Canadian stocks traded on a slightly positive note on Thursday after consistently sliding in the previous three sessions. On the one hand, rebounding metals prices and largely better-than-expected corporate results boosted investors’ confidence. On the other hand, the Federal Reserve chair Jerome Powell’s remarks that the Fed committee is not confident the monetary policy is currently “sufficiently restrictive” to cool down inflation to a 2% target reignited fears of more interest rate hikes. These fears were the key reasons why, despite rallying by as much as 261 points in intraday trading, the S&P/TSX Composite Index ended the session with minor 57 points, or 0.3%, gains at 19,587.
Top TSX Composite movers and active stocks
Stelco Holdings (TSX:STLC) jumped by 12.5% to $42.24 per share, making it the top-performing TSX stock for the day. This rally in STLC stock came a day after the Hamilton-headquartered steelmaker announced its stronger-than-expected third-quarter results.
In the quarter ended in September 2023, Stelco’s revenue fell 8.3% YoY to $776 million due mainly to weaker prices and lower shipping volume but exceeded Street analysts’ expectations of $727 million. While a decline in revenue figures and increased cost of goods drove the company’s adjusted quarterly earnings down by 42.5% from a year ago to $1.38 per share, its earnings still beat Street’s expectation of $1 per share by a wide margin. The recent rally in STLC stock trimmed its year-to-date losses to 4.6%.
First Quantum Minerals, NexGen Energy, and Russel Metals were also among the top performers on the Toronto Stock Exchange yesterday, as they inched up by more than 6% each.
In contrast, Wesdome Gold Mines, Bombardier, Linamar, and Tilray Brands dived by at least 4.9% each, making them the worst-performing TSX stocks for the day.
Based on their daily trade volume, Suncor Energy, Baytex Energy, Canadian Natural Resources, and Enbridge were the most active stocks on the exchange.
After consistently falling for several days, crude oil and natural gas prices staged a minor recovery early Friday morning, which could lift TSX energy stocks at the open today. While no major economic releases are due, Canadian investors will continue to focus on more corporate earnings and adjust their positions based on renewed expectations of more interest rate hikes, adding to the market volatility.
Several TSX-listed companies like Filo Mining, Onex, Boyd Group Services, Emera, Algonquin Power & Utilities, and SNC-Lavalin Group are expected to announce their latest quarterly results on November 10.