Canadian stocks took a breather yesterday after posting their biggest single-day losses in over two months in the previous session. The S&P/TSX Composite Index rose 54 points on Wednesday to settle at 20,296, as investors remained focused on the possibility of the U.S. debt limit deal amid ongoing negotiations.
Despite weakness in mining and industrial shares, other main market sectors like healthcare, real estate, and financials posted healthy gains, helping the TSX index end the session in the green territory.
Top TSX Composite movers and active stocks
Shares of Bausch Health Companies (TSX: BHC) ended the last session with more than 24% gains at $10.05 per share after rallying by as much as 41% during the intraday trading.
This spectacular rally in BHC stock came after the Laval-headquartered pharmaceutical firm revealed that the U.S. District Court of Delaware has denied Norwich Pharmaceuticals’ request to modify an earlier ruling that “prevents the U.S. Food and Drug Administration (FDA) from approving Norwich’s abbreviated new drug application (ANDA) for XIFAXAN (rifaximin) 550 mg before Oct. 2, 2029.” After this strong rally, Bausch Health stock is now up 18.2% on a year-to-date basis.
Brookfield Business Partners, Lightspeed Commerce, and BlackBerry were also among the top performers on the Toronto Stock Exchange yesterday, as they rose at least 5.9% each.
In contrast, gold stocks like IAMGOLD and Lundin Gold slipped by more than 4% due mainly to continued declines in the price of the yellow metal.
Based on their daily trade volume, Suncor Energy, Enbridge, Manulife Financial, and Air Canada were the most active stocks on the Canadian exchange.
TSX today
Metals prices were continuing to trade on a bearish note early Thursday morning, pointing to a lower open for the mining stocks on the TSX today. Besides the ongoing debt ceiling talks, Canadian investors may also want to closely monitor the manufacturing, home sales, and jobless claims data from the U.S. market this morning.
On the corporate events side, TSX-listed companies like Canada Goose, Lightspeed Commerce, and ATS Corp are expected to announce their latest quarterly financial results on May 18, which could keep their stocks volatile.
Market movers on the TSX today
