Canadian stocks started the new week on a mixed note, as the ongoing selloff in commodity prices weighed on investors’ sentiments. As the market also awaited the U.S. consumer inflation data and the Fed’s interest rate decision, the S&P/TSX Composite Index posted minor losses of 13 points on Monday to settle at 20,318.
Even as some financials and industrial stocks witnessed renewed buying, heavy losses in other key market sectors like healthcare, consumer cyclicals, mining, and energy led the TSX benchmark downward.
Top TSX Composite movers and active stocks
Gildan Activewear (TSX:GIL) tanked by about 11% to $44.22 per share, making it the worst-performing TSX Composite component for the day. This selloff in GIL stock came after the Montréal-based clothing company announced a change in its top leadership.
In a press release, Gildan informed investors that Vince Tyra has been appointed as the new president and chief executive officer (CEO) of the company, effective February 12, 2024. Glenn J. Chamandy has left his CEO position, and Craig A. Leavitt will serve as interim president and CEO until Tyra takes over. These declines in GIL stock trimmed its year-to-date gains to 19.3%.
NovaGold Resources, Lithium Americas, and Dye & Durham were also among the bottom performers on the Toronto Stock Exchange, as they dived by at least 7.5% each.
On the flip side, Secure Energy Services rallied by 10.2% to $8.67 per share after announcing its intentions to sell facilities previously owned by Tervita Corporation to Waste Connections in a deal worth around $1.15 billion. After this news came out, Waste Connections stock also gained 2.2%.
Manulife Financial, ATS, and Endeavour Silver were also among the top-performing TSX stocks yesterday, as they inched up by at least 3% each.
According to the exchange’s daily volume data, Canadian Natural Resources, Suncor Energy, Cenovus Energy, Manulife Financial, and Pembina Pipeline were the five most heavily traded stocks.
TSX today
Most commodity prices were mixed early Tuesday morning, pointing to a flat open for the main TSX index today. However, the release of an important consumer inflation report from the United States before the market opening bell this morning could give further direction to stocks.
On the corporate events side, Transcontinental (TSX:TCL.A) will announce its October quarter results after the market closing bell on December 12. Street analysts expect the Canadian packaging firm to post $0.64 per share in adjusted quarterly earnings with $788.6 million in revenue. On a year-to-date basis, Transcontinental stock is currently down 25%.
Market movers on the TSX today
