Canadian equities maintained the bullish momentum on Thursday after a significantly better-than-expected third estimate for the U.S. gross domestic product (GPD) boosted investors’ confidence. The S&P/TSX Composite Index inched up by 94 points, or 0.5%, to close at 19,913, posting its fourth consecutive winning day.
Notably, the Bureau of Economic Analysis revised its latest estimate for the U.S. GPD up by 0.7 percentage points to 2%, citing upward revisions in exports and consumer spending figures. This data, coupled with lower weekly jobless claims, helped most key TSX sectors end the session in the green — primarily led by solid gains in healthcare and consumer cyclical stocks.
Top TSX Composite movers and active stocks
BlackBerry (TSX: BB) soared 7.4% to $7.10 per share yesterday, making it the top-performing TSX Composite component for the day. This rally in BB stock came a day after the Waterloo-based software company pleasantly surprised investors by reporting profits in the latest quarter.
In the first quarter of its fiscal year 2024 (ended in May), BlackBerry’s total revenue surged by 112% year over year to US$373 million, as a recent patent sale added US$218 million to its licensing and other segment revenue. As a result, it posted US$35 million in adjusted quarterly net profit against Street analysts’ expectation of a US$30.1 million loss. After this rally, BB stock now trades with an outstanding 61% year-to-date gain.
Park Lawn, Kinross Gold, IAMGOLD, and Precision Drilling were also among the top gainers on the Toronto Stock Exchange in the last session, as they inched up by at least 3.3% each.
On the flip side, Ivanhoe Mines and Innergex Renewable Energy remained among the bottom performers, as they slipped by at least 2.5% each.
Based on their daily trade volume, Bank of Nova Scotia, Manulife Financial, TD Bank, and TC Energy were the most active TSX stocks.
TSX today
Commodity prices, except silver, were largely bullish early Friday morning, which could lift the resource-heavy main TSX index at the open today. Besides the monthly U.S. personal consumption expenditures numbers, investors may also want to closely monitor Canada’s latest GDP data this morning.
While the TSX Composite benchmark remains on track to post a solid week, as it has already risen 2.5% week to date, it’s still off 0.9% from its March quarter closing level.
Market movers on the TSX today
