The Canadian equities market inched up to its highest closing level in more than 20 months after the significantly better-than-expected growth in the U.S. gross domestic product data boosted investors’ confidence. Strong economic growth numbers and strengthening crude oil and precious metals prices lifted the S&P/TSX Composite Index to 21,102 — up 76 points, or 0.4%, from its previous closing.
Despite minor weakness in some real estate and technology stocks, a strong rally in other main sectors, including utilities, metal mining, and energy, drove the TSX benchmark higher.
Top TSX Composite movers and active stocks
Lundin Gold, MEG Energy, Ivanhoe Mines, and Algonquin Power & Utilities were the top-performing TSX stocks, climbing by at least 3.9% each.
Shares of Orla Mining (TSX:OLA) also jumped 3.8% to $4.66 per share after it announced successful results from its 2023 drilling program at the Camino Rojo Sulphides deposit in Mexico. The Vancouver-based gold miner told investors that its infill drilling program, spanning 37,677 metres, was focused on higher-grade areas to support an underground mineral resource estimate.
During this drill program, Orla found significant gold intercepts, which indicates potential for underground mining and expansion. The company now plans an aggressive 30,000-metre drill program for 2024 to explore the deposit’s potential further. After declining by 21.2% last year, OLA stock has risen nearly 8% in January so far.
On the flip side, NovaGold Resources, Lithium Americas (Argentina), Mattr, and Ballard Power Systems slipped by at least 3.5% each, making them the Toronto Stock Exchange’s bottom performers for the day.
Based on their daily trade volume, Royal Bank of Canada, Manulife Financial, Baytex Energy, Cenovus Energy, and Suncor Energy were the five most active stocks on the exchange.
TSX today
Oil and metals prices showed mixed movements in early trading on Friday morning, suggesting a steady start for the main TSX index today, which is dominated by commodities.
Besides the domestic monthly budget balance data, Canadian investors will also closely monitor the latest personal consumption expenditure data from the United States this morning, as it’s a key factor in influencing the Fed’s monetary policy decisions.
Market movers on the TSX today
