A sharp rally in commodities markets turned Canadian stocks positive on Friday. The S&P/TSX Composite Index rose by 209 points, or 1.1%, to settle at 19,450 after trading on a negative note in a previous couple of sessions. Interestingly, West Texas Intermediate crude oil futures jumped by more than 5% in the last session to close above the US$90-a-barrel mark for the first time since October 11, helping TSX energy stocks inch up. Similarly, a sharp rally in metals prices drove the shares of mining companies higher. Other key sectors like consumer, financials, and real estate also witnessed strong gains.
Top TSX movers and active stocks
Metal mining stocks like Yamana Gold, Equinox Gold, Hudbay Minerals, First Quantum Minerals, Kinross Gold, and Capstone Copper surged by at least 12.5% each on Friday, making them the top-performing TSX stocks for the day.
In contrast, shares of TELUS International (TSX: TIXT) dived by 7.2% to $29.85 per share after announcing its third-quarter results. In the September quarter, the Vancouver-based software company’s total revenue rose 10.6% year over year to US$615 million. But its revenue figures missed analysts’ expectation of US$644.7 million due mainly to foreign exchange headwinds. While TELUS registered a strong 23.1% positive growth in its adjusted earnings to US$0.32 per share, despite macroeconomic uncertainties, it failed to boost investors’ confidence. On a year-to-date basis, TIXT stock now trades with 28.6% losses.
Parex Resources, Shopify, and Canopy Growth were also among the worst-performing TSX Composite components in the last session, as they fell by at least 5.5% each.
Based on their daily trade volume, Enbridge, Barrick Gold, Baytex Energy, and Yamana Gold were the most active stocks on the exchange.
TSX today
After witnessing a sharp rally in the last session, commodity prices across the board were trading on a mixed note early Monday morning, pointing to a flat open for the main TSX benchmark. While no domestic economic releases are due today, energy investors in Canada may want to keep a close eye on the U.S. Energy Information Administration’s latest short-term energy outlook report.
On the corporate events front, Canadian companies like Algoma Steel Group, Finning International, BRP, CT REIT, Cronos Group, Franco-Nevada, Centerra Gold, Ballard Power Systems, Ritchie Bros. Auctioneers, and Innergex Renewable Energy are expected to release their latest quarterly results on November 7.
