Canadian stocks inched up for a second consecutive session before the long Thanksgiving Day weekend as investors seemingly shook off fears about a near-term recession after the release of significantly better-than-expected domestic employment change figures. After sliding to its lowest level in more than 11 months earlier in the week, the S&P/TSX Composite Index rose 108 points, or 0.6%, on Friday to settle at 19,246.
Despite a downward movement in healthcare and consumer noncyclical sectors, a strong rally in mining, technology, and energy stocks lifted the market index.
Top TSX Composite movers and active stocks
Hudbay Minerals, Osisko Mining, Ballard Power Systems, and Lightspeed Commerce were the top-performing TSX stocks in the last session, as they climbed by more than 4% each.
In contrast, Parex Resources and Tilray Brands dived by at least 4.1% each for the day, making them the bottom performers on the Toronto Stock Exchange.
Based on their daily trade volume, Toronto-Dominion Bank, Canadian Natural Resources, Royal Bank of Canada, Baytex Energy, and TC Energy stood out as the five most active stocks on the exchange.
Latest TSX news
On October 10, the Australian Competition and Consumer Commission approved Brookfield Asset Management’s (TSX:BAM) subsidiary Brookfield Renewable Partners’s (TSX:BEP.UN) bid to acquire the Australian power company Origin Energy. Under the proposed deal, originally announced in March 2023, a consortium of Brookfield Renewable, along with its partners and the American asset management firm MidOcean Partners, showed their intentions to acquire hundred percent shares of Origin for AU$8.91 per share.
Although the news about the regulator’s approval drove the Australian Securities Exchange-listed Origin Energy stock up by about 5% on Tuesday, its shareholders are yet to approve the proposed deal. Given that, these developments might keep the TSX-listed shares of Brookfield Asset Management and Brookfield Renewable Partners volatile today.
TSX today
It’s important to note that the latest Israel-Hamas conflict led to a big spike in the prices of most commodities, especially crude oil, natural gas, and precious metals, on Monday, as investors remained worried about its possible impact on supply.
With this, the resource-heavy main TSX index is likely to open higher from its previous closing on Tuesday, with expected big gains in precious metal mining and energy stocks. More developments related to this ongoing conflict may give further direction to stocks later today.
While no major domestic economic releases are due this morning, TSX investors may want to remain cautious before the Fed’s meeting minutes and the U.S. consumer inflation data scheduled for later this week.
Market movers on the TSX today
