The Canadian equities market remained bullish on Wednesday after the release of stronger-than-expected U.S. quarterly GDP (gross domestic product) growth numbers confirmed that the recent aggressive monetary policy tightening hasn’t so far severely affected economic growth. Even as the third-quarter GDP data also worried some investors about more interest rate hikes, the S&P/TSX Composite Index rose 79 points, or 0.4%, yesterday to settle at 20,116, recovering from its lowest levels in over a week.
Top TSX Composite movers and active stocks
Osisko Mining, Filo, Wesdome Gold Mines, and Brookfield Asset Management were the top-performing TSX stocks in the last session, climbing by more than 4% each.
In contrast, First Quantum Minerals (TSX:FM) dived by over 10% to $11.36 per share, making it the worst-performing TSX stock for the day. This selloff in FM stock came after its chief financial officer Ryan MacWilliam said during the Scotiabank conference that “it is too early and challenging to bring a new partner into its flagship Panama copper project,” Reuters reported.
This news came a few days after First Quantum told investors announced a further reduction in operations at its Cobre Panama mine due to a lack of supplies caused by “an illegal blockade of small boats at the Punta Rincón port.” These news updates related to its Panama operations are the primary reason why FM stock has lost 29.3% of its value in November so far, despite a broader market recovery.
Shares of Energy Fuels, Endeavour Silver, and CAE were also among the bottom performers on the Toronto Stock Exchange yesterday, as they slipped by at least 5% each.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Great-West Lifeco, First Quantum Minerals, and Manulife Financial were the most active stocks on the exchange.
After consistently rallying for several days, metals prices across the board were weak early Thursday morning. At the same time, crude oil and natural gas prices were trading positively. Given these mixed signals from the commodity market, I expect the resource-heavy TSX index to remain nearly flat at the open today.
Besides the domestic GDP growth numbers for the third quarter, Canadian investors may also want to closely monitor the important personal consumption expenditure and pending home sales data from the United States this morning.
On the corporate events side, Canadian Imperial Bank of Commerce, BRP, and Royal Bank of Canada will announce their latest quarterly results on November 30.
Overall, the TSX Composite benchmark remains on track to end the month on a strong note, as it has already risen 6.6% in November so far.