The Canadian equities market continued to slide for the fourth consecutive session, posting its longest losing streak of 2023 so far. The S&P/TSX Composite Index fell 59 points, or 0.3%, to settle at 20,193 — its lowest closing level since January 11. Despite a minor recovery in the shares of consumer cyclicals and technology companies, heavy losses in other market sectors like metal and mining, healthcare, and financials dragged the TSX index.
The Federal Open Market Committee’s (FOMC) latest meeting minutes raised the possibility that the American central bank could continue to hike interest rates in the coming months to curb inflationary pressures, making investors worried about the economic outlook.
Top TSX Composite movers and active stocks
Shares of Sandstorm Gold (TSX:SSL) plunged by nearly 5% yesterday to $6.53 per share, a day after the company released its fourth-quarter financial results. The Vancouver-headquartered gold royalty firm’s total revenue rose 29% year over year in the December quarter to US$38.4 million with the help of a 31% increase in its attributable gold equivalent production.
However, Sandstorm reported a net loss of US$2.1 million for the fourth quarter compared to a net profit of US$7.4 million in the same quarter of the previous year. On a year-to-date basis, SSL stock is now down 8.3%.
Dye & Durham, Filo Mining, Westshore Terminals, and Pason Systems were also among the worst-performing TSX stocks Wednesday, as they slipped by more than 4% each.
On the positive side, Summit Industrial Income REIT, Gildan Activewear, GFL Environmental, Equinox Gold, and Nutrien were among the top performers on the Toronto Stock Exchange, as they inched up by at least 3.5% each.
According to the daily trade volume figures, Summit Industrial Income REIT, Suncor Energy, Enbridge, and Manulife Financial were the most active Canadian stocks.
Crude oil and natural gas prices staged a minor recovery early Thursday morning. In contrast, metals prices were largely negative. Given these mixed signals from the commodities market, I expect the resource-heavy TSX index to open on a flat note today.
While no key domestic economic releases are due, Canadian investors may want to watch the fourth-quarter gross domestic product, weekly jobless claims, and crude oil stockpiles data from the United States this morning.
Besides that, the corporate earnings season will gain steam, as several TSX-listed companies, including Northland Power, Baytex Energy, Pembina Pipeline, Advantage Energy, Hudbay Minerals, Osisko Gold Royalties, Sienna Senior Living, TransAlta, and TransAlta Renewables, are likely to announce their latest quarterly results on February 23.