The Canadian stock market continued to rise for the second consecutive session on Wednesday, as some falling tech and healthcare stocks staged a sharp recovery. The S&P/TSX Composite Index rose by about 0.4%, or 94 points, for the day to 21,548. Apart from the tech and healthcare sectors, the shares of companies from real estate, energy, and industrials also inched up. Despite an intraday weakness in precious metals prices, rising crude oil and base metals prices also supported gains in Canadian energy and copper mining stocks.
Top TSX movers and active stocks
Docebo, OrganiGram Holdings, Nuvei, Tilray, and Boyd Group were the five top performers on the TSX. While Docebo and OrganiGram shares rose by 5.5% each on November 24, the other three saw around 4% gains each.
In contrast, Alimentation Couche-Tard (TSX:ATD.B)(TSX:ATD.A) and New Gold ended the session with more than 4% losses each, making them the worst-performing TSX stocks yesterday. This major drop in Couche-Tard stock came a day after it posted slightly worse-than-expected adjusted earnings for the October quarter. Moreover, the company’s management revealed that the ongoing labour and supply chain challenges are continuing to hurt its business growth. Couche-Tard’s revenue for the quarter was better than Street’s expectations, though.
The shares of Enghouse Systems, Osisko Mining, and Kinross Gold were also among the top losers on the TSX, as they all fell by at least 2% each Wednesday.
Based on yesterday’s trade volume, Manulife Financial, Suncor Energy, Cenovus Energy, and Denison Mines were the most active stocks on the main Canadian market index. About 15.3 million shares of Manulife Financial were traded on the exchange in the last session.
TSX stocks are likely to open on a slightly positive note today, as base metals prices continue to soar along with an early morning recovery in gold prices. In contrast, higher-than-expected U.S. crude oil stockpiles data released yesterday is keeping oil prices sideways, which could limit gains in energy stocks on November 25. Overall, I expect Canadian stocks to remain choppy today, as the U.S. markets are closed for Thanksgiving.