The ongoing rally in the Canadian stock market accelerated further Thursday, as stronger-than-expected corporate results and the Federal Reserve’s recent interest rate decision continued to boost investors’ confidence. These positive factors, along with a recovery in crude oil and gold prices, lifted the resource-heavy S&P/TSX Composite Index by 547 points, or 2.9%, yesterday to 19,626 — helping the benchmark post its biggest single-day gains since November 10, 2022.
While TSX stocks across sectors witnessed renewed buying, robust gains in healthcare, utilities, financials, and technology stocks primarily led the market rally.
Top TSX Composite movers and active stocks
Shopify (TSX:SHOP) zoomed up by 21.3% in the last session to $82.08 per share, making it the top-performing TSX stock for the day. This rally in SHOP stock came after the Ottawa-based e-commerce giant released its upbeat third-quarter earnings report.
In the quarter ended in September 2023, Shopify’s revenue climbed 25.5% year over year to US$1.7 billion, with 29% and 32% increases in its subscription solutions and monthly recurring revenues, respectively. While the Canadian e-commerce company posted positive free cash flow for the fourth consecutive quarter, its adjusted quarterly earnings of US$0.24 per share crushed Street analysts’ estimates of US$0.14 per share. On a year-to-date basis, SHOP stock is now up 75%.
Gildan Activewear, Lightspeed Commerce, Dye & Durham, and Bombardier were also among the top gainers on the Toronto Stock Exchange yesterday, as they surged by at least 11.3% each.
On the flip side, First Majestic Silver, Maple Leaf Foods, and Colliers slipped by at least 7.7% each, making them the day’s worst-performing TSX stocks.
According to the exchange’s daily trade volume data, Enbridge, Baytex Energy, Shopify, Cenovus Energy, and Suncor Energy were the most heavily traded stocks on the exchange.
TSX today
Most commodity prices were trading on a bullish note early Friday morning, pointing to a slightly higher open for the main TSX index today. Besides the domestic employment change and unemployment rate numbers, Canadian investors may also want to pay close attention to the services purchasing managers index, manufacturing, and other labour market data from the United States this morning, which could give further direction to stocks.
On the corporate events side, TSX-listed companies Brookfield Renewable Partners, Telus International, Magna International, Restaurant Brands, Enbridge, Capstone Copper, Telus Corp, AltaGas, and Brookfield Business Partners will announce their latest quarterly results on November 3.
Overall, the TSX Composite Index seems on track to post its biggest weekly gains in several months, as it has already risen 4.7% week to date.
Market movers on the TSX today
