Stocks in Canada continued to fall for the third consecutive session on Wednesday, as largely mixed corporate results weighed on investor sentiment. The S&P/TSX Composite Index slipped by 73 points to 20,367, despite better-than-expected U.S. durable goods orders data.
On the one hand, largely upbeat results drove the shares of technology and consumer companies higher. On the other hand, heavy losses in other market sectors, such as industrials, healthcare, and utilities, pressured the TSX index. As crude oil prices continued to weaken further amid a gloomy economic outlook, energy stocks also witnessed a selloff.
Top TSX Composite movers and active stocks
TFI International (TSX:TFII) was among the worst-performing TSX Composite components for the second session in a row, as its weak first-quarter results kept hurting investors’ sentiments. With reduced volumes and weakening demand, the Canadian transportation and logistics provider missed analysts’ top- and bottom-line estimates last quarter.
In addition, TFI’s adjusted net profit margin contracted to 6.3% in the March 2023 quarter from 7.2% a year ago. After losing 13.7% of its value this week so far, TFII stock is now up 2.6% on a year-to-date basis.
Superior Plus, Brookfield Business Partners, and Vermilion Energy were also among the bottom performers on the Toronto Stock Exchange yesterday, as they dived by more than 5% each.
On the positive side, shares of Precision Drilling (TSX:PD) inched up 5.2% to $71.39 per share after its upbeat quarterly results cheered investors. In the first quarter of 2023, the energy sector-focused contract drilling services provider’s revenue jumped 59% year over year to $558.6 million due mainly to higher drilling activity and improved pricing across its key markets.
These factors also helped Precision Drilling post a solid $5.57 per share in adjusted earnings last quarter against an adjusted net loss of $3.25 in the same quarter of the previous year. Despite yesterday’s gains, PD stock is still down more than 31% in 2023 so far.
CGI and Teck Resources were also among the top performers in the last session, as they climbed by more than 4% each.
According to the exchange’s daily volume data, Cenovus Energy, Royal Bank of Canada, Suncor Energy, and Manulife Financial were the most heavily traded Canadian stocks.
TSX today
You can expect the main TSX index to remain highly volatile today, as investors focus on corporate results. While no key domestic economic releases are due, Canadian investors may want to closely monitor the important quarterly gross domestic product, monthly pending home sales, and weekly jobless claims data from the United States this morning.
On the corporate events front, several TSX-listed companies, including Bombardier, Agnico Eagle Mines, Advantage Energy, Atco, Mullen Group, and Secure Energy Services, are set to announce their quarterly results on April 27.
Market movers on the TSX today
