The Canadian stock market rally gained momentum on Thursday with the help of solid strength in commodity prices across the board and much stronger-than-expected retail sales figures from the United States. Even as August’s U.S. wholesale inflation data came out slightly hotter than expected, the S&P/TSX Composite Index climbed up by 289 points, or 1.4%, yesterday to settle at 20,568, its highest closing level since August 1.
While all main market sectors ended the session in the green territory, the TSX benchmark rally was primarily led by healthy gains in real estate, metal mining, and energy stocks.
Top TSX Composite movers and active stocks
Ballard Power Systems, MAG Silver, Capstone Copper, IAMGOLD, and Filo were the top-performing TSX stocks, as they soared by at least 4.5% each.
On the flip side, shares of Dye & Durham (TSX:DND) crashed by 19% during the session to $16.45 per share, erasing nearly all its year-to-date gains. These massive losses in DND stock came a day after the Toronto-headquartered tech company announced its dismal quarterly financial results.
In the fourth quarter of its fiscal year 2023 (ended in June), Dye & Durham’s revenue fell 7.3% from a year ago to $120.2 million due mainly to the challenging macroeconomic environment. With this, the Canadian software company posted $0.40 per share in adjusted quarterly net losses, significantly worse than analysts’ expectation of a $0.10 per share loss.
Laurentian Bank of Canada also tanked by more than 12% for the day to $31.40 per share after announcing the completion of its review of strategic options, making it among the bottom performers on the Toronto Stock Exchange.
Based on their daily trade volume, Suncor Energy, TC Energy, Toronto-Dominion Bank, Canadian Natural Resources, and Enbridge were the five most active stocks on the exchange.
TSX today
After touching their highest levels since November 2022 in the last session, West Texas Intermediate crude oil futures prices extended their rally early Friday morning. At the same time, metals prices across the board were also trading on a bullish note. These strongly positive signals from the commodity markets are likely to help the main TSX index to trade positively at the open today.
While no major economic or corporate releases are due this morning, the TSX benchmark remains on track to end the week in green, as it has already gained 2.5% week to date.
Market movers on the TSX today
