The Canadian stock market turned mixed on Wednesday, despite a rally in commodity prices across the board and strong U.S. consumer confidence data, as investors shifted their focus on the upcoming corporate earnings season. The S&P/TSX Composite Index slid 31 points, or 0.1%, to settle at 20,552.
Even as solid intraday gains in metals prices drove mining stocks higher, losses in other key market sectors like financials, technology, and healthcare pulled the TSX benchmark downward.
Top TSX Composite movers and active stocks
TC Energy (TSX:TRP) dived by 4.7% to $48.50 per share, making it one of the worst-performing TSX stocks for the day. These declines in TRP stock came a day after the Canadian energy infrastructure firm partnered with New York-headquartered Global Infrastructure Partners with an aim to monetize a 40% interest in its Columbia Gas Transmission and Columbia Gulf Transmission systems.
After this partnership, TC Energy and Global Infrastructure Partners plan to jointly contribute toward the maintenance and growth of these transmission systems. After this selloff, TRP stock is now down 10.2% on a year-to-date basis.
ATS, Air Canada, and Trisura Group were also among the bottom performers on the Toronto Stock Exchange yesterday, as they fell at least 3.8% each.
On the positive side, Hudbay Minerals, Capstone Copper, Methanex, and Bombardier inched up at least 5% each, making them the top-performing TSX stocks for the day.
Based on their daily trade volume, Royal Bank of Canada, TC Energy, Manulife Financial, and Bank of Nova Scotia were the most active stocks on the exchange.
TSX today
Natural gas and precious metals prices were largely positive early Wednesday morning, which could help the resource-heavy main TSX index open slightly higher from its previous closing today.
While no domestic economic releases are due, Canadian investors may want to closely monitor the U.S. building permits and new home sales data this morning. More importantly, the Federal Reserve’s monetary policy event and press conference will add to the market volatility later in the afternoon.
On the corporate events front, several TSX-listed companies, including Loblaw Companies, CGI Group, Rogers Communications, Tilray, Crescent Point Energy, Whitecap Resources, Alamos Gold, West Fraser Timber, GFL Environmental, Agnico Eagle Mines, Celestica, Toromont Industries, Allied Properties REIT, and Methanex, are expected to announce their latest quarterly results on July 26.
Market movers on the TSX today
