Canadian stocks turned positive on Monday to start the new week with optimism, as investors temporarily seemed to look past concerns about more interest rate hikes, leading to a sharp recovery in tech stocks. The S&P/TSX Composite Index inched up by 108 points, or 0.5%, yesterday to settle at 20,183.
Besides shares of technology companies, solid gains in other key market sectors such as healthcare, mining, and financials also contributed to the TSX index rally.
Top TSX Composite movers and active stocks
Shares of BlackBerry (TSX:BB) popped by 14% in the last session to $7.08 per share after crashing by more than 18% last week. Yesterday’s rally in BB stock came after the Waterloo-headquartered tech firm announced the launch of “a new series of BlackBerry Radar® devices — H2M IS — for hazardous materials carriers.”
The new series of its asset tracking solution, BlackBerry Radar, focuses on helping railroads, fuel haulers, tank carriers, and ocean shipping line businesses to move hazardous and explosive materials safely. Notably, last week’s massive selloff in BB stock could be attributed to its weaker-than-expected August quarter preliminary financial results released on September 6. Year to date, BlackBerry is now up 60.5%.
Tilray Brands, Dye & Durham, and Lithium Americas were also among the top-performing TSX stocks on September 11, as they climbed by at least 7% each.
On the flip side, OceanaGold, Filo, Athabasca Oil, and Canadian Natural Resources were the worst-performing stocks on the Toronto Stock Exchange, plunging by at least 2.9% each.
According to the exchange’s daily trade volume data, Canadian Natural Resources, Suncor Energy, Tilray, Baytex Energy, and Toronto-Dominion Bank were the five most active stocks.
TSX today
Crude oil and gas prices were trading on a strong bullish note early Tuesday morning, while metals prices were largely mixed. Given that, you can expect the commodity-heavy TSX benchmark to open with minor optimism today.
While no major domestic economic or corporate releases are due today, TSX investors may still want to remain cautious before the release of the important monthly consumer inflation data from the United States scheduled for Wednesday morning.
Market movers on the TSX today
