As the banking crisis kept investors on edge, Canadian equities remained highly volatile and unpredictable on Thursday. Despite opening lower from its previous closing level, the S&P/TSX Composite Index turned positive later in the session to settle at 19,539 — up 160 points or 0.8%.
Shares of regional banks remained in focus globally, with the First Republic Bank stock recovering by 10% yesterday. This recovery came after a group of large American banks, including Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, and Morgan Stanley, apparently showed confidence in the San Francisco-headquartered First Republic by providing it with $30 billion in new, uninsured deposits.
While all key sectors on the Toronto Stock Exchange ended the session in the green territory on March 16, the market rally was primarily led by healthcare, industrials, and consumer cyclicals stocks.
Top TSX Composite movers and active stocks
Shares of Tilray Brands (TSX:TLRY) popped 10% yesterday to $3.55 per share, making it the top-performing TSX stock for the day. This rally in TLRY stock came after the cannabis giant revealed that its shareholders have “formally approved an amendment to the Company’s Certificate of Incorporation,” which it expects to enhance corporate governance and support its strategic growth plan. Despite this rally, Tilray’s share prices currently trade with 3.3% year-to-date losses.
In other cannabis stocks-related news, U.S. Treasury secretary Janet Yellen suggested that the regulators are trying to find a solution for the cannabis industry’s troubles in availing of traditional banking services. This news led to renewed buying in some cannabis stocks on the TSX, like Tilray and Cronos Group.
Transcontinental and Interfor Corp were also among the top-performing stocks, as they inched up by at least 5.6% each.
In contrast, Fortuna Silver Mines and Wesdome Gold Mines dived by at least 4.6% each, making them the worst-performing Canadian stocks for the day.
Based on their daily trade volume, Suncor Energy, Toronto-Dominion Bank, TC Energy, and Manulife Financial were the most active stocks.
After witnessing a sharp recovery in the last session due to new deposits from large U.S. banks, the shares of First Republic Bank plunged more than 7% in premarket trading on Friday. It clearly reflects that despite regulators’ and the banking community’s efforts to calm investors and depositors, the banking crisis is still making investors nervous. That’s why the global stock markets could remain highly sensitive to any new development related to the ongoing financial system turmoil.
Commodity prices across the board were largely positive early Friday morning, which could help mining and energy stocks on the TSX inch up at the open today.
While no major economic releases are due, TSX-listed companies like Filo Mining, Ballard Power Systems, and Algonquin Power & Utilities are expected to release their latest quarterly results on March 17.