The stock market in Canada trended further upward on Friday, as weaker-than-expected domestic retail sales and U.S. existing home sales data kept investors’ interest rate cut hopes alive. The S&P/TSX Composite Index inched up by 150 points, or 0.7%, to 20,907 — marking its second consecutive winning day.
While all main market sectors ended the session in the green territory, the TSX benchmark’s rally was primarily driven by solid gains in real estate, technology, and bank stocks.
Top TSX Composite movers and active stocks
Shares of Tricon Residential (TSX:TCN) popped by 27.3% to $14.83 per share, making it the top-performing TSX stock. This sharp rally in TCN stock came after the Toronto-based rental housing firm entered an arrangement agreement with the American investment giant Blackstone.
Under the agreement, Blackstone Real Estate Partners and Blackstone Real Estate Income Trust are set to acquire Tricon Residential for US$11.25 per common share in cash, amounting to a $3.5 billion equity transaction value. Tricon, which will go private after the transaction, plans to complete major development projects in the U.S. and Canada under Blackstone’s ownership. On a year-to-date basis, Tricon stock is now up 23%.
Celestica and Trisura Group were also among the session’s top performers on the Toronto Stock Exchange as they rose at least 4.7% each.
In contrast, Lithium Americas (Argentina), Lithium Americas, Birchcliff Energy, Richelieu Hardware, and Fortuna Silver Mines dived by more than 4% each, making them the worst-performing TSX stocks for the day.
Based on their daily trade volume, Royal Bank of Canada, Tricon Residential, BlackBerry, Enbridge, and Birchcliff Energy were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were trading on a negative note early Monday morning, pointing to a lower open for the main TSX index today.
Although no major economic releases are due today, TSX stocks may still remain volatile as traders adjust their open positions before the Bank of Canada’s upcoming interest rate decision, which is due on Wednesday.
Market movers on the TSX today
