Surging commodity prices and largely stronger-than-expected corporate earnings helped the Canadian stock market start the new month on a bullish note as investors eagerly awaited the Bank of Canada’s upcoming monetary policy event, which is scheduled for March 6. The S&P/TSX Composite Index climbed by 189 points, or 0.9%, on Friday to 21,552 — its highest closing level in over 22 months.
Even as some consumer cyclical stocks witnessed negative movement, solid intraday gains in other market sectors like mining, healthcare, real estate, and energy pushed the TSX benchmark higher.
Top TSX Composite movers and active stocks
Shares of SNC-Lavalin Group (TSX: ATRL) jumped by 11.4% to $51.08 per share, making it the top-performing TSX stock for the day. This rally in ATRL stock came after the Montréal-based professional services and project management firm announced its better-than-expected fourth-quarter results.
In the quarter ended in December 2023, SNC’s total revenue jumped by 19.7% from a year ago to $2.2 billion, helping it post a record yearly revenue figure of over $8 billion. More importantly, the company’s adjusted quarterly earnings of $0.45 per share exceeded Street analysts’ expectations of $0.40 per share, giving investors a reason to cheer. After delivering 79% positive returns in 2023, ATRL stock has gone up by nearly 20% so far in 2024.
New Gold, NexGen Energy, and OceanaGold were also among the session’s top gainers on the Toronto Stock Exchange as they inched up by more than 8% each.
Conversely, Parex Resources, Stella-Jones, Badger Infrastructure Solutions, and Algoma Steel slipped by at least 2.9% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Baytex Energy, Enbridge, and Athabasca Oil were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were trading on a firm note early Monday morning, pointing to a slightly higher open for the resource-heavy TSX index today.
While no major economic releases are due this morning, Canadian stocks may still remain volatile as investors continue to adjust their open positions before Wednesday’s interest rate decision.
Market movers on the TSX today
