Canadian stocks traded on a weak note on Tuesday, reversing the upward trend seen in the last three sessions. This market volatility could largely be attributed to the ongoing debate among investors about the anticipated changes in the Federal Reserve’s monetary policy moves in the near term. The S&P/TSX Composite Index gave up 104 points, or 0.5% of its value, yesterday to settle at 20,971.
Even as tech stocks continued to attract buyers, all other TSX sectors ended the session in red, led by heavy losses in the shares of healthcare, metal mining, and financial companies.
Top TSX Composite movers and active stocks
Shares of Tilray Brands (TSX:TLRY) tanked by more than 9% to $2.83 per share after its quarterly financial results came out. In the second quarter (ended in November) of its fiscal year 2024, the cannabis giant’s total revenue rose 34.4% YoY (year over year) to US$193.8 million but fell short of Street analysts’ expectations of US$195.1 million.
Nonetheless, a strong 117% YoY positive growth in its beverage alcohol segment revenue helped Tilray post an adjusted quarterly loss of US$2.7 million, significantly narrower than estimates of a US$39 million loss. After ending 2023 with nearly 17% declines, the TSX-listed TLRY stock has extended these losses by 7.5% in January so far.
TD Bank, Nutrien, and Nuvei were also among the bottom performers on the Toronto Stock Exchange, diving by at least 3.9% each in the last session.
On the positive side, K92 Mining (TSX:KNT) jumped 9.7% to $6.81 per share after announcing its impressive quarterly production results. In the fourth quarter of 2023, the Vancouver-headquartered metal miner’s production at its Kainantu Gold Mine in Papua New Guinea set a record. The quarterly production stood strong at 39,101 ounces of gold equivalent, helping K92 exceed its annual production guidance.
Uranium stocks NexGen Energy, Denison Mines, and Cameco also rallied by over 5% each, making them among the day’s top-performing TSX stocks.
Based on their daily trade volume, TD Bank, Suncor Energy, TC Energy, Royal Bank of Canada, and Cenovus Energy were the five most heavily traded stocks on the exchange.
TSX today
Precious metals and natural gas prices fell sharply early Wednesday morning. Conversely, crude oil prices were showcasing firmness. Given these largely negative indications, I expect the commodity-heavy TSX index to remain under pressure at the open today.
While no domestic economic releases are due, Canadian energy investors may want to keep an eye on the weekly crude oil stockpile data from the United States this morning.
On the corporate events side, Canadian companies like Aritzia and Cogeco Communications are expected to announce their latest quarterly results after the market closing bell on January 10.
Market movers on the TSX today
