The equities market in Canada fell on Tuesday, as the mixed domestic consumer inflation data from last month raised more questions about the direction of monetary policy. These concerns, along with big declines in commodity prices, drove the S&P/TSX Composite Index down by 114 points, or 0.5%, to 20,948.
Even as most commodities-related stocks declined, the TSX benchmark’s losses were reduced by continued gains in other sectors, such as consumer noncyclicals, technology, and healthcare, as it still faces difficulty sustaining above the 21,000 crucial psychological level.
Top TSX Composite movers and active stocks
Parex Resources (TSX:PXT) plunged by 15.7% to $21.69 per share, making it the worst-performing TSX stock for the day. This selloff in PXT stock came a day after the Calgary-headquartered oil and gas producer announced its 2023 production results and 2024 guidance.
Last year, Parex posted a record average production of 54,356 barrels of oil equivalent per day (boe/d). The energy company targets its average production in 2024 to be around 57,000 boe/d, reflecting around 5% growth from the previous year. Parex also highlighted the discovery at its Arauca-8 exploration well and plans a capital expenditure of $410 million for 2024, which could be roughly 15% lower than in 2023. After ending 2023 with 23.8% gains, PXT stock has slipped more than 13% so far in January.
Barrick Gold, First Majestic Silver, Tourmaline Oil, and ARC Resources were also among the bottom performers on the Toronto Stock Exchange yesterday, as they plunged by more than 6% each.
On the flip side, Tilray Brands and Kinaxis inched up by at least 4.4% each, making them the day’s top-performing TSX stocks.
Based on their daily trade volume, Royal Bank of Canada, TD Bank, TC Energy, Barrick Gold, and Power Corporation of Canada were the most active stocks on the exchange.
Following a decline in the previous session, metals and natural gas prices continued to drop early Wednesday morning, which might weigh on the main TSX index when it opens today.
While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest monthly retail sales data from the United States this morning.