The Canadian stock market bounced back from its lowest level of 2024 on Thursday with the help of an intraday recovery in crude oil and precious metals prices. The S&P/TSX Composite Index rose 62 points, or 0.3%, yesterday to settle at 20,757.
Even as healthcare and utility stocks plunged further, strong gains in other sectors like consumer noncyclicals, industrials, and financials led the TSX benchmark’s recovery.
Top TSX Composite movers and active stocks
Orla Mining (TSX:OLA), GFL Environmental, Onex, Stella-Jones, and Badger Infrastructure were the top-performing TSX stocks in the last session as they inched up by at least 3.5% each.
The rally in Orla’s share prices started after the Vancouver-headquartered gold firm announced positive results from its 2023 exploration activities at the Camino Rojo Oxide Mine in Mexico. Orla’s exploration activity, which included 6,500 metres of drilling, confirmed and expanded oxide gold mineralization near the open pit, especially in the adjacent Layback Area. After sliding by 21% in 2023, OLA stock has recovered by 3.5% in January so far.
In contrast, shares of Fortuna Silver Mines (TSX:FVI) tanked by 11.7% to $4.24 per share after announcing its 2023 production and 2024 guidance. Last year, the Canadian mining company’s gold equivalent production jumped 13% from a year ago to 452,389 ounces with the help of high outputs from its Latin America and West Africa operations.
Fortuna expects its production levels to rise further in 2024, giving a guidance range of 457,000 to 497,000 gold equivalent ounces. On a year-to-date basis, FVI stock has lost nearly 17% of its value.
Birchcliff Energy and Lithium Americas (Argentina) were also among the bottom performers on the Toronto Stock Exchange, as they dived by at least 6.4% each in the last session.
Based on their daily trade volume, Enbridge, Birchcliff Energy, Royal Bank of Canada, Cenovus Energy, and Manulife Financial were the most active stocks on the exchange.
TSX today
Gold, silver, and copper prices were trading on a firm note early Friday morning, which could lift TSX metal and mining stocks at the open today.
Besides the existing home sales data from the United States, Canadian investors will also closely monitor the domestic retail sales report this morning, which could give further direction to stocks.
Market movers on the TSX today
