Canadian stocks started the new week on a positive note after sliding in the previous eight consecutive sessions, as investors apparently shrugged off concerns about a potential recession, shifting their attention to corporate results. After recovering from its lowest level in over a year, the S&P/TSX Composite Index inched up by 119 points, or 0.6%, on Monday to settle at 18,857.
Even as an intraday decline in commodity prices drove most mining and energy sectors downward, a solid recovery in consumer noncyclical, technology, and utility stocks gave strength to the main TSX benchmark.
Top TSX Composite movers and active stocks
BlackBerry, EQB, Brookfield Business Partners, and Brookfield Infrastructure Partners were the top-performing TSX stocks yesterday, as they rose at least 3.6% each.
In contrast, shares of First Quantum Minerals (TSX: FM) crashed by more than 28% to $20 per share, making it the worst-performing TSX Composite component. These massive losses in FM stock took place a day after Panama President Laurentino Cortizo announced that the country would conduct a binding referendum on December 17 to determine the fate of a contract with First Quantum’s local branch, Minera Panama.
Notably, Cortizo’s announcement came after widespread protests against the open-pit copper mine project. After this selloff, First Quantum stock is now down 29.3% on a year-to-date basis.
Orla Mining, Franco-Nevada, and Osisko Mining were also among the bottom performers on the Toronto Stock Exchange in the last session, as they plunged by at least 7.6% each.
Based on their daily trade volume, First Quantum Minerals, Royal Bank of Canada, Enbridge, Manulife Financial, and Air Canada were the five most active stocks on the exchange.
TSX today
After witnessing big losses in the last session, crude oil and metals prices were trading with minor intraday gains early Tuesday morning, which could slightly lift commodity-linked TSX stocks at the open today. Besides Canada’s monthly gross domestic product growth numbers, investors may also want to closely monitor the important consumer confidence data from the United States this morning.
On the corporate events front, TSX-listed companies like Centerra Gold, Equinox Gold, First Capital REIT, Cameco, and International Petroleum are expected to announce their latest quarterly results on October 31.
Market movers on the TSX today
