Canadian equities went sideways for the second session in a row, as the market’s focus shifted to expectations from the Bank of Canada’s upcoming interest rate decision and the U.S. inflation data. With this, the S&P/TSX Composite Index slipped by nine points to 19,822, taking the benchmark’s month-to-date losses to 1.7%.
Despite an intraday recovery in healthcare and mining stocks, weakness in other key market sectors, such as utility, technology, and banking, dragged the TSX index downward.
Top TSX Composite movers and active stocks
Quebecor, Transcontinental, Cogeco Communications, and Nutrien were among the worst-performing TSX stocks for the day, as they dived by at least 2.5% each.
On the positive side, shares of K92 Mining (TSX:KNT) rallied nearly 12% to $6.31 per share after announcing an important production-related update. The Vancouver-headquartered metal mining firm revealed that its Kainantu Gold Mine’s total production in the second quarter jumped 18% year over year and 43% sequentially to 27,405 ounces of gold, 1,526,547 pounds of copper, and 34,001 ounces of silver.
Encouraged by its strong second-quarter production results, K92 Mining reaffirmed its full-year 2023 production and cost guidance, expecting the second half of 2023 to be its strongest in terms of production. Despite these recent gains, KNT stock is still down 17.7% on a year-to-date basis.
Dye & Durham, Tilray Brands, and Lithium Americas were the top performers on the Toronto Stock Exchange yesterday, as they inched up by at least 4.8% each.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, TC Energy, and Baytex Energy were the most active stocks on the exchange.
TSX today
Metals prices, especially gold, were positive early Tuesday morning, which could lift TSX mining stocks at the open today. While no major domestic economic releases are due, Canadian investors may want to closely monitor the U.S. Energy Information Administration’s latest short-term energy outlook report this afternoon.
Also, TSX investors could remain cautious ahead of the Bank of Canada’s monetary policy event and the U.S. inflation data scheduled for Wednesday morning.
On the corporate events side, Canadian companies MTY Food and Aritzia are set to release their latest quarterly financial results on July 11.
Market movers on the TSX today
