The Canadian stock market remained choppy on Monday, as investors seemed cautious ahead of the U.S. Federal Reserve’s upcoming interest rate decision. The TSX Composite Index fell by 45 points in the last session to settle at 19,426. Nonetheless, the market benchmark managed to end October with solid 5.3% gains, posting its best monthly performance since November 2020. Despite sharp gains in healthcare stocks, weakness in other key sectors, including real estate, consumer, and metals mining, dragged the market down in intraday trading yesterday.
Top TSX movers and active stocks
NFI Group’s (TSX:NFI) share prices slipped by 8.6% to $8.80 per share, making it the worst-performing TSX stock for the day. With this, NFI stock ended October with a massive 27.5% loss, extending its year-to-date declines to nearly 57%. Its recent losses could be attributed to the negative impact of ongoing supply chain disruptions on the Canadian zero-emission bus manufacturer’s financial results. Last week, NFI told investors that high inflation and shortages of certain critical parts and components affected its vehicle production in the third quarter.
Torex Gold Resources, Canada Goose Holdings, and Interfor were also among the biggest losers yesterday, as they fell by more than 5% each.
On the positive side, shares of Canopy Growth, Tilray Brands, Birchcliff Energy, and Cronos Group jumped by at least 7.5% each in the last session to become the best-performing TSX Composite components.
Based on their daily trade volume, Canopy Growth, Suncor Energy, Enbridge, and Lundin Mining were the most active stocks on the exchange.
Early Tuesday morning, commodity prices were trading with optimism, primarily led by a sharp rally in metals prices. This could help the main TSX index open higher today to start the new month on a bullish note. While no key domestic economic releases are due, Canadian investors may want to keep a close eye on the monthly manufacturing purchasing managers index and job openings data from the U.S. market this morning.
Canadian companies Thomson Reuters, Colliers International, Dream Industrial REIT, Toromont Industries, Ero Copper, B2Gold, and First Capital REIT are expected to announce their latest quarterly results on November 1, which could keep their stocks volatile.