The Canadian equities market started the new week on a negative note after posting consecutive gains in the previous three weeks. The S&P/TSX Composite Index fell by 196 points, or 0.9%, yesterday to settle at 21,353. While strengthening precious metals prices helped metals and mining stocks rise, all other major sectors on the TSX, including healthcare, financials, real estate, energy, and technology, witnessed a sharp correction. On a year-to-date basis, the TSX benchmark is now trading with only a 0.6% rise.
Top TSX movers and active stocks
Cannabis stocks like Canopy Growth, Cronos Group, and Tilray were among the worst-performing stocks on the TSX in the last session, as investors seemingly tried to cut their risky bets. As a result, these three stocks dived by at least 5% on Monday.
The shares of Trisura Group (TSX: TSU) also remained among the worst performers per second consecutive day. After losing nearly 14% of its value in the previous session, TSU stock extended its losses by another 7.4% on February 14. The Canadian insurance company released its Q4 results last week, missing analysts’ consensus earnings estimates by nearly 17%. Its latest quarterly earnings miss continues to hurt investors’ sentiments. With this, Trisura stock is now trading with 22% year-to-date losses.
On the positive side, Sprott, Agnico Eagle Mines, Wesdome Gold Mines, and Silvercrest Metals rose by at least 4% each yesterday, making them the top gainers on the main index.
The overall trading volume on the exchange remained higher than usual due to the ongoing corporate earnings season. Based on their daily trade volume, Enbridge, Manulife Financial, Suncor Energy, and Cenovus Energy were the most active TSX Composite components.
TSX today
Early Tuesday morning, the crude oil prices are witnessing a sharp correction after reaching their highest level in seven years on Monday, which could keep TSX energy stocks under pressure. While base metals prices are showcasing a recovery, gold and silver prices are sliding downward. Given these largely negative signals from the commodities market, the main TSX index might fall at the open today.
Canadian companies like First Quantum Minerals, West Fraser Timber, and TC Energy will announce their latest quarterly results on February 15.
