Rising commodity prices helped the Canadian stock market trend upward for the third consecutive session before the long Family Day weekend, even as hotter-than-expected U.S. wholesale inflation data worried investors. The S&P/TSX Composite Index advanced by 33 points, or 0.2%, on Friday to 21,256 — its highest closing level in more than 21 months.
Despite a selloff in technology stocks amid speculation about interest rate cuts, strong gains in other key market sectors like healthcare and metal mining mainly helped the TSX benchmark notch another winning day.
Top TSX Composite movers and active stocks
Ero Copper, Capstone Copper, Lundin Mining, and Filo were the top-performing TSX stocks as they inched up by at least 3.6% each.
On the flip side, Air Canada (TSX:AC) dived by 6.5% to $18 per share, making it the worst-performing stock for the day. This selloff in AC stock came after the Canadian flag carrier announced its fourth-quarter results.
While Air Canada’s total revenue of $5.18 billion exceeded Street analysts’ expectations, it reported an adjusted quarterly net loss of $0.12 per share, significantly worse than analysts’ expectations of a four cents loss per share. On a year-to-date basis, Air Canada stock is now down 3.7%.
Nuvei, NovaGold Resources, and Innergex Renewable Energy were also among the session’s bottom performers on the Toronto Stock Exchange, as they plunged by at least 3.9% each.
Based on their daily trade volume, Enbridge, Suncor Energy, Air Canada, Manulife Financial, and Canadian Natural Resources were the exchange’s five most heavily traded stocks.
TSX today
Commodity prices, especially gold and natural gas, were trading with minor gains early Tuesday morning, which could drive the resource-heavy main TSX index slightly higher at the open today. Canadian investors will closely monitor the domestic consumer inflation report for January this morning, which could give further direction to stocks.
On the corporate events side, several TSX-listed companies, including GFL Environmental, Osisko Gold Royalties, First Quantum Minerals, Sienna Senior Living, iA Financial, and Gibson Energy, are likely to announce their latest quarterly results on February 20.
Market movers on the TSX today
