The Canadian equities market went sideways on Monday, as investors braced for a busy week of corporate results and important economic releases. The TSX Composite Index fell 16 points to settle at 20,677.
Despite notable weakness in healthcare, technology, and banking shares, healthy gains in consumer and commodity-related market sectors limited the index’s losses for the day.
Top TSX Composite movers and active stocks
Converge Technology, Interfor, MTY Food, and Aritzia were the worst performers on the Toronto Stock Exchange yesterday, as they slipped by at least 2.6% each.
Shares of Canadian National Railway (TSX: CNR) gained 1% to $168.27 per share after its better-than-expected first-quarter results came out. In the quarter ended in March 2023, the Canadian transportation and logistics giant’s revenue increased by 16.3% year over year to $4.3 billion with the help of positive growth in its fuel surcharge revenue.
Canadian National Railway’s adjusted earnings also jumped 37.9% from a year ago to $1.82 per share last quarter. After its strong first-quarter results, the company now expects to deliver a mid-single-digit growth in its adjusted earnings per share in the ongoing year. On a year-to-date basis, CNR stock is up 4.6%.
On the flip side, Seabridge Gold, Lithium Americas, Baytex Energy, and Precision Drilling were the top-performing TSX stocks for the day, as they inched up by more than 4% each.
Based on their daily trade volume, Royal Bank of Canada, TC Energy, Suncor Energy, and Enbridge were the most active Canadian stocks on April 24.
TSX today
Except for gold, commodity prices across the board were trading on a bearish note early Tuesday morning, which could weigh on the resource-heavy TSX index at the open today. While no key domestic economic releases are due, Canadian investors may want to closely monitor the latest consumer confidence, new home sales, and building permits data from the United States this morning.
On the corporate events side, TSX-listed companies like First Quantum Minerals, TFI International, and West Fraser Timber are expected to announce their latest quarterly results on April 25.
Market movers on the TSX today
