The Canadian stock market turned slightly negative again on Friday after stronger-than-expected domestic retail sales numbers and the U.S. services purchasing managers index data reignited the fears of more interest rate hikes. The S&P/TSX Composite Index slipped by 14 points, or 0.1%, in the last session to settle at 20,103.
Even as financials, industrials, real estate, and commodity-linked stocks continued to attract fresh buying, intraday losses in technology and consumer cyclical sectors weighed on the TSX benchmark.
Top TSX Composite movers and active stocks
First Quantum Minerals, Brookfield Asset Management, Dye & Durham, and Osisko Mining were the worst-performing TSX stocks on November 24, as they slipped by at least 1.6% each.
Shares of Northland Power (TSX:NPI) also trended downward in the last session after announcing an extension of the majority date for its $500 million short-term corporate credit facility. In an update related to its equity contribution to the Hai Long project, the Toronto-based clean energy-focused firm told investors that this extension is in anticipation of the proceeds from the Gentari Sell-Down, expected to close in the fourth quarter of 2023.
Previously, the original maturity date for Northland Power’s short-term corporate credit facility was November 27, which is now extended to December 31, 2023. On a year-to-date basis, NPI stock now trades with nearly 41% losses.
On the flip side, rallying gold and silver prices drove SilverCrest Metals, Ivanhoe Mines, Torex Gold Resources, and Endeavour Silver up by more than 3% each, making them the top performers on the Toronto Stock Exchange in the last session.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Manulife Financial, Enbridge, and TC Energy were the most active TSX stocks.
Crude oil and natural gas prices were trading on a bearish note early Monday morning, but precious metals strengthened further. Given these mixed signals from the commodities market, I expect the resource-heavy main TSX index to remain nearly flat at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest building permits and new home sales data from the United States this morning, which could make real estate stocks volatile.
On the corporate events side, the Bank of Nova Scotia and Alimentation Couche-Tard are expected to announce their latest quarterly results on November 27.