The Canadian stock market trended upward for the second consecutive session on Friday, buoyed by largely stronger-than-expected U.S. labour market data, which reassured investors that the economic situation may not be as bleak as previously feared. The S&P/TSX Composite Index advanced by 66 points, or 0.3%, in the last session to settle at 20,938.
Despite weakness in industrials and consumer stocks, healthy gains in most other main market sectors, including technology, real estate, and utility, kept investors optimistic. However, the main TSX index slipped by 21 points in the first week of 2024, ending a three-week-long winning streak.
Top TSX Composite movers and active stocks
Precision Drilling (TSX:PD) jumped 5.3% to $73.28 per share, making it the top-performing TSX stock for the day. This rally in PD stock came after the energy sector-focused contract drilling firm provided some key financial and operational updates.
The management highlighted that Precision Drilling successfully met its 2023 goals by reducing its debt by $152 million and buying back shares. The company plans to continue this momentum into 2024 by further reducing debt and increasing shareholder returns. Last year, Precision also saw an increase in drilling activities in all its key markets, with new technologies driving efficiency. After diving by nearly 31% in 2023, PD stock rose 1.8% in the first week of January.
Bausch Health, Interfor, and Canfor were also among the top performers on the Toronto Stock Exchange in the last session, as they inched up by at least 3.5% each.
On the flip side, Aritzia and First Quantum Minerals fell at least 2.8% each, making them the day’s worst-performing TSX Composite components.
Based on their daily trade volume, TD Bank, TC Energy, Cenovus Energy, Canadian Imperial Bank of Commerce, and Suncor Energy stood out as the five most active stocks on the exchange.
TSX today
Commodity prices across the board fell sharply early Monday morning, which could pressure the resource-heavy main TSX index at the open today.
Although no major domestic economic releases are due this morning, stocks are expected to remain volatile, as investors continue to keep an eye out for additional economic indicators to guide their expectations of the Federal Reserve’s upcoming monetary policy actions.
Market movers on the TSX today
