Canadian equities market continued to go sideways on Thursday, as mixed corporate earnings kept investors on their toes. The TSX Composite Index ended the volatile session with 11-point losses at 20,740, marking its second consecutive day of weakness after posting 7.1% gains in January.
While sharp declines in commodity prices pressured metal mining and energy stocks on the TSX in the last session, other key market sectors like real estate, technology, and healthcare witnessed gains. Besides Canadian corporate earnings, large-cap tech earnings from the United States kept the market uncertain.
Top TSX Composite movers and active stocks
Shares of Canada Goose Holdings (TSX: GOOS) crashed by 23.7% in the last session to $25 per share after its disappointing December quarter results came out. The Canadian apparel manufacturer’s quarterly revenue fell by 1.6% year over year to $576.7 million, missing analysts’ expectations of $623.6 million.
Similarly, Canada Goose reported $1.27 per share in adjusted quarterly earnings — significantly lower than the Street’s expectation of $1.62 per share. The Canadian firm blamed COVID-19 disruptions in China and the unfavourable timing of wholesale shipments for its poor financial performance in the last quarter. Yesterday’s massive declines trimmed GOOS stock’s year-to-date gains to 3.8%.
Precision Drilling, First Quantum Minerals, and K92 Mining were also among the worst-performing TSX stocks on February 2, as they dived by at least 6.7% each.
On the positive side, ECN Capital, Shopify, Tricon Residential, and Dye & Durham were among the top gainers on the Toronto Stock Exchange, as they inched up by at least 4.7% each.
Based on their daily trade volume, Suncor Energy, Enbridge, Manulife Financial, and TC Energy were the most active Canadian stocks for the day.
TSX today
Commodity prices across the board were trading on a mixed note early Friday morning after witnessing a sharp correction in the last session. Given that, the commodity-heavy main TSX index might open on a flat note today.
While no domestic economic releases are due, investors may want to keep an eye on the latest monthly non-farm payrolls, unemployment rate, and non-manufacturing purchasing managers index numbers from the U.S. market this morning.
Besides these economic events, corporate earnings will remain on TSX investors’ radar today. On February 3, Canadian companies Brookfield Business Partners and Brookfield Renewable Partners are expected to release their latest quarterly earnings reports.
Market movers on the TSX today
