Canadian stocks traded on a weak note for a second consecutive session on Thursday, as a continued selloff in oil prices amid growing recession concerns weighed on energy stocks. The S&P/TSX Composite Index slipped 50 points, or 0.2%, for the day to settle at 20,631.
Notably, West Texas Intermediate crude oil futures prices dived by well more than 2% yesterday, as significantly weaker-than-expected manufacturing numbers from the United States reignited concerns about slowing economic growth. Despite minor gains in the shares of industrial and real estate companies, heavy losses in other key stock market sectors like energy, technology, and mining, primarily pulled the index downward.
Top TSX Composite movers and active stocks
Altus Group, Canopy Growth, Methanex, and Tamarack Valley Energy were the worst-performing TSX stocks, as they fell at least 4.5% each.
Shares of Lithium Americas (TSX: LAC) slipped nearly 4% yesterday to $26 per share after it completed the Arena Minerals acquisition deal. According to the transaction agreement, each of Arena’s shares is entitled to receive LAC’s 0.0226 shares and a $0.0001 in cash.
With this, the Vancouver-headquartered lithium company now owns 65% interest in the Salta, Argentina-based Sal de la Puna project with 13,200 hectares of the Pastos Grandes basin. On a year-to-date basis, Lithium Americas stock currently trades with a minor 1.3% gain, despite starting 2023 on a solid note. Notably, LAC stock jumped sharply earlier this year after the American auto giant General Motors committed to making a US$650 million equity investment in it.
On the contrary, Chartwell Retirement Residences and First Majestic Silver rose at least 2.5% each for the day, making them the top performers on the Toronto Stock Exchange.
Based on their daily trade volume, Cenovus Energy, Enbridge, Suncor Energy, and Shopify were the most active stocks on April 20.
TSX today
The commodity-heavy main TSX index is likely to open lower from its previous closing today, as metals prices across the board were trading on a bearish note early Friday morning. On the economic data front, Canadian investors may want to closely monitor the domestic retail sales numbers this morning.
Overall, I expect most TSX stocks to remain volatile today, as traders readjust their holdings ahead of a heavy week for corporate earnings and economic data.
Market movers on the TSX today
