The Canadian stock market rally gained momentum on Friday, as investors continued to react positively to cooling inflationary pressures and strong U.S. quarterly gross domestic product data. The S&P/TSX Composite Index inched up by 242 points, or 1.2%, in the last session to settle at 20,155, taking its weekly gains to a solid 3.8%.
While shares across industries witnessed strength, key sectors like metal mining, real estate, and consumer non-cyclical primarily led the market rally. With this, the main TSX benchmark posted not only its best single-day performance in four weeks but also its biggest weekly gains since February 2021.
Top TSX Composite movers and active stocks
Canada Goose, Lithium Americas, First Majestic Silver, and Osisko Mining were the top-performing TSX stocks on the final trading day of June, as they climbed by at least 3.9% each.
Interestingly, shares of BlackBerry (TSX:BB) zoomed up by 16% last week to $7.34 per share after its May quarter results seemingly boosted investors’ confidence. Despite continued weakness in its cybersecurity segment sales due to challenging market conditions, a recent patent sale added US$218 to the Waterloo-headquartered enterprise software firm’s revenue last quarter.
As a result, BlackBerry’s total revenue rose 122% in the three months ended on May 31, helping it post a surprise adjusted net profit of US$35 million. After this rally, BB stock is now up 66.4% on a year-to-date basis.
In contrast, Tilray Brands and Primo Water fell at least 1.8% in the last session, bringing them among the Toronto Stock Exchange’s bottom performers.
Based on their daily trade volume, Canadian Natural Resources, TC Energy, TD Bank, and Bank of Nova Scotia were the most heavily traded stocks on the exchange.
TSX today
Most commodity prices, especially crude oil and precious metals, were largely bullish early Tuesday morning, pointing to a slightly higher open for the main TSX index at the open today.
While the U.S. stock market will remain closed for Independence Day on July 4, the Canadian market could still remain volatile, as traders adjust their positions ahead of the key economic releases scheduled for later this week, including the Federal Open Market Committee’s meeting minutes and other important labour market data.
Market movers on the TSX today
