The Canadian stock market turned positive on Friday with the help of a sharp recovery in oil prices and largely upbeat corporate results. The S&P/TSX Composite Index jumped 304 points, or 1.5%, to close at 20,542, posting its biggest single-day gains since January 6.
While strong labour market data cheered investors and pushed all key stock market sectors upward, technology, energy, and consumer cyclical stocks led the market rally.
Top TSX Composite movers and active stocks
Shares of Open Text (TSX:OTEX) popped 12.1% in the last session to $55.41 per share, a day after its better-than-expected March quarter results came out. Despite facing currency headwinds, the Waterloo-headquartered tech firm’s total revenue jumped 41.1% year over year to US$1.2 billion, as it continued to post organic cloud sales growth for the ninth consecutive quarter.
With this, Open Text’s posted adjusted quarterly earnings of US$0.73 per share — significantly higher compared to analysts’ estimate of US$0.47 per share. On a year-to-date basis, OTEX stock is now up 38%.
Air Canada, Pason Systems, and Tilray Brands were also among the top gainers on May 5, as they inched up by at least 8.5% each.
On the flip side, Altus Group, Telus International, Badger Infrastructure, and First Majestic Silver were among the worst performers on the Toronto Stock Exchange, as they dived by at least 3.5% each.
Based on their daily trade volume, Tourmaline Oil, Air Canada, Enbridge, and Suncor Energy were the most heavily traded TSX Composite components.
Commodity prices across the board were trading on a positive note early Monday morning, pointing to a higher open for the resource-heavy TSX index today.
While no major economic releases are due, investors may want to closely monitor corporate results, as TSX-listed companies like Suncor Energy, Russel Metals, CT REIT, Hudbay Minerals, Ero Copper, Finning International, and Sleep Country are expected to release their latest quarterly results on May 8.