Canadian equities market turned slightly negative Monday after ending a previous couple of weeks with solid gains. The S&P/TSX Composite Index dropped by 0.4%, or 85 points, to 21,683. An intraday weakness in base metals prices kept mining stocks under pressure. Healthcare, industrials, and technology were the worst-performing sectors in Canada yesterday.
Top TSX movers and active stocks
Canopy Growth, Cronos Group, and Aurora Cannabis were the worst-performing stocks on the TSX, as they lost more than 5% each in the last session. Notably, Cannabis stocks are continuing to be highly volatile these days amid reports of an expected bill to legalize marijuana in the United States.
Turquoise Hill, Intertape Polymer, Fortuna Silver, and Iamgold Corp were the top four gainers on the main Canadian stock gauge. All these stocks rose by at least 3% each.
Enbridge (TSX:ENB)(NYSE:ENB) and Suncor Energy remained among the most heavily traded stocks on the TSX Composite for another session. Nearly 30.8 million Enbridge shares and 14.7 million Suncor shares changed hands on the exchange on November 15.
Early Tuesday morning, crude oil and precious metals prices are trading on a bullish note. In contrast, base metals are continuing to slide for the second consecutive day. Given that, TSX stocks are likely to open on a slightly positive note today. While no big Canadian corporate earnings events are scheduled for today, investors may want to pay attention to the key U.S. retail sales data due this morning.
The ongoing correction in energy stocks could be an opportunity for long-term investors to buy some fundamentally strong stocks like Enbridge cheap. ENB reported its much better-than-expected Q3 results on November 5. Its revenue for the quarter was 15% better than Street’s estimates, and its earnings were also slightly higher compared to expectations. Despite these positive factors, ENB stock has dived by 4% in the last five sessions.