The rollercoaster ride in the Canadian stock market continued on Wednesday as weaker-than-expected U.S. manufacturing data and mixed corporate earnings kept investors on their toes. The S&P/TSX Composite Index ended the volatile session with 39-point gains at 20,260. Notably, it was the fifth consecutive session when the index’s movement remained under 50 points on a closing basis.
Although an intraday rally in commodity prices across the board pushed the shares of mining and energy companies higher yesterday, most other key market sectors, like healthcare, technology, and real estate, witnessed heavy losses.
Top TSX Composite movers and active stocks
Capstone Copper, Trisura Group, Parex Resources, and Torex Gold Resources were the top-performing TSX stocks in the last session, as they inched up by at least 6.5% each.
In contrast, Sleep Country Canada, Chartwell Retirement Residences, and Artis REIT were the worst performers on the Toronto Stock Exchange, as they dived by at least 3.7% each.
Shares of Royal Bank of Canada (TSX: RY) also plunged 3.6% on March 1 to settle at $133.62 per share after its latest quarterly results came out. In the first quarter of its fiscal year 2023 (ended in January), the largest Canadian bank reported a 15.5% year-over-year increase in its total revenue to $15.1 billion.
Similarly, Royal Bank’s adjusted quarterly earnings rose 8% from a year ago to $3.10 per share, beating analysts’ estimate of $2.94 per share. On the negative side, its adjusted net profit margin contracted to 28.5% last quarter from 31.3% a year ago, which could be the primary reason for driving its share prices lower. Year to date, RY stock now trades with 5% gains.
Based on their daily trade volume, Manulife Financial, Great-West Lifeco, Suncor Energy, and Enbridge were the most active stocks on the exchange.
TSX today
Metals prices, especially copper and silver, were trading on a strong bearish note early Thursday morning, pointing to a lower open for metals and mining stocks on the TSX today. In contrast, West Texas Intermediate crude oil prices continued to rally for the third consecutive session, which could help energy stocks maintain strength this morning.
While no major domestic economic releases are due, Canadian investors may want to watch the weekly jobless claims data from the U.S. market this morning. Besides that, several large TSX-listed companies, including Canadian Natural Resources, Canadian Utilities, Canadian Western Bank, TD Bank, Sleep Country Canada, Crescent Point Energy, and Park Lawn, are expected to release their latest quarterly results on March 2.
Market movers on the TSX today
