The stock market in Canada turned positive again after showcasing pessimism in the previous couple of sessions as investors welcomed lower-than-expected domestic consumer inflation data and a recovery in commodity prices. As a result, the S&P/TSX Composite Index inched up 150 points, or 0.7%, on Tuesday to settle at 20,377, its highest closing level in more than two months.
Besides a sharp rally in metal mining and energy stocks, other key TSX sectors, like consumer cyclicals and banking, also witnessed renewed buying amid speculations about the near-term economic outlook.
Top TSX Composite movers and active stocks
Endeavour Silver, TFI International, Headwater Exploration, and Precision Drilling were among the top-performing TSX stocks yesterday, as they gained more than 5% each.
Shares of Nuvei (TSX:NVEI) jumped 4.1% to $48.36 per share after it announced an extension of its partnership with Plaid. With this, the Montréal headquartered financial technology company aims “to support a wider range of businesses with accepting bank-based payments for multiple use cases, including recurring payments and payouts, and to serve additional verticals within the e-commerce landscape, such as utilities and B2B [business to business].”
Nuvei also plans to further extend its partnership with Plaid at a global scale by the end of 2023, the Canadian company said in a press release. On a year-to-date basis, NVEI stock is now up 40.5%.
On the flip side, StorageVault Canada and Shopify declined by at least 2.3% each, making them the day’s bottom performers on the Toronto Stock Exchange.
Based on their daily trade volume, large-cap stocks like Enbridge, Royal Bank of Canada, Canadian Natural Resources, and TD Bank stood out as the most active stocks on the exchange.
TSX today
After witnessing a sharp recovery in the last session, crude oil and precious metals were largely mixed early Wednesday morning, while copper was trading on a bearish note. Given these mixed to slightly negative signals from the commodities market, I expect the resource-heavy main TSX index to remain under pressure at the open today.
While no key domestic economic releases are due, Canadian investors may want to closely monitor the monthly building permits and weekly crude oil stockpiles data from the U.S. market this morning.
Market movers on the TSX today
