The Canadian equities market declined for the third consecutive session after the 10-year treasury bond yield climbed to its highest levels since 2007 amid growing macroeconomic concerns. Despite stronger-than-expected U.S. job openings data, Canada’s S&P/TSX Composite Index dived by 156 points, or 0.8%, yesterday to settle at 19,021, losing about 2.7% of its value in the first two sessions of the new month.
Although an intraday recovery in crude oil and gas prices helped energy stocks trade slightly positively, all other key sectors pressured the TSX index, primarily led by big losses in real estate, financials, and technology stocks.
Top TSX Composite movers and active stocks
Shares of Lundin Mining (TSX: LUN) fell more than 5% to $9.21 per share, making it the worst-performing TSX Composite component for the day. This drop in LUN stock came a day after the Toronto-headquartered base metals mining firm told investors that its CEO (chief executive officer), Peter Rockandel, has decided to step down from the post at the end of 2023.
Lundin Mining’s current president and former director, Jack Lundin, will assume the CEO post and rejoin its board of directors on January 1, 2024, the metals miner added. Besides this news, the ongoing selloff in base metals prices could be blamed for Lundin stock’s recent losses, as it has already lost more than 9% of its value in October.
Shopify, Nutrien, and Canfor were also among the bottom performers on the Toronto Stock Exchange in the last session, as they slipped by over 4% each.
In contrast, IAMGOLD, Osisko Mining, Park Lawn, and First Majestic Silver gained at least 4.3% each, making them the top-performing TSX stocks for the day.
Based on their daily trade volume, Toronto-Dominion Bank, TC Energy, Bank of Nova Scotia, Canadian Natural Resources, and Suncor Energy were the five most active stocks on the exchange.
TSX today
Metals prices were largely bearish early Wednesday morning, pointing to a lower open for the commodity-heavy main TSX index today. Apart from the weekly crude oil inventories, Canadian investors may want to closely monitor the monthly nonfarm employment, services PMI (purchasing managers index), and nonmanufacturing PMI data from the United States this morning.
Cannabis stocks might witness high volatility in today’s session as the TSX-listed Tilray Brands announces its latest quarterly results on October 4. Street analysts expect the company to report a net loss of US$34.2 million in the August 2023 quarter with about US$174 million in sales.
Market movers on the TSX today
