The Canadian stock market bounced back nicely on Thursday to post its biggest single-day gains in more than three weeks, as upbeat Wall Street tech earnings reports boosted investors’ confidence. With this, the S&P/TSX Composite Index jumped 156 points, or 0.8%, to 20,523, despite the release of weak U.S. GDP (gross domestic product) and home sales data.
While all main market sectors ended the session in green territory, steep gains in healthcare, banking, and metal mining shares primarily led the index up.
Top TSX Composite movers and active stocks
Spin Master (TSX: TOY) soared more than 12% to $38.05 per share after National Bank of Canada upgraded its rating on the stock to “outperform.” Investors welcomed this upgrade as the Toronto-headquartered children’s toys maker is gearing up to announce its first-quarter results next week on May 3. In the quarter ended in March 2023, Bay Street analysts expect Spin Master to report a net loss of US$0.07 per share with US$268.3 million in revenue. Year to date, TOY stock is now up 14.2%.
Tilray Brands, Mullen Group, Boyd Group, and Energy Fuels were also among the top gainers on the Toronto Stock Exchange yesterday, as they inched up by more than 4% each.
In contrast, Bombardier (TSX: BBD.B) dived by nearly 5% to $61.38 per share, despite its massively stronger-than-expected first-quarter earnings. In the March quarter, the Canadian business jet manufacturer’s revenue rose 16.6% to US$1.45 billion with the help of a favourable delivery mix and strength in its aftermarket segment.
With this, Bombardier posted US$1.06 per share in adjusted earnings against analysts’ estimate of US$0.14 loss per share. Given the continued strength in its financial growth trends, this dip could be an opportunity for long-term investors to buy Bombardier stock at a bargain, which currently trades with 17.4% year-to-date gains.
Celestica, Allied Properties REIT, and Secure Energy were also among the bottom performers, as they plunged by at least 4.3% each on April 27.
Based on their daily trade volume, Enbridge, Suncor Energy, TC Energy, and Cenovus Energy were the most active stocks on the exchange.
TSX today
Commodity prices were largely mixed early Friday morning, pointing to a flat open for the resource-heavy TSX index today. Besides Canada’s monthly GDP growth numbers, investors may also want to monitor the personal consumption expenditure data from the U.S. market this morning.
On the corporate events front, TSX-listed companies like Imperial Oil, TC Energy, and Cameco are expected to announce their quarterly results on April 28.
Market movers on the TSX today
