Despite weakness in crude oil and base metals prices, the Canadian stock market rose for a second consecutive session on Friday as investors continued to closely monitor corporate earnings. The S&P/TSX Composite Index advanced by 95 points, or 0.4%, in the last session to settle at 21,413.
Even as shares of healthcare and utility companies witnessed weakness, most other main market sectors, including mining, technology, and financials, inched up to take the TSX benchmark higher.
Top TSX Composite movers and active stocks
Altus Group, Lundin Gold, SSR Mining, Nuvei, and TransAlta were the top-performing TSX stocks for the day as they surged by over 5% each.
Shares of Exchange Income (TSX:EIF) also climbed by 4.8% to $49.04 per share a day after releasing its fourth-quarter earnings report. In the quarter ended in December 2023, the Winnipeg-headquartered acquisition-focused firm’s total revenue rose 20.9% from a year ago to $656.7 million due mainly to a strong 34% increase in its manufacturing segment revenue.
Moreover, the strong performance of its aerospace and aviation segment helped Exchange Income’s adjusted quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) go up by 15.8% year over year to $143.6 million. The company’s adjusted EBITDA margin for the full year 2023 also stood strong at 22.2%, boosting investors’ confidence. On a year-to-date basis, EIF stock is now up 8.7%.
In contrast, OceanaGold, Eldorado Gold, Colliers International, and Jamieson Wellness dived by at least 4.2% each, making them among the day’s bottom performers on the Toronto Stock Exchange.
According to the exchange’s daily trade volume data, Suncor Energy, Enbridge, Manulife Financial, Canadian Natural Resources, and First Quantum Minerals were the five most active stocks.
TSX today
West Texas Intermediate crude oil futures and copper prices continued to slip early Monday morning, which could pressure the commodity-heavy main TSX index at the open today. While no major domestic economic releases are due, Canadian investors may want to keep an eye on January’s new home sales numbers from the United States this morning.
On the corporate events side, many TSX-listed companies, including Africa Oil, Cargojet, Emera, and Ivanhoe Mines, will announce their latest quarterly results on February 26.
Market movers on the TSX today
