Canadian stocks remained largely mixed on Friday, as the higher-than-expected domestic unemployment rate and weak purchasing managers index data kept investors on their toes. The S&P/TSX Composite Index rose slightly by 20 points, or 0.1%, in the last session to settle at 19,831.
Despite losses in industrial and utility stocks, other key market sectors like healthcare, energy, and mining posted intraday gains, pulling the market benchmark up for the day. With this, the TSX index ended the week with a 1.6% decline.
Top TSX Composite movers and active stocks
Shares of Algonquin Power & Utilities (TSX:AQN) slipped 4.6% to $10.47 per share, making it the worst-performing TSX stock for the session. This weakness in AQN stock came a day after the American hedge fund Starboard Value asked the Oakville-based utility company to sell most of its renewable assets “to pay down debt and repurchase shares.”
Notably, Starboard Value and its affiliates claim to be Algonquin’s largest shareholder, with nearly 7.5% stakes in the company. This recent weakness in AQN stock trimmed its year-to-date gains to 18.7%.
Thomson Reuters, Wesdome Gold Mines, and Boralex were also among the worst performers on the Toronto Stock Exchange, as they dived by more than 3% each on July 7.
On the flip side, Bausch Health, Hudbay Minerals, Precision Drilling, and Vermilion Energy inched up by at least 5.8% each, making them the top-performing TSX stocks for the day.
Based on their daily trade volume, TD Bank, Canadian Natural Resources, Baytex Energy, and TC Energy stood out as the most active stocks.
TSX today
Commodity prices were largely going sideways early Monday morning after staging a rally in the previous session. Given that, the resource-heavy main TSX index could remain flat at the open today.
While no important economic releases are due this morning, Canadian stocks may still remain volatile, as traders adjust their open positions ahead of the U.S. consumer inflation data and the Bank of Canada’s interest rate decision scheduled for Wednesday this week.
On the corporate events side, TSX-listed companies Aritzia, MTY Food, and Cogeco Communications are expected to announce their latest quarterly financial results this week.
Market movers on the TSX today
