Rallying crude oil and base metals prices helped Canadian stocks start the new week with optimism, as investors awaited key inflation data and the Fed’s latest meeting minutes. The S&P/TSX Composite Index advanced by 71 points, or 0.4%, on Monday to settle at 20,246 — notching a fresh three-month high on a closing basis.
While nearly all key market sectors, except consumer noncyclicals, ended the session in the green territory, the TSX rally was primarily driven by handsome gains in healthcare, real estate, and technology stocks.
Top TSX Composite movers and active stocks
Lithium Americas (Argentina), Osisko Gold Royalties, Dye & Durham, and Capstone Copper were the top-performing TSX stocks in the last session, as they surged by more than 6% each.
In contrast, shares of First Quantum Minerals (TSX: FM) slipped by another 3.5% to $14.77 per share, extending its quarter-to-date losses to 54%. Yesterday’s weakness in FM stock came after the Vancouver-based metal miner provided another update on its Cobre Panama mine operations.
In a press release, First Quantum announced a further reduction in operations at its Cobre Panama mine, now operating only one ore processing train, due to a lack of supplies caused by “an illegal blockade of small boats at the Punta Rincón port.” The company told investors it will temporarily halt production if the blockade continues. On a year-to-date basis, FM stock now trades with about 48% losses.
SSR Mining, NovaGold Resources, and Birchcliff Energy were also among the bottom performers on the Toronto Stock Exchange, as they dived by at least 2.8% each.
Based on their daily trade volume, Suncor Energy, Enbridge, Canadian Natural Resources, and Great-West Lifeco were the most active stocks on the exchange.
TSX today
After remaining mixed in the previous two sessions, gold and silver prices were trading on a bullish note early Tuesday morning, which could help TSX mining stocks inch up at the open today. Besides the domestic consumer inflation figures, Canadian investors may also want to keep a close eye on the U.S. home sales data this morning. The Fed’s latest meeting minutes, expected to be released this afternoon, could add to the market volatility.
On the corporate events side, TSX-listed companies Nexgen Energy and George Weston are likely to announce their latest quarterly results on November 21.
Market movers on the TSX today
