Canadian stocks continued to slide down on Monday, marking its fifth consecutive session of losses. The TSX Composite Index fell by more than 600 points during the intraday trading before staging a sharp recovery from its day lows.
As a result, the index ended this highly volatile session with about 0.2% losses, down 50 points, at 20,571. While commodity prices — except gold — largely traded on a mixed to negative note, a dramatic recovery in some popular tech stocks later during the session helped the market benchmark trim its losses.
Top TSX movers and active stocks
First Majestic Silver, Jamieson Wellness, Primaris REIT, Westshore Terminals, and First Quantum Minerals were the five worst-performing stocks on the main Canadian market index, as they lost at least 4% each yesterday.
Surprisingly, Shopify (TSX:SHOP)(NYSE:SHOP) stock, which fell by more than 10% during the intraday trading on Monday, staged a spectacular recovery towards the end of the session. This sharp recovery helped the stock settle with impressive 7% gains at $1,188.46 per share, making it Monday’s top gainer on the TSX Composite benchmark. Despite its impressive recovery in the last session, SHOP stock is still down by nearly 32% on a year-to-date basis.
WELL Health Technologies, BRP, and Bombardier were also among the top-performing Canadian stocks, as they ended the day with at least 4.5% gains each.
Based on their daily trade volume, Suncor Energy, Enbridge, Bombardier, and Canadian Natural Resources were among the most active TSX stocks.
On Tuesday, most TSX stocks are likely to open slightly lower due to an overnight decline in metals and crude oil prices. Investors could keep an eye on the latest U.S. consumer confidence data this morning. Like we have seen in the last few days, I expect the market volatility to remain high ahead of the key monetary policy announcements scheduled for tomorrow.