Canadian stocks traded on a slightly positive note on Friday following the release of weaker-than-expected U.S. wholesale inflation data. The S&P/TSX Composite Index rose 72 points, or 0.3%, to settle at 20,990.
A sharp rally in gold and silver prices drove the shares of precious metal miners higher. In addition, moderate gains in other key market sectors like technology, industrials, and energy helped the TSX remain positive.
Top TSX Composite movers and active stocks
NexGen Energy, IAMGOLD, and Denison Mines were the top-performing TSX stocks in the last session, as they inched up by at least 10% each.
Aritzia (TSX:ATZ) stock also continued to be among the top gainers for the second consecutive session, extending its weekly gains to 39.5%. The recent rally in ATZ stock started last week after the Vancouver-based fashion retailer announced its strong November quarter results.
Even as Aritzia struggled with a challenging consumer spending environment, its total sales rose 4.6% from a year ago with the help of continued strength in its e-commerce revenue. The company’s adjusted quarterly net profit of $52.7 million also surpassed Bay Street analysts’ expectations of $46.8 million. After losing nearly 42% of its value in 2023, ATZ stock is now up 27% year to date in 2024.
Air Canada, BRP, Bombardier, and Nutrien were the session’s worst-performing stocks on the Toronto Stock Exchange, as they slipped by at least 3% each.
Based on their daily trade volume, Toronto-Dominion Bank, Manulife Financial, TC Energy, Cenovus Energy, and Denison Mines stood out as the five most active stocks on the exchange.
After posting strong gains in the last session, precious metals prices were extending their rally early Monday morning. In contrast, crude oil and natural gas prices were trading on a bearish note. Given these mixed signals, I expect the commodity-heavy TSX index to remain flat at the open today.
Overall, TSX stocks could start the new week with low volatility as the U.S. market remains closed today for Martin Luther King Jr. Day.