The selloff in Canadian stocks intensified on Tuesday, as much weaker-than-expected U.S. consumer confidence numbers raised the possibility of a recession. The S&P/TSX Composite Index tanked by 237 points, or 1.1%, to settle at 20,440, posting its biggest single-day loss since mid-March.
In the April consumer confidence report, The Conference Board’s official Ataman Ozyildirim highlighted that consumers’ expectations “remain below the level which often signals a recession looming in the short term.” While all main stock market sectors, except utilities, ended the session in the red, big losses in the shares of healthcare, industrial, and financial companies led the index’s downward movement.
Top TSX Composite movers and active stocks
Hudbay Minerals, Converge Technology, Algoma Steel, and Bausch Health were the worst-performing TSX stocks yesterday, as they dived by at least 4.8% each.
Shares of TFI International (TSX:TFII) slipped 3% to $156.83 per share, as its weak first-quarter results disappointed investors. In the March quarter, the Saint-Laurent-headquartered logistics company’s total revenue fell 15.6% from a year ago to US$1.85 billion amid reducing volumes and weakening end market demand.
With this, TFI International’s adjusted quarterly earnings fell 20.8% year over year to US$1.33 per share, missing Street analysts’ estimate of US$1.50 per share. On a year-to-date basis, TFII stock now trades with 15.6% gains.
Sprott and Denison Mines were the top performers on the Toronto Stock Exchange yesterday, as they climbed by at least 3.7%.
Based on their daily trade volume, Manulife Financial, Royal Bank of Canada, Telus, and Cenovus Energy were the most active stocks on the exchange.
TSX today
Most commodity prices were mixed early Wednesday morning, which could keep the resource-heavy TSX index flat at the open today. While no key domestic economic releases are due, Canadian investors may want to watch the latest durable goods orders and crude oil stockpiles data from the United States this morning.
As the earnings season gains steam in Canada, several TSX-listed companies, including Methanex, Waste Connections, Celestica, Canadian Pacific Railway, Alamos Gold, Allied Properties REIT, Cenovus Energy, Teck Resources, CGI, Rogers Communications, and FirstService are expected to announce their latest quarterly results on April 26. These corporate results could add to the market volatility.
Market movers on the TSX today
