The Canadian equities market was mixed Monday after registering its worst weekly performance in nearly 15 months in the week ended on September 22. Even as the S&P/TSX Composite Index opened 46 points lower from its previous closing yesterday, a late-session recovery in some stocks helped the market benchmark end the session with 21 points gains at 19,801.
On the one hand, real estate, utilities, and mining sectors continued to plunge. On the other hand, handsome gains in healthcare and energy stocks took the main TSX index into the green territory for the day, trimming its month-to-date losses to 2.4%.
Top TSX Composite movers and active stocks
Shares of NorthWest Healthcare Properties REIT (TSX:NWH.UN) dived by 8.7% to $5.56 per share, making it the day’s worst-performing TSX Composite component. This selloff in its stock came after the Toronto-headquartered, healthcare sector-focused real estate investment trust (REIT) announced a cut in its monthly dividends, besides other initiatives with an aim to strengthen its financial position.
In a press release released after the market closing bell on September 22, NorthWest revealed its decision to immediately slash its monthly distribution by about 55% to $0.03 per unit from $0.06667 per unit. The REIT expects this move to give it “financial flexibility to continue advancing its short and long-term objectives while exploring strategic alternatives, with maximizing unitholder value being the principal objective.” On a year-to-date basis, NorthWest stock is now down 41.5%.
Dye & Durham and IAMGOLD were also among the bottom performers on the Toronto Stock Exchange yesterday, as they slipped by at least 4.3% each.
On the positive side, Energy Fuels, Tilray Brands, Denison Mines, and NexGen Energy were the top-performing TSX stocks, as they inched up by at least 4% each.
Based on their daily trade volume, TC Energy, Canadian Natural Resources, Power Corporation of Canada, and Toronto-Dominion Bank were the most active stocks on the exchange.
Commodity prices across the board were trading on a bearish note early Tuesday morning, pointing to a lower opening for the resource-heavy TSX index today.
Although no major domestic economic releases are due, Canadian investors will closely monitor the latest building permits, monthly home sales, and consumer confidence data from the United States this morning, which could give further direction to stocks.