The Canadian equities market remained slightly positive for a second consecutive session, as cooler-than-expected U.S. consumer inflation data raised the possibility that the Federal Reserve may soon pause interest rate hikes. As a result, the S&P/TSX Composite Index rose 69 points, or 0.3%, on Tuesday to settle at 19,990.
Despite a pullback in utilities and technology stocks, other key market sectors like healthcare, financials, and consumer cyclicals posted healthy gains to push the index upward.
Top TSX Composite movers and active stocks
Shares of Sandstorm Gold (TSX: SSL) jumped 8.6% yesterday to $7.18 per share after sliding by 7.6% in the previous couple of sessions. This rally in SSL stock came a day after the Vancouver-headquartered gold-focused royalty firm confirmed that it will not be deleted from the NYSE Arca Gold Miners Index.
In a previous statement on June 12, Sandstorm clarified that it “has no information on the rationale for the deletion and understands that the Index Manager does not release details on how its assessments are made.” Year to date, Sandstorm Gold stock now trades with a minor 0.8% gain.
Ballard Power Systems, Filo Mining, and BRP were also among the top-performing TSX stocks for the day, as they inched up by at least 5% each.
In contrast, Brookfield Renewable Partners, Enghouse Systems, Converge Technology, and Centerra Gold dived by at least 4.4% each, making them yesterday’s worst performers on the Toronto Stock Exchange.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Enbridge, and Manulife Financial were the most heavily traded stocks.
TSX today
Commodity prices, especially crude oil and precious metals, were trading on a bullish note early Wednesday morning, which could lift the main TSX index at the open today with expected gains in the shares of energy and mining companies.
After the recently released U.S. consumer price index data pointed to cooling inflation, Canadian investors may want to keep an eye on the wholesale inflation report this morning. More importantly, the U.S. Fed’s interest rate decision will be the key focus for investors this afternoon, besides the Federal Open Market Committee’s (FOMC) latest statement and economic projections.
Market movers on the TSX today
