Stocks in Canada turned positive again on Tuesday after opening the week on a flat note amid investors’ rising expectations from the Russia-Ukraine negotiations. The S&P/TSX Composite Index rose by 109 points, or 0.5%, for the day to settle at 22,087 — its highest closing level ever. While an intraday drop in crude oil and precious metals prices took TSX energy and mining shares lower, other key sectors like consumer cyclicals, healthcare, technology, and real estate led the market rally.
Also, slightly better-than-expected latest consumer confidence and job openings data from the United States added optimism.
Top TSX movers and active stocks
Shares of Cargojet (TSX:CJT) jumped by 13.2% to $185.03 per share, making it the top-performing TSX Composite component for the day. These massive gains in the Canadian cargo airline company’s stock came after it announced a long-term strategic agreement with DHL “to provide air-transportation services for DHL’s global network.” This partnership is expected to help Cargojet diversify its portfolio of services. After yesterday’s sharp rally, CJT stock is now trading with about 11% year-to-date gains.
WELL Health Technologies, Lightspeed Commerce, Denison Mines, and Converge Technology were also among the top gainers on the TSX yesterday as they rose by at least 6% each.
In contrast, shares like Nutrien, Capstone Copper, Parex Resources, and Stelco Holdings fell by more than 3% each on March 30, making them the worst-performers for the session.
Based on their daily trade volume, TC Energy, Cenovus Energy, Bank of Nova Scotia, and Crescent Point Energy were the most active stocks on the exchange.
TSX today
After showcasing a sharp recovery in the second half of yesterday’s trading session, oil and metals prices are trading on a firm note early Wednesday morning. This could help TSX energy and mining sectors open on a positive note today. The continuation of the recently started rally in tech stocks is dependent on new updates related to the Russia-Ukraine crisis, though.
While no key domestic economic data is due today, Canadian investors could keep an eye on the latest non-farm employment change, Q4 GDP, and weekly crude oil stockpiles releases from the U.S. market this morning. On the corporate events front, companies like Dollarama and K92 Mining will release their latest quarterly results today.
