Despite weakness in the prices of most commodities, the Canadian stock market trended upward on Friday after stronger-than-expected domestic labour market data seemingly boosted investors’ confidence about the economic outlook. The S&P/TSX Composite Index rose 90 points, or 0.4%, in the last session to settle at 21,010 but still ended the week with a 75-point drop.
On the one hand, shares of consumer cyclical and mining companies fell sharply on February 9 due mainly to mixed corporate results. On the other hand, market sectors like technology and utilities saw healthy gains, driving the TSX benchmark higher.
Top TSX Composite movers and active stocks
Bombardier, Trisura Group, NovaGold Resources, Stella-Jones, and ARC Resources were the top-performing TSX stocks for the day, as they inched up by at least 4% each.
In contrast, shares of Magna International (TSX:MG) plunged by 6.7% to $73.58 per share, posting its biggest single-day losses in nearly a year. This selloff in MG stock came after the Aurora-headquartered automotive supplier announced its slightly weaker-than-expected fourth-quarter earnings.
In the December quarter, Magna’s continued focus on operational efficiency drove its total revenue up by 9.3% year over year to US$10.5 billion, despite inflationary pressures. While its adjusted quarterly earnings also jumped 46.2% from a year ago to US$1.33 per share, this figure missed Street’s estimates of US$1.48 per share. On a year-to-date basis, MG stock is now down 6%.
New Gold, Lightspeed Commerce, and Kinross Gold were also among the session’s bottom performers on the Toronto Stock Exchange, as they slipped by more than 3% each.
Based on their daily trade volume, Enbridge, Telus, Suncor Energy, Kinross Gold, and Manulife Financial were the five most heavily traded stocks on the exchange.
TSX today
Silver prices were showcasing strength early Monday morning, which could slightly lift TSX mining stocks at the open today. While no major economic releases are due this morning, investors will continue to closely monitor more corporate results from the United States and Canada.
TSX-listed companies like PrairieSky Royalty and CT Real Estate Investment Trust will announce their latest quarterly results after the market closing bell on February 12.
Market movers on the TSX today
