Canadian equities bounced back Tuesday, despite mixed U.S. inflation numbers, as global investors seemingly shook off worries about the ongoing banking sector turmoil. The S&P/TSX Composite Index rose 105 points, or 0.5%, for the day to settle at 19,694 after sliding by 3.7% in the previous three sessions.
Despite continued weakness in energy stocks due to tanking oil prices, a strong recovery in other key stock market sectors, such as technology, metals mining, utilities, and real estate, pushed the market benchmark higher.
Top TSX Composite movers and active stocks
Shares of ECN Capital (TSX: ECN) jumped 9.4% to $3.61 per share after the Toronto-headquartered financial services firm declared a quarterly dividend of $0.4960625 per preferred share. This announcement came nearly a week after ECN Capital postponed its investor day event after initiating a review of strategic alternatives with an aim to maximize shareholder value.
Besides other options, these strategic alternatives “will include strategic funding and capital relationships,” ECN told investors. Interestingly, yesterday’s sharp rally extended ECN stock’s month-to-date gains to more than 24%, and it now trades with nearly 30% advances in 2023.
Nuvei, Enghouse Systems, Stelco Holdings, and OceanaGold were also among the top-performing TSX stocks yesterday, as they surged by at least 5.2% each.
On the flip side, Precision Drilling and AltaGas slipped by at least 3.4% each, making them the bottom performers on the Toronto Stock Exchange.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Athabasca Oil, and Suncor Energy were the most active Canadian stocks for the day.
TSX today
After diving to US$71.44 a barrel, their lowest level in more than three months, West Texas Intermediate crude oil futures prices staged a recovery early Wednesday morning. In contrast, metals prices across the board were trading on a bearish note. Given these mixed signals from the commodities market, the main TSX index could remain flat at the open today.
While no domestic economic releases are due, Canadian investors may want to closely monitor the latest monthly retail sales, wholesale inflation, retail sales, and weekly crude oil stockpiles data from the U.S. market this morning.
On the corporate events front, several companies listed on the TSX, like Power Corporation of Canada, Premium Brands, Alimentation Couche-Tard, and Empire Company, are expected to release their latest quarterly financial results on March 15.
Market movers on the TSX today
