A mixed bag of corporate earnings added volatility to the Canadian stock market on Thursday, as it slipped again after posting minor gains in the previous two sessions. Even as a strong rally in crude oil prices lifted most energy stocks, the S&P/TSX Composite Index slipped by 50 points, or 0.2%, yesterday to settle at 20,920.
Big losses in market sectors like utilities, metal mining, and financials mainly weighed on the TSX benchmark.
Top TSX Composite movers and active stocks
Lightspeed Commerce (TSX: LSPD) was the worst-performing TSX stock yesterday, as it crashed by 24.4% to $19.90 per share, despite its surprisingly better-than-expected quarterly financial results. In the third quarter of its fiscal year 2024 (ended in December), the Montréal-based commerce platform provider’s revenue rose 27% YoY (year over year) to US$239.7 million, exceeding its guidance.
Stronger revenue helped Lightspeed post an adjusted net profit of US$11.8 billion, crushing analysts’ expectations of US$3.9 million. Despite its strong results, however, the company’s cautious near-term outlook due to macroeconomic uncertainties could be one of the main reasons for triggering a selloff in its stock. With this, LSPD stock now trades with 28.5% year-to-date losses.
Shares of Bombardier (TSX: BBD.B) dived by about 15% in the last session to $44.45 per share after its fourth-quarter earnings came out. Although higher deliveries and strengthening aftermarket revenues boosted the Canadian business jet maker’s total revenues by 15.3% YoY in the fourth quarter, its adjusted quarterly earnings fell 34.5% from a year ago due partly to losses on certain financial instruments.
Fairfax Financial, Cameco, and Energy Fuels were also among the session’s bottom performers on the Toronto Stock Exchange, as they plunged by over 6% each.
On the flip side, Colliers International, Enerplus, Birchcliff Energy, and Thomson Reuters inched up by at least 4.3% each, making them the top-performing TSX stock for the day.
Based on their daily trade volume, Enbridge, BCE, Suncor Energy, MEG Energy, and Telus were the most active stocks on the exchange.
TSX today
Commodity prices were largely mixed early Friday morning, pointing to a flat open for the main TSX index today. This morning, Canadian investors will closely monitor January’s employment change and unemployment rate data.
On the corporate events side, TSX-listed companies like Telus, Magna International, Enbridge, and Fortis are likely to announce their latest quarterly results on February 9.
Market movers on the TSX today
