The Canadian market started May 2023 on a weak note, as falling oil prices amid growing concerns about a recession weighed on energy stocks. After rallying by 130 points during the intraday trading, the TSX Composite Index gave up these gains later to end Monday’s volatile session with a 21-point drop at 20,615.
Despite losses in the shares of energy and real estate companies, handsome gains in other notable market sectors, such as consumer and industrials, limited the index’s losses.
Top TSX Composite movers and active stocks
Denison Mines, Ballard Power Systems, and Secure Energy Services were the worst-performing TSX stocks for the day, as they plunged by at least 3.6% each.
In contrast, Cargojet (TSX: CJT) rose nearly 4% yesterday to $105.83 per share after it announced its March quarter results. In the first quarter of 2023, the revenue of the Mississauga-based air cargo services provider witnessed a minor year-over-year decline of 0.7% to $231.9 million, as the demand for its services softened.
With this, Cargojet’s adjusted quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) slid 9.6% from a year ago to $75 million. As economic challenges continue to mount, the company’s management plans to focus on realigning its cost structure with the current demand levels. On a year-to-date basis, CJT stock is now down 9%.
Mullen Group, First Quantum Minerals, and Brookfield Business Partners were also among the top performers on the Toronto Stock Exchange in the last session, as they inched up by at least 3% each.
Based on their daily trade volume, Manulife Financial, TD Bank, Suncor Energy, and Royal Bank of Canada were the most active Canadian stocks on May 1.
Most commodities were largely bearish early Tuesday morning, which could pressure the resource-heavy TSX index at the open today. While no domestic economic releases are due, Canadian investors may want to keep an eye on the latest job openings data from the United States this morning. Also, investors may want to remain cautious ahead of the Fed’s monetary policy event scheduled for tomorrow.
As the first-quarter earnings season gathers steam, several TSX-listed companies like EQB, Aritzia, Franco-Nevada, Equinox Gold, First Capital REIT, Dream Industrial REIT, Thomson Reuters, Restaurant Brands, Colliers International, OceanaGold, and International Petroleum are expected to announce their results on May 2.