The Canadian stock market bounced back sharply on Monday after posting its worst weekly performance in more than three months as strengthening oil and gas prices boosted investors’ confidence. The S&P/TSX Composite Index inched up by 169 points, or 0.9%, yesterday to settle at 19,587, posting its biggest single-day gains since June 2.
Even as fears of more rate hikes drove tech stocks lower, all other market sectors ended the session in the green territory, primarily led by a sharp rally in the shares of energy, consumer noncyclical, and financial companies.
Top TSX Composite movers and active stocks
Vermilion Energy, Imperial Oil, Empire Company, and TC Energy were the top-performing TSX stocks for the day, as they rose at least 3.6% each.
In contrast, shares of Northwest Healthcare Properties REIT (TSX:NWH.UN) continued to fall for the fifth consecutive session amid analysts growing pessimism. Yesterday, analysts at Bank of Montreal downgraded their rating on the Toronto-headquartered healthcare-focused REIT’s (real estate investment trusts) stock from “outperform” to “market perform” while also slashing their target price from $10 per share to $7 per share. This downgrade drove the stock down by 4.5% to $6.10 per share.
The recent selloff in NorthWest stock intensified on June 21 after it canceled the plan to proceed with a previously announced U.K. joint venture. Notably, its share prices have seen more than 20% value erosion since June 21.
According to the Toronto Stock Exchange’s daily volume data, TC Energy, Suncor Energy, Toronto-Dominion Bank, and Canadian Natural Resources were the most active stocks.
TSX today
West Texas Intermediate crude oil futures and copper prices were trading on a bearish note early Tuesday morning, while precious metals showcased minor strength. Given these mixed signals from the commodities market, the resource-heavy TSX index is likely to remain flat at the open today.
Besides the key domestic consumer inflation report, Canadian investors may want to also closely monitor the important consumer confidence, new home sales, building permits, and durable goods orders data from the United States this morning.
On the corporate events side, TSX-listed companies like Alimentation Couche-Tard and NovaGold Resources are expected to release their latest quarterly results after the market closing bell on June 27.
Market movers on the TSX today
