The ongoing rally in Canadian equities resumed on Thursday after weaker-than-expected economic data from the United States, including quarterly GDP (gross domestic product) growth and monthly manufacturing, gave strength to the possibility that the Federal Reserve might soon start slashing interest rates. The S&P/TSX Composite Index rose 165 points, or 0.8%, yesterday to settle at 20,766, extending its week-to-date gains to 1.2%.
While all key market sectors ended the session deep in the green territory, shares of consumer, healthcare, and mining companies led the TSX rally.
Top TSX Composite movers and active stocks
Energy Fuels, Lithium Americas (Argentina), Cargojet, and BRP were the top-performing TSX stocks, as they inched up by more than 5% each.
In contrast, BlackBerry (TSX:BB) tanked by 13.5% to $4.74 per share, making it the day’s worst-performing TSX Composite component. This big selloff in BB stock came a day after the Waterloo-based tech firm announced its quarterly financial results.
In the third quarter (ended in November) of its fiscal year 2024, BlackBerry’s total revenue rose 3.6% year over year to US$175 million due mainly to an 8% increase in its IoT (Internet of Things) segment sales. The company reported an adjusted quarterly net profit of US$3 million against an adjusted net loss of US$30 million in the third quarter of the previous fiscal year. Despite these positive results, BlackBerry’s dismal fourth-quarter revenue guidance could be the primary reason for hurting investors’ sentiments. The recent declines in BB stock trimmed its year-to-date gains to 7.5%.
Interfor and National Bank of Canada were also among the bottom performers on the Toronto Stock Exchange, as they slipped by at least 1.2% each.
Based on their daily trade volume, TC Energy, Power Corporation of Canada, Suncor Energy, National Bank of Canada, and Cenovus Energy stood out as the most heavily traded stocks on the exchange.
TSX today
Commodity prices across the board were largely bullish early Friday morning, which could lift the resource-heavy main TSX index at the open today.
Besides the domestic GDP growth and budget balance numbers, Canadian investors may also want to keep a close eye on the important personal consumption expenditure, new home sales, building permits, and durable goods orders data from the United States this morning, which could give further direction to stocks.
Market movers on the TSX today
