The stock market in Canada maintained positive momentum for the seventh session in a row, as investors continued to assess the impact of the Bank of Canada’s latest monetary policy decision on the economy. The S&P/TSX Composite Index rose 62 points, or 0.3%, on Monday to settle at 20,642, its highest closing level since mid-February.
Despite weakness in the shares of consumer non-cyclical companies, strong gains in other main sectors like healthcare, real estate, and technology drove the market benchmark up.
Top TSX Composite movers and active stocks
Shares of Teck Resources (TSX: TECK.B) jumped by nearly 8% yesterday to $65.15 per share, making it the top-performing TSX Composite component. This sharp rally came after its chief executive officer Jonathan Price showed confidence that the Vancouver-headquartered mining giant would get shareholders’ approval for the planned separation of its base metals and steel-making coal businesses.
Earlier on Sunday, Teck’s chairman also backed this separation plan in a statement, calling Glencore’s recent buyout offer not good for Teck’s shareholders. On a year-to-date basis, Teck stock now trades with strong 28.6% gains.
Cronos Group, Tilray Brands, and Shopify were also among the top gainers on the Toronto Stock Exchange in the last session, as they inched up by at least 4.8% each.
On the flip side, NovaGold Resources, Pan American Silver, K92 Mining, and MAG Silver fell by more than 4% each due to the second day of continued selloff in metals prices.
Based on their daily trade volume, TD Bank, Algonquin Power & Utilities, Royal Bank of Canada, and Enbridge were the most active Canadian stocks.
TSX today
Most commodity prices, except for copper, were trading on a slightly positive note early Tuesday morning, which could help the main TSX index rise at the open today.
Apart from the U.S. building permits data, Canadian investors may want to closely monitor the domestic consumer inflation numbers for March this morning. A cooler-than-expected inflation could trigger buying in technology stocks by further reducing the possibility of more rate hikes in the near term.
Market movers on the TSX today
