The Canadian stock market traded with optimism on Friday, despite weaker-than-expected monthly gross domestic product numbers, as investors continued to closely monitor corporate results. The S&P/TSX Composite Index rose 114 points, or 0.6%, in the last session to 20,637.
While an intraday recovery in crude oil prices led to a rally in energy stocks, other main stock market sectors like industrials, banking, and technology also witnessed handsome gains. With this, the main TSX index ended April with 2.7% gains to deliver its second-best monthly performance in 2023.
Top TSX Composite movers and active stocks
Shares of GFL Environmental (TSX:GFL) inched up 7.5% to $49.21 per share, making it the top-performing TSX stock for the day. This rally in GFL stock came a day after the Vaughan-headquartered environmental services firm announced its upbeat first-quarter results.
In the quarter ended in March 2023, GFL Environmental’s revenue grew positively by 28.4% year over year to $1.8 billion with the help of strong industrial collection and processing activity. As a result, the company’s adjusted quarterly earnings jumped 33.3% from a year ago to $0.08 per share against Bay Street analysts’ expectation of a $0.04 loss per share. After this rally, GFL stock now trades with 24.5% year-to-date gains.
TFI International, Eldorado Gold, MEG Energy, and NuVista Energy were also among the top gainers on the Toronto Stock Exchange, as they climbed by at least 4.4% each.
On the flip side, Bombardier, Celestica, Ivanhoe Mines, and Centerra Gold were the worst-performing TSX Composite components, as they fell more than 3% each.
Based on their daily trade volume, TC Energy, Suncor Energy, Cenovus Energy, and Manulife Financial were the most active Canadian stocks for the day.
TSX today
West Texas Intermediate crude oil futures prices were trading with heavy losses early Monday morning, which could pressure the shares of energy companies on the TSX today. While no domestic economic releases are due today, Canadian investors may want to closely monitor the manufacturing data from the United States this morning. Overall, I expect stocks to remain volatile ahead of Fed’s interest rate decision scheduled for later this week.
On the corporate events side, TSX-listed companies like Gibson Energy, MEG Energy, TMX Group, Cargojet, and Capital Power are expected to announce their latest quarterly results on May 1.
Market movers on the TSX today
