Canadian equities trended upward to start the new week on a positive note with the help of continued strength in commodity prices across the board, as investors awaited the key consumer inflation report from the United States. The S&P/TSX Composite Index rose 55 points, or 0.3%, on Monday to settle at 19,709, climbing up for the third consecutive session.
Although a selloff in healthcare and real estate shares pressured the TSX benchmark, healthy gains in other market sectors like technology, energy, and financials kept optimism alive.
Top TSX Composite movers and active stocks
Dye & Durham (TSX:DND) rallied by 12.5% yesterday to $12.15 per share, extending its month-to-date gains to over 50%. This buying spree in DND stock came after the Toronto-headquartered software company announced the commencement of the strategic review of its non-core assets with an aim to accelerate its deleveraging plan.
Under this strategic review, Dye & Durham plans to examine “a variety of options intended to generate additional capital,” including “the potential partial or complete sale of non-core assets, such as the company’s financial services business, among others,” to significantly reduce its leverage ratio. Although DND stock has seen a strong recovery so far this month, it’s still down 26% year to date.
Denison Mines, CCL Industries, and Transcontinental were also among the top-performing TSX stocks for the day, as they inched up by at least 4.7% each.
In contrast, shares of Bombardier, Osisko Gold Royalties, IAMGOLD, and Park Lawn dived by at least 4.5% each, making the bottom performers on the Toronto Stock Exchange.
According to the exchange’s daily volume data, Crescent Point Energy, Whitecap Resources, Suncor Energy, Baytex Energy, and Kinross Gold were the five most active stocks.
TSX today
After posting strong gains in the last session, most commodity prices traded on a mixed note early Tuesday morning, pointing to a flat open for the main TSX index today.
While no major domestic economic releases are due, Canadian investors will keep a close eye on the latest consumer inflation data from the United States this morning. As the consumer price index plays an important role in setting investors’ expectations for the Fed’s upcoming decision on interest rates, it could give further direction to stocks.
On the corporate events side, many TSX-listed companies, including H&R REIT, Africa Oil, Torex Gold Resources, Premium Brands, K92 Mining, and CAE, are expected to announce their latest quarterly results on November 14.
Market movers on the TSX today
