The Canadian stock market fell sharply on Thursday, despite the release of much stronger-than-expected second-quarter U.S. GDP (gross domestic product) growth figures, as investors feared that it could give the Federal Reserve room for more monetary policy tightening. These concerns, along with a massive selloff across metals prices, drove the S&P/TSX Composite Index down by 176 points, or 0.9%, yesterday to 20,385 — its lowest closing level in more than a week.
While all main sectors on the TSX, except healthcare, ended the session in the red, big losses in real estate, metal mining, and technology stocks led the market selloff.
Top TSX Composite movers and active stocks
Shares of StorageVault Canada (TSX:SVI) tanked 9.3% to $4.95 per share a day after the company released its second-quarter earnings report. In the quarter ended in June 2023, the Scarborough, Ontario-headquartered storage space provider’s revenue rose 8.1% year over year to $71.3 million but missed Bay Street analysts’ estimate of $73.6 billion.
Despite positive growth in its same-store revenue and net operating income, the normalization of StorageVault’s business compared to the previous year seemingly disappointed investors. Year to date, SVI stock is now down 17.8%.
Endeavour Silver, Silvercrest Metals, MAG Silver, and First Majestic Silver were also among the worst-performing TSX stocks yesterday, as they plunged by more than 7% each.
On the positive side, Tilray Brands, Celestica, and Precision Drilling were the top gainers on the Toronto Stock Exchange, as they rallied by at least 7% each.
Based on their daily trade volume, Cenovus Energy, TC Energy, Crescent Point Energy, and Royal Bank of Canada were the most heavily traded stocks on the exchange.
TSX today
Commodity prices across the board were trading on a mixed note early Friday morning, pointing to a flat open for the resource-heavy TSX index today. Besides domestic GDP growth and budget balance reports, Canadian investors may also want to closely monitor the personal consumption expenditure data from the U.S. market this morning.
On the corporate events side, TSX Composite components AltaGas and Imperial Oil are expected to announce their latest quarterly financial results on July 28.
Market movers on the TSX today
