The stock market continued to showcase good strength for the third consecutive session on Tuesday. The TSX Composite Index rose by 1.1%, or 222 points, to 21,320. It was the first time the index settled above 21,300 in two weeks. A consistent rally in healthcare stocks coupled with strong gains in energy and mining sectors took the broader market higher.
Also, better-than-expected Canadian GDP data for November and the U.S. manufacturing data for January seemingly added optimism.
Top TSX movers and active stocks
Spin Master (TSX:TOY) stock popped by 12.7% on February 1 to close at its highest level in over two months. These sharp gains in TOY stock came after the company reported significantly better-than-expected Q4 revenue and gross product sales. Strong sales growth across segments helped Spin Master post $2.04 billion in 2021 total revenue — up 30% from the previous year. Yesterday’s sharp gains brought its stock in the green territory on a year-to-date basis, as it currently trades with 2.7% gains in 2022.
Hut 8 Mining, Osisko Mining, Aurora Cannabis, and goeasy were also among the top gainers, as they inched up by at least 7% each on Tuesday.
In contrast, TMX Group and Aritzia were the worst-performing stocks on the index, as they fell by more than 2.5% each.
Based on their daily trade volume, Enbridge, Cenovus Energy, Suncor Energy, and Bombardier were the most active TSX Composite components.
Crude oil prices are hovering near their multi-year highs on Wednesday morning, while metals prices are also showcasing strength. Given these positive signals from the commodity market, I expect the main TSX benchmark to open slightly higher today. The ongoing recovery in tech stocks might continue in the near term, as the market participants remain focused on the upcoming earnings season.
Investors could watch the latest non-farm employment change and crude oil stockpiles data from the U.S. market this morning. On the corporate events front, Canadian companies like ATS Automation Tooling and CGI Group will release their latest quarterly results on February 2.