Canadian equities continued to climb up for a second consecutive session on Tuesday, as strengthening commodity prices across the board amid prospects of improving demand outlook kept investors optimistic, despite the release of a mixed domestic consumer inflation report. The S&P/TSX Composite Index surged by 217 points, or 1.1%, yesterday to 20,840, hitting its highest closing level in over 18 months.
While nearly all key market sectors, except technology, ended the session in the green, handsome gains in metal mining, healthcare, consumer, and bank stocks mainly led the TSX rally.
Top TSX Composite movers and active stocks
Canfor, Interfor, West Fraser Timber, Equinox Gold, and Orla Mining were the top-performing TSX stocks yesterday, as they rallied by at least 6.5% each.
In contrast, uranium stocks like Cameco, Denison Mines, NexGen Energy, and Energy Fuels dived by at least 4% each, making them the day’s worst performers on the Toronto Stock Exchange.
According to the exchange’s daily trade volume data, TC Energy, Suncor Energy, Canadian Natural Resources, Cenovus Energy, and Manulife Financial were the five most active stocks on December 19.
TSX today
After rallying the previous session, metals prices were largely positive early Wednesday morning, while crude oil and natural gas were going sideways. Given these indications, I expect the commodity-heavy main TSX index to trade on a slightly bullish note at the open today.
While no major domestic economic releases are due, Canadian investors will keep a close eye on the latest monthly consumer confidence, existing home sales, and weekly crude oil stockpile data from the United States this morning.
On the corporate events side, TSX-listed BlackBerry (TSX:BB) will announce its latest quarterly results after the market closing bell on December 20. Street analysts expect the Waterloo-based software firm to report a 2.7% year-over-year increase in its total revenue to US$173.5 million. Its quarterly net loss is expected to shrink to US$17.7 million from an adjusted net loss of US$30 million a year ago. Latest updates about BlackBerry’s ongoing portfolio and business configuration review process will also remain on investors’ radar during this earnings event.
Market movers on the TSX today
