The Canadian stock market bounced back on Friday with the help of an intraday recovery in metals prices and optimism surrounding the U.S. debt limit deal. The S&P/TSX Composite Index gained 146 points, or 0.7%, for the day to settle at 19,920, trimming its weekly losses to 2.1%.
Despite continued losses in consumer non-cyclical and energy stocks, healthy gains in other key market sectors like technology, industrials, and healthcare drove the index upward.
Top TSX Composite movers and active stocks
The shares of Tilray Brands crashed more than 20% in the last session to $2.53 per share, making it the worst-performing TSX stock for the day. This massive selloff in TLRY stock came after it revealed “the pricing of its registered offering of $150 million aggregate principal amount of 5.20% Convertible Senior Notes due 2027.” With this, Tilray now trades with over 30% year-to-date losses.
Canadian Western Bank (TSX:CWB) plunged nearly 6% to $22.99 per share after announcing its weaker-than-expected quarterly results. In the quarter ended in April 2023, the Edmonton-headquartered bank’s revenue rose 3% year over year to $264.1 million, missing analysts’ estimate of $270.8 million. To add pessimism, its adjusted quarterly earnings fell 11.9% from a year ago to $0.74 per share due mainly to a sharp rise in its provision for credit losses. Year to date, CWB stock is now down 4.4%.
On the flip side, Celestica, Africa Oil, Capstone Copper, and Converge Technology Solutions were the top performers on the Toronto Stock Exchange, as they inched up by at least 4% each.
Based on their daily trade volume, Manulife Financial, Suncor Energy, Enbridge, and Canadian Natural Resources were the most active stocks on the exchange.
TSX today
Commodity prices across the board were largely mixed early Monday morning, pointing to a flat open for the resource-heavy TSX index today. No key economic releases are due today as the U.S. market will remain closed for Memorial Day. Despite that, new developments related to the debt ceiling deal may still keep stocks largely positive.
Market movers on the TSX today
