The stock market in Canada turned bearish on Friday after weak U.S. manufacturing data and the Bank of Canada governor Tiff Macklem’s mixed comments about inflation and the economy seemingly took a toll on investors’ sentiments. After reaching its highest level in more than 18 months the previous day, the S&P/TSX Composite Index plunged by 250 points, or 1.2%, in the last session to settle at 20,529.
While all key market sectors ended the session in red, heavy losses in financials, consumer noncyclicals, and energy stocks primarily dragged the TSX benchmark downward.
Notably, in his latest speech at his speech at Canadian Club Toronto, Macklem highlighted that “it’s still too early to consider cutting our policy rate” and “further declines in inflation will likely be gradual.”
Top TSX Composite movers and active stocks
Energy Fuels, NovaGold Resources, Ballard Power Systems, Canadian Apartment Properties REIT, and Cogeco Communications were the worst-performing TSX stocks on December 15, as they dived by at least 5% each.
In contrast, shares of Enghouse Systems (TSX:ENGH) jumped 4% to $34.68 per share, trimming its year-to-date losses to 3.6%. This rally in ENGH stock came a day after the Markham-headquartered firm released its largely better-than-expected quarterly financial results.
In the fourth quarter of its fiscal year 2023 (ended in October), Enghouse’s sales rose 14% year over year to $123.1 million with the help of the expansion of its recurring revenue base. Even as weakness in software license revenue drove its adjusted quarterly earnings down 32.8% from a year ago to $0.45 per share, its earnings figure exceeded analysts’ expectations of $0.42 per share.
Gildan Activewear and Dye & Durham were also among the top performers on the Toronto Stock Exchange, as they inched up by at least 3.7% each.
Based on their daily trade volume, Manulife Financial, TC Energy, Bank of Nova Scotia, Enbridge, and TD Bank were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were going sideways early Monday morning, pointing to a flat open for the resource-heavy main TSX index today.
While no major economic or corporate releases are due this morning, TSX stocks could remain volatile, as Canadian investors await the domestic consumer inflation report, along with other important economic data from the United States, scheduled to be released later this week.
Market movers on the TSX today
