Following a two-day downturn, the Canadian equities market rebounded into positive territory on Thursday, fueled by ongoing investor speculation about potential interest rate cuts in 2024. Despite much stronger-than-expected labour market data from the United States hinting that the Fed might maintain higher interest rates for an extended period, the S&P/TSX Composite Index climbed 53 points, or 0.3%, to settle at 20,871.
Commodity-linked stocks trended downward amid the heightened volatility of metals and crude oil prices. Nonetheless, solid gains in key market sectors like technology, industrials, and financials drove the TSX benchmark upward.
Top TSX Composite movers and active stocks
Parkland, Nuvei, Bombardier, and SilverCrest Metals were the top-performing TSX stocks yesterday, as they inched up by at least 3% each.
Shares of Enghouse Systems (TSX: ENGH) rose 1.3% after announcing its intentions to acquire the Mediasite business from Sonic Foundry for about US$15.5 million in cash, including its Japanese and Dutch subsidiaries. The deal, which is supported by a majority of Sonic Foundry’s shareholders and subject to standard closing conditions, is likely to close within the first quarter of 2024. After rising by about 17% in the last three months, ENGH stock now trades at $34.52 per share.
Alimentation Couche-Tard (TSX: ATD) stock also advanced by 1.3% to $79.31 per share, a day after it announced the completion of its acquisition of some key European retail assets from TotalEnergies. The move aims to expand Couche-Tard’s presence into Germany, Belgium, Netherlands, and Luxembourg, with over 2,175 sites in total. After ending 2023 with 31% gains, ATD stock has now risen 1.6% in January so far.
In contrast, Seabridge Gold, Cenovus Energy, Superior Plus, and BlackBerry slipped by at least 2.9% each, making them the day’s bottom performers on the Toronto Stock Exchange.
Based on their daily trade volume, Toronto-Dominion Bank, TC Energy, Baytex Energy, Cenovus Energy, and Scotiabank were the five most heavily traded stocks on the exchange.
TSX today
Most commodity prices, except for crude oil, showed a bearish trend early Friday morning, which could pressure the resource-laden main TSX index at the open today.
In addition to the important manufacturing and more labour market data from the United States, Canadian investors will also keep a close watch on the domestic employment change, unemployment rate, and purchasing managers index numbers this morning, which could influence the short-term stock market trajectory.
Market movers on the TSX today
