The Canadian stock market started the new week on a bearish note, as mixed corporate results and falling crude oil and precious metals prices hurt investors’ sentiments. As a result, the S&P/TSX Composite Index dived by 117 points, or 0.6%, on Monday to settle at 20,291.
While weakening commodity prices took mining and energy stocks downward, heavy losses in most other market sectors like real estate, consumer non-cyclicals, and financials also weighed on the TSX benchmark.
Top TSX Composite movers and active stocks
NorthWest Healthcare Properties REIT, Ivanhoe Mines, Sleep Country Canada, and Lundin Mining were the worst-performing TSX stocks for the day, as they slipped by at least 4.2% each.
On the flip side, Cargojet (TSX:CJT) stock rallied 7.2% to $100.22 per share, despite the release of its worse-than-expected second-quarter financial results. In the quarter ended in June 2023, the Mississauga-headquartered air cargo services provider’s revenue fell 15% year over year to $209.7 million, as macroeconomic challenges continued to take a toll on its business growth.
Cargojet posted $0.80 per share in adjusted quarterly earnings, missing Bay Street analysts’ estimate of $0.95 per share. Nonetheless, the company’s adjusted free cash flow rose to $52.3 million last quarter from $41.2 million a year ago, as it remained focused on cost management and curtailing growth capital expenditure. While its stronger adjusted free cash flow could be the reason why CJT stock jumped yesterday despite this earnings miss, it could remain volatile in the next few sessions, as investors continue to further assess its quarterly report.
Algoma Steel, Stelco, and Boralex were also among the top performers on the Toronto Stock Exchange, as they climbed by more than 6% each.
Based on their daily trade volume, Suncor Energy, Enbridge, Manulife Financial, and Tourmaline Oil were the most heavily traded stocks on the Canadian exchange.
TSX today
After turning negative in the last session, West Texas Intermediate crude oil futures prices dropped more than 1% early Tuesday morning. Similarly, copper prices were trading with more than 1.7% intraday losses. Given these big losses in oil and metals prices, the commodity-heavy main TSX index is likely to fall at the open today.
Besides the U.S. monthly core retail sales numbers, Canadian investors may also want to keep a close eye on the domestic consumer inflation report this morning, which could give further direction to stocks.
Market movers on the TSX today
