Canadian stocks continued to inch up for the fifth consecutive day after weaker-than-expected labour market data gave strength to hopes that the central banks in the United States and Canada might soon start easing their monetary stance. The S&P/TSX Composite Index climbed up by 199 points, or 1%, on Friday to settle at 19,825.
Although a decline in crude oil and natural gas prices pressurized energy stocks, a strong rally in all other key market sectors, mainly in healthcare, real estate, metal mining, and consumer cyclicals, drove the TSX benchmark higher. With this, the TSX Composite ended the week with solid 5.8% gains, delivering its best weekly performance since April 2020.
Top TSX Composite movers and active stocks
Jamieson Wellness, Brookfield Business Partners, First Quantum Minerals, Colliers International, and Aritzia were the top-performing TSX stocks in the last session, as they surged by at least 10% each.
On the flip side, despite the broader market rally, shares of Telus International (TSX:TIXT) fell more than 5% to $8.88 per share after announcing its third-quarter results. In the September quarter, the Vancouver-headquartered content moderation and digital solutions provider’s revenue rose 7.8% year over year to US$663 million.
While Telus International reaffirmed its full-year 2023 outlook in its latest earnings report, its adjusted earnings in the third quarter fell 34.4% to US$0.21 per share due mainly to higher operating and interest expenses. After the recent losses, TIXT stock now trades with 67% year-to-date losses.
Weakening oil prices drove Paramount Resources, NexGen Energy, and MEG Energy down by more than 4% each, making them among the worst performers on the Toronto Stock Exchange on November 3.
Based on their daily trade volume, Baytex Energy, Suncor Energy, Enbridge, Kinross Gold, and Royal Bank of Canada were the five most active stocks on the exchange.
TSX today
Most commodity prices, except base metals, were trading on a bearish note early Monday morning, pointing to a slightly lower open for the resource-heavy main TSX index today. The Richard Ivey School of Business is likely to release Canada’s purchasing managers’ index data this morning, which could give investors an idea about the ongoing trends in economic activity.
As the corporate earnings season continues in full swing, several TSX-listed companies, including Sandstorm Gold, CT REIT, Finning International, MEG Energy, Element Fleet Management, Brookfield Asset Management, and Ivanhoe Mines, are expected to announce their latest quarterly results on November 6.
Market movers on the TSX today
