Canadian stocks started the new week on a mixed note, as traders continued to adjust their open positions ahead of the U.S. inflation data and Federal Open Market Committee’s (FOMC) meeting. The TSX Composite Index witnessed minor gains of 29 points, or 0.1%, on Monday to settle at 19,921.
While falling commodity prices weighed on investors’ sentiments, sectors like technology, healthcare, and consumer cyclicals posted healthy gains.
Top TSX Composite movers and active stocks
Shares of Ballard Power Systems (TSX:BLDP) rallied nearly 15% yesterday to $6.60 per share, making it the top-performing TSX stock for the day. These sharp gains in BLDP stock came after the Burnaby-headquartered proton exchange membrane fuel cell firm revealed its plan to scale production and reduce costs of next-generation bipolar plates.
“Beyond product cost savings, the project will increase Ballard’s plate manufacturing capacity by approximately 10 times while significantly improving graphite and resin material yield and reducing production takt times,” the company told investors. After this rally, Ballard stock now trades with a minor 1.9% year-to-date gains.
Lightspeed Commerce, Canopy Growth, and Shopify were also among the top gainers on the Toronto Stock Exchange, as they inched up by more than 6% each.
In contrast, Methanex, Vermilion Energy, Athabasca Oil, and Sandstorm Gold were the worst-performing TSX Composite components, as they plunged by at least 4.6% each.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Enbridge, and Manulife Financial were the most active stocks on the exchange.
TSX today
After yesterday’s selloff, commodity prices across the board were staging a recovery early Tuesday morning, pointing to a slightly higher open for the resource-heavy main TSX index today.
While no key domestic economic releases are due, Canadian investors must closely monitor the U.S. consumer inflation report this morning. This important report could help investors set their expectations from the Fed’s upcoming monetary policy event.
The Canadian software firm Enghouse Systems announced its April quarter results after the market closing bell on June 12, which could keep its stock volatile today. Despite a 6.7% year-over-year sales increase, its adjusted quarterly earnings tanked by 28.1% from a year ago to $0.23 per share due mainly to incremental operating costs.
Market movers on the TSX today
