The stock market in Canada turned positive again on Thursday after witnessing a selloff in the previous session as investors continued to digest the Federal Reserve’s latest interest rate decision and policy statement. The S&P/TSX Composite Index rose 97 points, or 0.5%, yesterday to settle at 21,119.
Despite continued weakness in tech stocks, healthy gains in most other key market sectors, primarily in healthcare, mining, and industrials, lifted the main TSX index.
Top TSX Composite movers and active stocks
Shares of Canada Goose (TSX: GOOS) surged nearly 8% to $70.39 per share after announcing its quarterly financial results. In the third quarter (ended in December) of its fiscal year 2024, the Toronto-based clothing company’s total revenue rose 5.8% YoY (year over year) to $609.9 million.
With the help of a strong 14% increase in direct-to-customer segment sales on a constant-currency basis, Canada Goose delivered adjusted quarterly earnings of $1.37 per share, reflecting 7.9% YoY growth. After losing roughly 35% of its value last year, GOOS stock has recovered by 10.5% so far in 2024.
IAMGOLD, Tilray Brands, and New Gold were also among the top gainers on the Toronto Stock Exchange yesterday, as they inched up by at least 7.4% each.
On the flip side, Allied Properties REIT (TSX: AP.UN) tanked by about 9% to $17.78 per share a day after its earnings came out. In the fourth quarter of 2023, the distinctive urban workspace-focused REIT’s (real estate investment trust) operating profit climbed by 6% YoY to $82 million. Despite this positive growth, Allied’s weak 2024 outlook, which is mainly due to no expected economic occupancy gains in the first half of the year, could be the primary reason why its share prices fell after its earnings event.
Shopify, MEG Energy, and Lithium Americas (Argentina) also plunged by at least 3.5% each, making them among the day’s worst-performing TSX stocks.
Based on their daily trade volume, Enbridge, B2Gold, Suncor Energy, Manulife Financial, and Baytex Energy were the five most heavily traded stocks on the exchange.
TSX today
Gold prices were trading on a firm note early Friday morning, while most other commodities showed little movement. With these mixed signals from the commodity market, the main TSX index may not change much at the open today.
While no major domestic economic releases are due, Canadian investors may want to closely monitor the monthly average hourly earnings, non-farm payrolls, and unemployment rate from the United States this morning. This economic data and corporate earnings could give further direction to stocks.
The TSX-listed companies like Brookfield Renewable Partners, Brookfield Business Partners, and Imperial Oil will announce their latest quarterly results on February 2.
Market movers on the TSX today
