Weak commodity prices kept the Canadian stock market mixed on Wednesday, despite more indications that the Bank of Canada (BoC) might not need more interest rate hikes to fight inflation. The S&P/TSX Composite Index ended the volatile session with a minor gain of four points at 20,114.
Even as mining and energy stocks traded on a bearish note, healthy gains in other key market sectors, including consumer noncyclicals, real estate, and technology, helped the TSX benchmark remain in the green territory.
On the one hand, the BoC governor Tiff Macklem noted that the “tightening of monetary policy is working, and interest rates may now be restrictive enough to get us back to price stability” during his speech before the Saint John Region Chamber of Commerce. On the other hand, Macklem also suggested that the central bank will be prepared to raise interest rates further if inflation remains elevated.
Top TSX Composite movers and active stocks
George Weston, Aritzia, Osisko Gold Royalties, and Loblaw Companies were the top-performing TSX stocks in the last session, as they inched up by at least 2.7% each.
Metro (TSX:MRU) stock also rose 2.5% to $70.76 per share after the company updated investors about its share-buyback program. In a press release, the Montréal-based retail and distribution firm announced the renewal of its share-buyback program, which the Toronto Stock Exchange has approved.
This share-buyback program will run for a year, starting from November 27, 2023. It will allow Metro to repurchase up to seven million of its common shares as a part of its strategy to utilize excess funds effectively. This announcement came a day before Metro’s existing buyback program expires, under which it repurchased 6.9 million of its shares at an average price of $72.02 per share. On a year-to-date basis, MRU stock now trades with 5.6% losses.
On the flip side, Tamarack Valley Energy, MEG Energy, Athabasca Oil, and Boralex were the worst-performing TSX stocks yesterday, as they plunged by at least 3.2% each.
Based on their daily trade volume, Manulife Financial, Great-West Lifeco, Suncor Energy, and Sun Life Financial were the most active stocks on the exchange.
TSX today
Metals and natural gas prices were trading on a bullish note early Thursday morning, pointing to a slightly higher open for the commodity-heavy main TSX index today. While no major economic releases are due, Canadian investors may continue to assess BoC governor Tiff Macklem’s recent comments about the economy and future interest rate hikes.
Overall, most TSX stocks may go sideways today, as the U.S. market remains closed for Thanksgiving Day.
Market movers on the TSX today
