Stocks in Canada traded in a narrow range with an upward bias for the second consecutive session, as the U.S. markets remained closed for the Thanksgiving holiday. The S&P/TSX Composite Index crawled up 62 points, or 0.3%, to settle at 20,344 — its fresh record high in over five months. While gold prices witnessed minor gains to help shares of TSX metal and mining companies rise, all other commodities largely remained flat due to a lack of real catalysts. Besides mining stocks, healthcare, real estate, and technology were also among the top-performing stock market sectors yesterday.
Top TSX movers and active stocks
Corus Entertainment (TSX:CJR.B) jumped by 5.7% on November 23 to $2.40 per share. With this, the share prices of Canadian media firm have risen nearly 11% in the last three sessions combined. While there has been no company-specific news, a recently started recovery in most beaten-down TSX stocks could be the main reason for Corus stock’s sharp gains this week, as investors continue to debate whether inflation has peaked or not. Despite an 11.6% recovery in Corus stock in November, it still trades with huge 49.6% year-to-date losses.
Shares of Allied Properties REIT rose 2.9% yesterday to $26.90 per share after the real estate firm revealed that “it is exploring the sales of its urban-data-centre (UDC) portfolio in Toronto.”
NorthWest Healthcare Properties REIT, Cronos Group, and Lightspeed Commerce were also among the top gainers, as they climbed by at least 2.4% each.
On the flip side, Wesdome Gold Mines and Stelco Holdings were the worst-performing TSX stocks for the day, as they fell by at least 2% each.
While overall trade volume on the Toronto Stock Exchange remained low yesterday, Manulife Financial, Enbridge, Suncor Energy, and Bank of Nova Scotia stood as the most active stocks on the exchange.
Crude oil prices were showcasing a recovery early Friday morning, which could help the commodity-heavy TSX index open slightly higher today with possible gains in energy stocks. However, I don’t expect Canadian equities to witness big moves, as the U.S. markets will close early on November 25.
While no major economic or corporate events are scheduled today, investors may want to eye big Canadian bank earnings next week.