The Canadian stock market traded on a slightly positive note for a second consecutive session on Friday with the help of a rebound in crude oil prices even as far stronger-than-expected U.S. jobs report reignited concerns that the Fed could continue to tighten monetary policy in the near term. The S&P/TSX Composite Index rose 53 points, or 0.3%, in the last session to settle at 20,332 — trimming its weekly losses to 0.6%.
Despite weakness in utility and industrial sectors, healthy intraday gains in energy, healthcare, and bank stocks drove the TSX benchmark upward.
Top TSX Composite movers and active stocks
Ero Copper, Hudbay Minerals, Nuvei, BlackBerry, and Capstone Copper were the top-performing TSX stocks on December 8, as they climbed up by at least 4.6% each.
Canadian Western Bank (TSX: CWB) also surged by nearly 3% after announcing its better-than-expected quarterly earnings, making it among the top performers on the Toronto Stock Exchange. In the fourth quarter of its fiscal year 2023 (ended in October), the Edmonton-based bank’s total revenue rose 3.2% year over year to $288.9 million with the help of a strong gain in its foreign exchange revenue.
Higher revenue, along with improved net interest margin, drove Canadian Western Bank’s adjusted quarterly earnings up by 6.8% from a year ago to $0.94 per share, also beating analysts’ expectations of $0.88 per share. After the recent gains, CWB stock is now up 29.3% on a year-to-date basis at $31.10 per share.
In contrast, Stella-Jones, Equinox Gold, and First Majestic Silver dived by at least 3.5% each, making them the worst-performing TSX stocks for the day.
Based on their daily trade volume, Cenovus Energy, Canadian Natural Resources, Suncor Energy, Toronto-Dominion Bank, and Baytex Energy were the five most active stocks on the exchange.
TSX today
Commodity prices across the board, especially gold, copper, and natural gas, were trading with heavy losses early Monday morning, which could weigh on the resource-heavy TSX index at the open today.
While no major economic releases are due today, Canadian investors may want to remain cautious before the release of the important U.S. consumer inflation report scheduled for tomorrow morning. Later during the week, the Fed’s interest rate decision will remain on TSX investors’ radar.
Market movers on the TSX today
