Canadian equities traded on a mixed to slightly negative note on Wednesday, as investors remained cautious ahead of the release of key U.S. inflation data. The TSX Composite Index ended its fifth consecutive session in the red by losing 10 points yesterday to settle at 18,206 — its lowest closing level in 2022. Despite a recovery in healthcare, real estate, and metal mining sectors, a continued weakness in utilities, industrials, and energy stocks kept the main market index under pressure, as a higher-than-expected month-over-month change in the U.S. producer price index raised the possibility of more interest rate hikes.
Top TSX movers and active stocks
Cameco, Ballard Power Systems, Innergex Renewable Energy, and Sprott were the worst-performing TSX stocks on October 12, as they fell by at least 5.5% each.
These losses in Cameco stock came after it announced the formation of a strategic partnership with Brookfield Renewable Partners to acquire the American nuclear services company Westinghouse Electric Company.
Shares of Aritzia (TSX:ATZ) soared by 6.5% in the last session to $48.62 per share after the company released its better-than-expected August quarter financial results. During the quarter, the Canadian apparel retailer’s total revenue rose by 50.1% from a year ago, while its adjusted earnings saw a 12.8% increase to $0.44 per share, beating analysts’ consensus estimates. The demand for Aritzia’s products remained strong across channels and geographic markets in the last quarter. Despite yesterday’s gains, ATZ stock still trades with slightly more than 7% year-to-date losses.
Ero Copper, Brookfield Business Partners, and Tilray Brands were also among the top-performing TSX Composite components, as they rose by more than 5% each.
Based on their daily trade volume, Canadian Natural Resources, Toronto-Dominion Bank, Cenovus Energy, and Enbridge were the most active stocks on the exchange.
TSX today
Early Thursday morning, crude oil and metals prices were trading on a mixed note, pointing to a flat open for the commodity-heavy TSX benchmark today.
While no domestic economic releases are due, Canadian investors may want to pay close attention to the latest monthly inflation numbers and weekly jobless claims from the U.S. this morning, which could increase the stock market volatility. Higher-than-expected U.S. inflation figures are likely to further strengthen the chances of aggressive interest rate hikes in the coming months and drive high-growth tech stocks lower. Also, energy investors could keep an eye on the latest U.S. crude oil stockpiles data today.
