Stocks in Canada continued to soar on Thursday, as investors continued to react to the latest Federal Reserve statement and policy move. Also, a sharp intraday recovery in commodity prices across the board helped energy and metals mining shares inch up. As a result, the TSX Composite Index ended the session with solid 302-point, or 1.4%, gain at 21,771 — its highest-ever closing level. Apart from commodity-related stocks, sectors like technology and healthcare led the market rally.
With this, the main Canadian market index is now trading with more than 3% gains in March so far.
Top TSX movers and active stocks
The shares of Lightspeed Commerce, Energy Fuels (TSX: EFR)(NASDAQ: CLNE), Denison Mines, and Cameco were among the top-performing stocks on the TSX, as they inched up by at least 9% each.
Yesterday, the New York-based equity research and investment firm H.C. Wainwright raised its target price on Energy Fuels stock which seemingly boosted investors’ confidence. Interestingly, the recent supply issues have driven a rally in uranium prices. Surging uranium prices could be another factor supporting the rally in EFR stock, as they are likely to boost the company’s profitability. Year to date, the stock has now risen by 24%.
While no TSX Composite components saw a big decline on Thursday, Premium Brands Holdings and Descartes Systems were the worst-performing stocks on the benchmark, with around 2% losses each.
Based on their daily trade volume, Cenovus Energy, Canadian Natural Resources, and Suncor Energy were the most active stocks on the exchange.
TSX today
Early Friday morning, most commodities were trading on a mixed note, which could likely keep TSX stocks flat at the open today. While investors could continue digesting the recent monetary policy moves, Canada’s latest retail sales and the U.S. existing home sales data will also remain in focus this morning. Also, any big update related to the ongoing Russia-Ukraine war could heighten the market volatility in the near term.
