Canadian equities continued to trade positively for the second consecutive session on Wednesday, as investors bet that the recently released weak inflation data may encourage the Bank of Canada to pause from its pattern of interest rate hikes soon. The S&P/TSX Composite Index rose 115 points, or 0.6%, to settle at 20,491, extending its week-to-date gains to over 1%.
While nearly all key TSX sectors contributed to the index’s gains, yesterday’s market rally was primarily driven by strong buying in real estate, utilities, and technology stocks.
Top TSX Composite movers and active stocks
Telus International, NorthWest Healthcare Properties REIT, TFI International, and Tilray Brands were among the top-performing TSX stocks, as they inched up by at least 4.5% each.
Shares of Bombardier (TSX: BBD.B) also rose 2.2% in the last session to $59.78 per share after the company shared an update related to its Global 6000 aircraft deliveries. In a press release, the Canadian business jet maker said that it “recently celebrated the sixth delivery of a Global 6000 aircraft to Swedish defense supplier Saab,” which will join the Swedish Air Force after being “transformed by Saab into their Airborne Early Warning and Control solution known as GlobalEye.”
Notably, Bombardier stock lost 11.5% of its value in the second quarter, despite starting 2023 on a solid note by rising more than 40% in the first quarter. The stock currently trades with 14.4% year-to-date gains.
In contrast, Canfor, Filo, Interfor, and Dye & Durham fell at least 2.4% each, making them the session’s worst-performing stocks on the Toronto Stock Exchange.
Based on their daily trade volume, Royal Bank of Canada, Bank of Nova Scotia, TC Energy, and Manulife Financial were the most heavily traded stocks on the exchange.
TSX today
Metals prices across the board were largely bullish early Thursday morning, pointing to a slightly higher open for TSX metal and mining stocks at the open today.
While no major domestic economic data are due, Canadian investors may want to closely monitor the monthly manufacturing, existing home sales, and weekly jobless claims reports from the U.S. this morning.
On the corporate events side, TSX-listed companies Mullen Group and Choice Properties REIT are expected to announce their latest quarterly financial results on July 20.
Market movers on the TSX today
