Canadian stocks turned positive on Wednesday with the help of a continued rally in oil and gas prices, even as the ongoing corporate earnings season kept investors on their toes. The S&P/TSX Composite Index advanced by 69 points, or 0.3%, yesterday to settle at 20,275.
Despite intraday losses in healthcare and consumer cyclical shares, strong gains in sectors like utilities, energy, and consumer non-cyclicals drove the market benchmark higher.
Top TSX Composite movers and active stocks
CAE (TSX: CAE) soared 8% in the last session to $32 per share after announcing its upbeat quarterly financial results. In the first quarter of its fiscal year 2024 (ended in June), the Saint Laurent-headquartered aviation technology firm’s revenue rose 13% from a year ago to $1.1 billion due primarily to the strong performance of its civil aviation and defence business segments.
As a result, CAE posted $0.24 per share in adjusted quarterly earnings, higher than the Street analysts’ expectation of $0.21 per share. After this rally, CAE stock is up 22.2% year to date.
ATS, Vermilion Energy, and Stella-Jones were also among the top-performing TSX stocks yesterday, as they climbed by at least 4.8% each.
On the flip side, shares of Nuvei (TSX: NVEI) nosedived by 39.4% to register their biggest single-day losses since December 8, 2021. This crash in NVEI stock came after the Montréal-based payment technology company missed analysts’ earnings expectations and slashed its annual revenue-growth targets.
Last quarter, Nuvei’s adjusted earnings fell 23.5% year over year, despite a 45.3% jump in revenue due partly to an increase in its finance costs. NVEI stock now trades at its record low (on a closing basis) of $24.30 per share with slightly less than 30% year-to-date losses.
Tilray Brands, Finning International, and Colliers International were also among the bottom performers on the Toronto Stock Exchange as they slipped by at least 4% each.
Based on their daily trade volume, Suncor Energy, B2Gold, Baytex Energy, and Cenovus Energy were the most active stocks on the exchange.
TSX today
After climbing to their multi-month highs, crude oil and natural gas prices were mixed early Thursday morning, but metals prices were largely bullish, pointing to a recovery in the TSX mining stocks at the open today.
Canadian investors will closely watch the important monthly consumer inflation data and weekly jobless claims figures from the United States this morning, even though no major domestic economic releases are due.
As corporate earnings season is advancing in full gear, many TSX-listed companies, including Algonquin Power & Utilities, Quebecor, Canadian Tire, Keyera, CI Financial, Primo Water, Boyd Group, Brookfield Asset Management, Filo Mining, Boardwalk REIT, Chartwell Retirement Residences, Algoma Steel, H&R REIT, Power Corporation of Canada, IAMGOLD, Sienna Senior Living, Saputo, Northland Power, Sleep Country Canada, and Exchange Income, are expected to announce their latest quarterly results on August 10.
Market movers on the TSX today
