The Canadian stock market ended its five-day-long winning streak to start the new week on a slightly bearish note, as dismal domestic purchasing managers index data and sliding commodity prices weighed on investors’ sentiments. The S&P/TSX Composite Index slipped by 81 points, or 0.4%, on Monday to settle at 19,744.
Even as the consumer noncyclical sector extended gains, big losses in healthcare, real estate, mining, and technology stocks pressured the main TSX benchmark.
Top TSX Composite movers and active stocks
Endeavour Silver, First Majestic Silver, IGM Financial, Nutrien, and K92 Mining were the worst-performing TSX stocks yesterday, as they plunged by more than 4% each.
Share of Brookfield Asset Management (TSX:BAM) fell 1.4% to $42.71 per share, trimming its year-to-date gains to 10.2%. This decline in BAM stock came after the Toronto headquartered asset management firm announced its weaker-than-expected September quarter results.
In the third quarter of 2023, Brookfield Asset Management’s revenue rose 7.5% year over year to US$893 million but missed Street analysts’ expectation of US$1.1 billion. Similarly, its adjusted quarterly earnings of US$0.30 per share reflected an improvement from a year ago but fell short of analysts’ estimate of US$0.32 per share by a narrow margin. On the positive side, with strong capital raising so far in 2023, BAM’s management expects to deliver strong earnings and dividend growth next year.
Telus International and Interfor stood out as top performers on the Toronto Stock Exchange in the last session, as they rallied by more than 6% each.
Based on their daily trade volume, Manulife Financial, Baytex Energy, Suncor Energy, and Royal Bank of Canada were the most heavily traded stocks on the exchange.
TSX today
Commodity prices across the board, especially precious metals and crude oil, were trading on a weak note early Tuesday morning, which is likely to keep the resource-heavy main TSX index under pressure at the open today. While no major economic releases are due today, Canadian investors will continue to focus on important corporate results as the third-quarter earnings season continues in full swing.
Several TSX-listed companies, including goeasy, Superior Plus, iA Financial, Parex Resources, Intact Financial, Boardwalk REIT, Dundee Precious Metals, Pan American Silver, Dream Industrial REIT, Killam Apartment REIT, Endeavour Silver, Cargojet, TransAlta, Ballard Power Systems, Pet Valu, and Stella-Jones, are set to announce their latest quarterly results on November 7.
Market movers on the TSX today
