The Canadian stock market edged up further to post a fresh 18-month high before heading into the long holiday weekend after weaker-than-expected U.S. personal consumption expenditure, new home sales, and Canada’s gross domestic product data further raised the possibility of interest rate cuts in the near term. The S&P/TSX Composite Index advanced by 115 points, or 0.6%, on Friday to settle at 20,881.
While all key market sectors ended the day in the green territory, shares of healthcare, consumer cyclicals, and real estate companies rallied the most. With 1.7% weekly gains, the main TSX index posted its second consecutive winning week for the first time since September.
Top TSX Composite movers and active stocks
TFI International, Tilray Brands, Torex Gold Resources, and First Quantum Minerals were the top-performing TSX stocks on December 22, as they surged by at least 4% each.
In contrast, Canada Goose and Lithium Americas (Argentina) fell at least 2.3% each, making them the worst performers on the Toronto Stock Exchange.
Shares of Gildan Activewear (TSX: GIL) also slipped 1.7% to $43.30 per share, a day after announcing a major change in its top leadership. In a press release, the Montréal-headquartered apparel company told investors that its board has replaced its co-founder Glenn Chamandy with Vince Tyra as chief executive officer to lead the company into the future.
Gildan believes the new leadership will better grow the company and address upcoming challenges. In addition, the board is also bringing on a new board member and remains optimistic about the company’s future. Despite recent weakness, GIL stock is up nearly 17% on a year-to-date basis.
According to the exchange’s daily trade volume data, TC Energy, Suncor Energy, Enbridge, Baytex Energy, and Canadian Natural Resources were the five most active TSX Composite components.
TSX today
Most commodity prices, except silver, experienced strong bullish movement early Wednesday morning, which could lift the resource-heavy main TSX index at the open today.
Although no major economic releases or corporate events are due today, growing prospects of multiple interest rate cuts next year could continue to keep investors optimistic and help TSX stocks maintain bullish momentum.
Market movers on the TSX today
