The Canadian stock market continued to inch up for the third consecutive session, as the recently released cooler-than-expected inflation report and a recovery in crude oil prices kept investors largely optimistic. The S&P/TSX Composite Index climbed by 86 points, or 0.4%, on Wednesday to 19,819, its highest closing level in more than a week.
Despite weakness in some metal mining, and utility stocks, the market benchmark managed to end the session in green with the help of a sharp rally in other main sectors, including healthcare, energy, and technology.
Top TSX Composite movers and active stocks
Interfor, Canfor, Lightspeed Commerce, and Alimentation Couche-Tard were the top-performing TSX stocks, as they rose more than 4% each.
In contrast, NovaGold Resources (TSX:NG) tanked by 12.4% to $5.24 per share, making it the worst performer on the Toronto Stock Exchange for the day. This selloff in NG stock came a day after the precious metals mining company announced its significantly worse-than-expected quarterly financial results that seemingly disappointed investors.
In the second quarter of its fiscal year 2023 (ended in May), NovaGold reported an adjusted net loss of US$14.65 million. While this figure showcased a minor improvement over its net loss of US$14.97 million in the May 2022 quarter, the quarterly loss was still wider than analysts’ expectations due mainly to higher interest expenses and increased corporate costs. After yesterday’s steep declines, NG stock has seen a 35.2% value erosion so far in 2023.
Lithium Americas and K92 Mining were also among the bottom performers, as they dived by at least 3.7% each.
Based on their daily trade volume, TD Bank, TC Energy, Canadian Natural Resources, and Suncor Energy remained among the most heavily traded TSX stocks for the third session in a row.
TSX today
Energy products and metals prices were largely mixed early Thursday morning, pointing to a flat open for the commodity-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors may want to closely monitor the quarterly gross domestic product (GDP), monthly pending home sales, and weekly jobless claims data from the United States this morning. TSX investors’ expectations from Canada’s GDP data, scheduled for Friday, could also add to the market volatility.
Market movers on the TSX today
