The Canadian stock market witnessed a sharp pullback on Wednesday after rallying in the previous two sessions as stronger-than-expected U.S. consumer confidence and existing home sales numbers sparked speculation about the Fed’s future monetary policy moves. This factor, along with a downward reversal in crude oil, natural gas, and gold prices, drove the S&P/TSX Composite Index down by 239 points, or 1.1%, to 20,601 — erasing a large portion of the gains it saw in the previous two sessions.
While all main sectors on the TSX ended the day in the red territory, hefty declines in mining, utility, real estate, and technology shares led the market pullback.
Top TSX Composite movers and active stocks
Lithium Americas, Cargojet, Lithium Americas (Argentina), and Endeavour Silver were the worst-performing TSX stocks yesterday, as they plunged by more than 5% each.
On the flip side, shares of Aritzia and Parex Resources gained at least 2.3% each, making them the day’s top performers on the Toronto Stock Exchange.
Shares of Advantage Energy (TSX: AAV) also seemingly defied the bear market gravity by rising 2% to $8.63 per share. These gains in AAV stock came after Canada Growth Fund (CGF) announced a strategic partnership with Entropy, a subsidiary of Advantage Energy that focuses on carbon capture and storage technology.
This partnership includes a $200 million investment by CGF and a commitment to purchase up to one million tonnes of carbon credits annually from Entropy. The collaboration is expected to enhance the Canadian carbon market and promote the global development of carbon-capture technology. Despite rallying by nearly 6% this week so far, Advantage Energy stock still trades with 9% year-to-date losses.
According to the exchange’s daily trade volume data, TC Energy, Canadian Natural Resources, Canadian Imperial Bank of Commerce, Athabasca Oil, and Cenovus Energy were the five most active stocks in the last session.
TSX today
Metals prices were trading on a firm note early Thursday morning, which could lift TSX mining stocks at the open today.
Besides the domestic monthly retail sales numbers, Canadian investors will closely monitor the latest quarterly gross domestic product, monthly manufacturing, and weekly jobless claims data from the United States this morning, which could give further direction to TSX stocks.
Market movers on the TSX today
