash operating costs per barrel at oil sands operations. More importantly, the company also doubled its dividend per share to $0.42 yesterday. This could be one of the key reasons boosting investors’ confidence and triggering a buying spree in its stock today.

Shopify stock

Shopify (TSX:SHOP)(NYSE:SHOP) stock rose by more than 8% Thursday, despite failing to meet analysts’ Q3 earnings and revenue expectations. While SHOP stock started the day on a negative note this morning, it soon turned positive — partly because of the tech sector-wide rally today across North America.

In the September quarter, the Canadian e-commerce giant reported adjusted earnings of US$0.81 per share — more than 25% lower compared to analysts’ consensus estimates of US$1.09 per share.

Lightspeed stock

Lightspeed Commerce (TSX:LSPD)(NYSE:LSPD) stock also rose by more than 4% today. These gains in LSPD stock came after the company launched a new flagship e-commerce product targeting retail customers. About a couple of weeks ago, Lightspeed also launched a new flagship restaurant platform.

Lightspeed stock continues to be highly volatile after a short-seller on September 29 accused the company’s management of inflating key business metrics. I expect the ongoing volatility in its stock to continue ahead of its latest quarterly earnings event on November 4.

Other top TSX movers

Apart from these stocks, the shares of other Canadian companies like Ballard Power Systems and Westport Fuel Systems were among the top gainers on October 28. On the flip side, the shares of Mullen Group, Alamos Gold, and Whitecap Resources were the three worst-performing stocks on the TSX today.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

The Motley Fool owns shares of and recommends Lightspeed POS Inc. and Shopify. The Motley Fool recommends MULLEN GROUP LTD. and recommends the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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