Canadian equities started the new week on a slightly negative note as falling metals prices and rising 10-year treasury bond yields hurt investors’ sentiments. After reaching its highest level since April 2022 in the last session, the S&P/TSX Composite Index dived by 89 points, or 0.4%, on Monday to settle at 21,324.
While most market sectors ended the session in the red, heavy losses in utility, real estate, and mining stocks mainly pressured the TSX benchmark.
Top TSX Composite movers and active stocks
Shares of Orla Mining (TSX: OLA) tanked by more than 8% to $4.51 per share, trimming its year-to-date gains to 4.4%. This selloff in OLA stock started after the Vancouver-headquartered gold miner announced its intentions to acquire Contact Gold.
The acquisition deal is likely to enhance Orla’s land position in Nevada and strategically consolidate adjacent landholdings to its South Railroad project, including the Pony Creek property. The transaction is valued at about US$8.1 million, offering Contact shareholders a 77% premium on their shares.
K92 Mining, Lundin Gold, OceanaGold, and Brookfield Infrastructure Partners were also among the bottom performers on the Toronto Stock Exchange as they plunged by at least 4.7% each.
On the flip side, Energy Fuels, Celestica, GFL Environmental, and Tamarack Valley Energy inched up by over 3% each, making them the top-performing TSX stocks for the day.
According to the exchange’s daily trade volume data, Suncor Energy, Royal Bank of Canada, Enbridge, Great-West Lifeco, and Manulife Financial were the five most active stocks.
TSX today
After declining sharply in the previous session, metals prices were staging a recovery early Tuesday morning, which could lift TSX mining stocks at the open today. While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest consumer confidence and durable goods orders data from the United States this morning, which could give further direction to stocks.
On the corporate events front, TSX-listed companies like Parkland, Element Fleet Management, Bank of Montréal, Bank of Nova Scotia, Tricon Residential, and SSR Mining are expected to announce their latest quarterly financial results on February 27.
Market movers on the TSX today
