The optimism surrounding upbeat tech results helped the Canadian stock market start the new week on a slightly positive note, as the S&P/TSX Composite Index rose 43 points on Monday to 20,585.
Despite bearish movement in the shares of some real estate and energy companies, healthy gains in other key sectors, such as tech, consumer cyclicals, and healthcare, pushed the main TSX benchmark upward. With this, the index is now up 2.4% in the second quarter.
Top TSX Composite movers and active stocks
Westshore Terminals Investment (TSX: WTE) rallied more than 7% yesterday to $28.70 per share after announcing its better-than-expected quarterly results on Friday. In the quarter ended in March 2023, the Vancouver-headquartered coal export terminal operator’s revenue witnessed 9.6% year-over-year gains to $96.7 million due mainly to a 7.7% positive growth in its coal loading revenue.
Westshore’s shipment tonnage also increased by 2.4% last quarter. This factor and higher interest income drove the company’s adjusted quarterly earnings up 29.3% from a year ago to $0.53 per share, exceeding analysts’ estimate of $0.43 per share. WTE stock now trades with solid 28% year-to-date gains.
BlackBerry, Converge Technology Solutions, and Stelco were also among the top performers in the last session, as they inched up by at least 5% each.
In contrast, Osisko Mining, Maple Leaf Foods, TransAlta Renewables, and Altus Group slipped by more than 3% each, making them the worst performers on the Toronto Stock Exchange for the day.
Based on their daily trade volume, Tourmaline Oil, Suncor Energy, Enbridge, and Manulife Financial were Canada’s most heavily traded stocks on May 8.
TSX today
Oil and gold prices were largely mixed early Tuesday morning, which could keep TSX energy and mining stocks flat at the open today. While no important domestic economic releases are due, Canadian energy investors may want to keep an eye on the U.S. Energy Information Administration’s latest short-term outlook report this afternoon.
As the corporate earnings season continues in full swing, several TSX-listed companies, including Kinross Gold, Great-West Lifeco, Innergex Renewable Energy, Converge Technology, B2Gold, goeasy, Northland Power, Superior Plus, Keyera, George Weston, Exchange Income, and Pet Valu, are expected to announce their latest quarterly results on May 9.
Market movers on the TSX today
