Canadian equities went sideways on Monday after posting their worst weekly losses in the week ended on August 18 as investors kept assessing recent corporate results in more depth amid growing fears of more interest rate hikes. The S&P/TSX Composite Index gave up 34 points, or 0.2%, yesterday to settle at 19.785.
Even as a recovery in metals prices drove the shares of metal and mining companies higher, big losses in other key market sectors like real estate, healthcare, and utilities pressured the TSX index.
Top TSX Composite movers and active stocks
Tilray Brands, Brookfield Business Partners, Dye & Durham, and Tricon Residential were the bottom-performing TSX stocks in the last session, as they dived by at least 3.7% each.
On the flip side, shares of NexGen Energy (TSX: NXE) rose 6.1% to $6.99 per share. This rally in NXE stock came after the Vancouver-based uranium company announced key updates related to the development of its Rook I project, located in Saskatchewan’s southwestern Athabasca Basin.
In a press release, NexGen revealed that the provincial environmental assessment technical review process for the Rook I project is now completed. In addition, the Saskatchewan Ministry of Environment has “confirmed completion of their conformity review of the revised” final provincial environmental impact statement, which the company submitted in the first week of July. Notably, with its 16.7% gains in 2023, NXE stock is outperforming the broader market for the fourth consecutive year.
This positive news related to NexGen Energy also drove other uranium stocks like Energy Fuels, Denison Mines, and Lithium Americas up by at least 5% each, making them among the top gainers on the Toronto Stock Exchange yesterday.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Manulife Financial, and Enbridge were the most heavily traded stocks on the exchange.
TSX today
Prices of energy products, including crude oil and natural gas, were sliding early Tuesday morning, while metals prices were trading on a strong bullish note. Given these mixed signals from the commodities market, the main TSX index could remain flat at the open today with expected gains in mining shares but losses in energy stocks.
While no key domestic economic releases are due, Canadian investors may want to closely monitor monthly existing home sales data from the United States this morning.
Market movers on the TSX today
