Higher prices for commodities supported the Canadian equities market on Tuesday, as investors speculated about what the Bank of Canada would do with interest rates in the near future. The S&P/TSX Composite Index rose by 110 points, or 0.5%, to 21,035 — settling above the key psychological level of 21,000 for the first time in a week.
Despite minor weakness in utility stocks, all other key TSX sectors rose sharply, including metal mining, consumer, and technology.
Top TSX Composite movers and active stocks
IAMGOLD (TSX: IMG) jumped by over 15% to $3.58 per share, making it the top-performing TSX Composite component for the day. This rally in IMG stock came a day after the Toronto-based gold miner announced its 2023 production results and progress at the Côté Gold project.
Last year, IAMGOLD achieved 465,000 ounces of attributable gold production with the strong performance of its Essakane and Westwood mines, aligning with the upper end of its annual guidance. The company also told investors that its Côté Gold project is progressing well, with the primary crushing circuit commissioning ongoing and initial production expected in March 2024. On a year-to-date basis, IMG stock is now up 7.2%.
Nuvei (TSX: NVEI) stock rallied by 6.8% to $32.98 per share after announcing its partnership with Adobe to integrate its payment technology into Adobe Commerce, part of Adobe Experience Cloud. The Nuvei-Adobe partnership will allow B2B and B2C businesses using Adobe Commerce to access Nuvei’s comprehensive payment suite, including various payment methods and global connectivity.
Hudbay Minerals and Ballard Power Systems were also among the top performers on the Toronto Stock Exchange as they inched up by at least 6.5% each.
In contrast, BRP, Celestica, Mattr, and Algoma Steel dived by more than 3% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, Royal Bank of Canada, Enbridge, TC Energy, Cenovus Energy, and IAMGOLD were the five most active stocks on the exchange.
TSX today
Most commodity prices were largely mixed early Wednesday morning, pointing to a flat open for the resource-heavy TSX index today.
Besides the important manufacturing and services data from the United States, the Canadian central bank’s interest rate decision, monetary policy report, and press conference will remain on TSX investors’ radar today.
On the corporate events side, the precious metal mining firm NovaGold Resources will announce its latest quarterly results on January 24.
Market movers on the TSX today
