Stocks on the Toronto Stock Exchange turned positive again Thursday after sliding in the previous session. The TSX Composite Index settled at 21,582 for the day, up about 0.6%, or 120 points, as largely strong corporate earnings boosted investors’ confidence. Also, a continued rally in metals and mining stocks along with a recovery in the tech sector helped the index notch a fresh intraday high in the last session.
Top TSX movers and active stocks
The shares of Stelco Holdings (TSX:STLC), Birchcliff Energy, Aurora Cannabis, and Teck Resources were the top gainers on the TSX on November 11. While Stelco shares ended the day with 10% gains, the other three stocks rose by at least 7% each.
Stelco’s massive gains were mainly fuelled by its much better-than-expected Q3 results. In the September quarter, the company’s top and bottom line more than doubled from a year ago and beat analysts’ consensus estimates, which boosted investors’ confidence. Notably, its strong earnings also encouraged Stelco’s management to raise dividends by 50%.
CAE, Fortuna Silver Mines, Docebo, and Element Fleet Management were among the worst-performing Canadian stocks.
Based on their daily trade volume, Lundin Mining, Bombardier, Kinross Gold, Element Fleet Management, and Cenovus Energy were the five most active stocks.
An overnight decline in commodity prices, including crude oil and gold, is likely to keep energy and precious metal mining stocks under pressure on the TSX today at the opening. The U.S. Bureau of Labor Statistics will release important jobs market data this morning, which could give further direction to stocks across North America.
The main TSX gauge is currently trading with 0.6% year-to-date advances. Strong earnings scheduled for today could help the index end another week in the positive territory.
Onex, Intertape Polymer, New Gold, and Home Capital Group are set to release their quarterly results before the market opens today. After the market closing bell, companies like NorthWest Healthcare Properties, Dundee Precious Metals, Cogeco, and SmartCentres REIT are expected to announce their latest earnings.