The Canadian stock market traded on a slightly positive note on Friday, as investors continued to cheer the Bank of Canada’s decision to keep interest rates steady in its first meeting of 2024. Despite a weakness in metals prices, the commodity-heavy S&P/TSX Composite Index rose 24 points to settle at 21,125.
On the one hand, some sectors like consumer noncyclical, mining, and utility witnessed weakness. On the other hand, solid gains in tech, real estate, and energy stocks led the TSX upward.
Top TSX Composite movers and active stocks
Mattr, Lundin Gold (TSX:LUG), Lightspeed Commerce, and Transcontinental were the top-performing TSX stocks in the last session, as they inched up by at least 3.2% each.
The recent rally in Lundin Gold stock started after Raymond James began its coverage of the stock by giving it an “outperform” rating and a target price of $17.50 per share last week. This target reflects about 6% upside potential from LUG’s current market price of $16.54 per share. Earlier this month, on January 11, the Vancouver-based gold miner told investors that its 2023 total gold production stood at 481,274 ounces, meeting its upwardly revised annual guidance.
In contrast, shares of NovaGold Resources, IAMGOLD, Ivanhoe Mines, and Boralex dived by at least 3.3% each, making them the session’s worst performers on the Toronto Stock Exchange.
According to the exchange’s daily trade volume data, Royal Bank of Canada, Scotiabank, Enbridge, Cenovus Energy, and Bank of Montréal were the five most active TSX stocks.
TSX today
West Texas Intermediate crude oil futures and precious metals prices were largely bullish early Monday morning, which could lift the main TSX index at the open today. While no major economic releases are due this morning, stocks may remain volatile, as investors shift their attention from macroeconomic developments to the latest corporate financial results.
The TSX-listed Celestica will announce its December quarter results after the market closing bell on January 29. Street analysts expect the Toronto-based electronic equipment manufacturer to report earnings of US$0.68 per share with the help of US$2.1 billion in quarterly revenue.
Market movers on the TSX today
