The Canadian stock market slipped for the fifth consecutive session on Tuesday, as declining commodity prices and largely weak corporate results weighed on investors’ sentiments. The S&P/TSX Composite Index fell 60 points, or 0.3%, yesterday to settle at 18,986, its lowest closing level in a year.
Even as better-than-expected services purchasing managers index data from the U.S. market drove a rally in healthcare and technology stocks, weakness in other market sectors like industrials, financials, and energy dragged the main TSX index.
Top TSX Composite movers and active stocks
Shares of Teck Resources (TSX: TECK.B) tanked by about 9% to $48.49 per share, making it the worst-performing TSX stock for the day. This selloff in Teck stock came after the Vancouver-based metal miner announced its disappointing third-quarter results.
Teck’s total revenue in the September quarter fell about 23% to $3.6 billion due mainly to lower steelmaking coal sales amid supply chain disruptions. With this, its adjusted quarterly earnings dived 56.5% to $0.77 per share, missing Street analysts’ expectation of $1.09 per share. On a year-to-date basis, Teck stock is now down 4.3%.
TFI International, SNC-Lavalin Group, and Dye & Durham were also among the bottom performers on the Toronto Stock Exchange yesterday, plunging by more than 4% each.
On the positive side, Lithium Americas (Argentina), Tilray, Ballard Power Systems, and BlackBerry rallied by at least 6.3% each, making them top-performing TSX stocks for the day.
Based on their daily trade volume, Enbridge, TC Energy, Toronto-Dominion Bank, Manulife Financial, and Royal Bank of Canada were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were mixed early Wednesday morning, pointing to a flat open for the resource-heavy main TSX index today. However, Bank of Canada’s interest rate decision and press conference due this morning are likely to keep stocks highly volatile. Besides that, TSX investors may also want to closely monitor building permits, new home sales, and crude oil stockpile data from the United States today.
As the third-quarter corporate earnings season gains steam, several TSX-listed companies, including OceanaGold, Alamos Gold, Celestica, West Fraser Timber, Canadian Pacific Kansas City, Whitecap Resources, Allied Properties REIT, Agnico Eagle Mines, Waste Connections, and Methanex, will announce their latest quarterly results after the market closing bell on October 25.
Market movers on the TSX today
