The Canadian stock market went sideways on Friday, as investors remained focused on corporate results and U.S. debt limit negotiations. The S&P/TSX Composite Index settled at 20,420 without any notable change from its previous closing level.
Despite heavy losses in technology, financials, and energy stocks, an intraday recovery in other key sectors like mining and utilities kept the market benchmark largely unchanged. With this, the main TSX index slipped 0.6% last week to post its third consecutive weekly loss.
Top TSX Composite movers and active stocks
After posting solid 23.2% gains in the previous session, shares of CI Financial (TSX: CIX) crashed more than 17% on May 12 to $12.76 per share. This huge movement in CIX stock came a day after the Toronto-headquartered asset and wealth management firm released its first-quarter results on May 11.
In the quarter ended in March, CI Financial’s revenue witnessed a minor increase of 0.6% from a year ago to $637.8 million. However, its adjusted quarterly earnings of $0.74 per share missed analysts’ estimate of $0.78 per share due mainly to declines in its net asset management fees last quarter. In its earnings report, CI also revealed intentions to sell stakes in its U.S. wealth management business. With this, CIX stock now trades with 5.6% year-to-date losses.
Converge Technology, Nuvei, and Exchange Income were also among the bottom performers on the Toronto Stock Exchange Friday, as they fell at least 3.9% each.
On the flip side, Park Lawn, Silvercrest Metals, Trisura Group, and Sienna Senior Living were among the top gainers, as they inched up by at least 4.5% each.
Based on their daily trade volume, Enbridge, Suncor Energy, Manulife Financial, Athabasca Oil, and Air Canada were the five most heavily traded Canadian stocks of the day.
TSX today
Most commodity prices, especially natural gas, gold, and copper, were trading on a bullish note early Monday morning, which could help TSX energy and mining stocks lift at the open today. While no major economic releases are due, investors will continue to closely watch any progress in the U.S. debt limit talks.
On the corporate events side, TSX-listed companies like Power Corporation of Canada, Fortuna Silver Mines, Constellation Software, K92 Mining, Centerra Gold, and Premium Brands are expected to announce their latest quarterly results on May 15.
Market movers on the TSX today
