The Canadian stock market turned negative on Thursday, as investors carefully assessed largely mixed bank earnings amid the volatile macroeconomic environment. The S&P/TSX Composite Index dived by 104 points, or 0.5%, yesterday to settle at 19,776.
While nearly all key market sectors ended the session in the red territory, big losses in healthcare, consumer cyclical, and industrial stocks primarily drove the main TSX index downward.
Top TSX Composite movers and active stocks
Tilray Brands, Dye & Durham, MEG Energy, and First Quantum Minerals were the worst-performing TSX stocks in the last session, as they plunged by at least 4% each.
Shares of Toronto-Dominion Bank (TSX:TD) fell 3.2% after its dismal quarterly earnings disappointed investors. In the quarter ended in July 2023, the Toronto-headquartered bank’s total revenue climbed 12.2% year over year to $13 billion with the help of volume growth and higher margins of its Canadian personal and commercial banking segment.
Despite stronger revenues, however, TD Bank’s adjusted quarterly earnings slipped 4.8% from a year ago to $1.99 per share due mainly to a sharp decline in its U.S. retail segment’s income. With this, TD stock now trades at $80.67 per share with 8% year-to-date losses.
On the positive side, Torex Gold Resources and BCE were the top performers on the Toronto Stock Exchange yesterday, as they rose at least 2.4% each.
Royal Bank of Canada’s stock price advanced by 2% to $122.62 per share after the largest Canadian bank reported an 11.4% YoY increase in its July quarter adjusted earnings, also beating analysts’ expectations.
Based on their daily trade volume, Manulife Financial, Enbridge, TD Bank, and Cenovus Energy were the most active stocks on the exchange.
TSX today
Commodity prices across the board were largely bullish early Friday morning, which could lift the resource-heavy TSX index at the open today.
Besides Canada’s monthly budget balance data, the U.S. Federal Reserve chair Jerome Powell’s speech at the 2023 Jackson Hole Economic Policy Symposium will remain on Canadian investors’ radar on August 25, which could give further direction to stocks.
Market movers on the TSX today
