The Canadian stock market went sideways on Friday, as investors continued to assess the possibility of a looming recession amid the ongoing banking turmoil and rising interest rates. The S&P/TSX Composite Index ended the volatile session with minor 42-point, or 0.2%, gains at 19,501.
While technology, healthcare, and consumer cyclicals sectors witnessed a selloff, handsome gains in utility stocks primarily drove the Canadian market index upward. With this, the main TSX benchmark recovered by 0.6% in the week ended on March 24 after tanking by 5.8% in the previous two weeks.
Top TSX Composite movers and active stocks
Badger Infrastructure Solutions (TSX: BDGI) inched up 6.8% on March 24 to $30.03 per share, making it the top-performing TSX Composite component. This rally in BDGI stock came a day after the Canadian excavating services provider announced its December quarter results. During the quarter, its total revenue rose 22.6% year over year to $149 million.
With the help of improved asset utilization across its branch network, Badger’s adjusted quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) jumped 108.4% to $28.1 million. Similarly, its adjusted EBITDA margin expanded significantly to 18.8% last quarter from 11.1% a year ago. On a year-to-date basis, Badger Infrastructure’s share prices have seen a 12.6% appreciation.
OceanaGold, Algonquin Power & Utilities, and Spartan Delta were also among the top performers on the Toronto Stock Exchange in the last session, as they climbed by more than 3% each.
In contrast, Altus Group, Aritzia, ECN Capital, and Lightspeed Commerce fell by at least 3.3% each, making them the bottom performers on the exchange.
Based on their daily trade volume, TD Bank, Cenovus Energy, Power Corporation of Canada, and Crescent Point Energy were the most active Canadian stocks.
TSX today
On Sunday, the U.S. Federal Deposit Insurance Corporation (FDIC) revealed that it has entered a purchase and assumption agreement with the North Carolina-headquartered First–Citizens Bank for all deposits and loans of recently collapsed Silicon Valley Bridge Bank. After this development, “the 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company on Monday, March 27,” the FDIC said in a press release. Even as financial regulators continue to make efforts to protect depositors, the banking crisis and contagion risks could keep the TSX, especially bank stocks, highly volatile in the near term.
Metals prices across the board were trading on a weak note early Monday morning, which could take TSX mining stocks lower at the open today. While no key economic releases are due today, investors may want to remain cautious before the release of U.S. consumer confidence and gross domestic product data scheduled for later this week.
Market movers on the TSX today
