The Canadian stock market continued to rally for the sixth session in a row as weaker-than-expected growth in the U.S. GDP (gross domestic product) lowered the possibility of aggressive interest rate hikes in the near term. The S&P/TSX Composite Index climbed 103 points, or 0.5%, on Thursday to 19,941, extending the benchmark’s week-to-date gains to a solid 2.3%.
While all major stock market sectors, except healthcare, ended the day in green, strong gains in utility, real estate, and consumer-noncyclical stocks primarily drove the market up.
Top TSX Composite movers and active stocks
Filo Mining, Denison Mines, Capstone Copper, and Endeavour Silver were the top-performing TSX Composite components yesterday, as they inched up by at least 4.9% each.
On the flip side, shares of K92 Mining (TSX:KNT) dived 4.3% to $7.80 per share after its weaker-than-expected fourth-quarter results came out. Although the Vancouver-headquartered metal miner’s revenue in the December quarter rose 14.9% year over year to US$62 million, it missed Street analysts’ estimate of US$66.7 million.
Despite its record quarterly ore processed, K92 Mining’s adjusted earnings fell 14.3% from a year ago to US$0.06 per share, partly due to weaker commodity prices. With this, its quarterly earnings figure also missed Street’s estimate of US$0.08 per share. On a year-to-date basis, KNT stock now trades with 1.7% year-to-date gains.
Cronos Group, NuVista Energy, and Tilray Brands were also among the bottom performers on the Toronto Stock Exchange in the last session, as they slipped by at least 2.6% each
Based on their daily trade volume, TC Energy, Algonquin Power & Utilities, Bank of Nova Scotia, and TD Bank were the most active Canadian stocks of the day.
The resource-heavy TSX index could open slightly lower from its previous closing today, as commodity prices across the board were trading on a bearish note early Friday morning. Nonetheless, the market index remains on track to end the first quarter of 2023 in positive territory, as it has already gained 2.9% on a quarter-to-date basis.
Besides domestic monthly GDP numbers, Canadian investors may also want to closely monitor the latest personal consumption expenditure data from the U.S. market this morning.
On the corporate events side, the Toronto-headquartered NorthWest Healthcare Properties REIT is expected to announce its fourth-quarter results on March 31.