Canadian stocks turned slightly negative on Monday after rallying in the previous two sessions as speculation about the Bank of Canada’s upcoming monetary policy moves kept investors on their toes. The S&P/TSX Composite Index slipped by 21 points, or 0.1%, yesterday to settle at 21,531 — a day after touching fresh 52-week highs.
Although most sectors, including real estate, healthcare, and technology, ended the session in red, solid gains in mining stocks due mainly to rallying metals prices limited the TSX benchmark’s downward movement.
Top TSX Composite movers and active stocks
Shares of BlackBerry (TSX:BB) fell 3.7% to $3.63 per share, extending its year-to-date losses to nearly 23%. This weakness in BB stock came after the Waterloo-headquartered enterprise software firm announced a three-year partnership with Max-Atlas to integrate BlackBerry Radar asset tracking technologies into Max-Atlas’s container chassis during manufacturing.
This partnership aims to offer supply chain logistics companies enhanced operational performance insights, improving operational efficiencies and safety by utilizing BlackBerry’s advanced radar tracking data.
Denison Mines, North West Company, Lithium Americas, and Canada Goose were also among the day’s bottom performers on the Toronto Stock Exchange as they plunged by at least 3.7% each.
On the flip side, surging metals prices drove Torex Gold, Seabridge Gold, First Quantum Minerals, and First Majestic Silver up by at least 5.8% each, making them the day’s top-performing TSX stocks.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Great-West Lifeco, Baytex Energy, and Enbridge stood out as the most heavily traded stocks on the exchange.
TSX today
Gold, silver, and copper prices continued to rally in the morning trade on Tuesday, which could lift the commodity-heavy main TSX index at the open today with expected strong gains in metal mining stocks. While no major domestic economic releases are due, Canadian investors will monitor the monthly services and non-manufacturing purchasing managers index data from the United States this morning.
On the corporate events side, many TSX-listed companies, including Pet Valu, Nuvei, Franco-Nevada, and Canfor, will announce their latest quarterly financial results on March 5.
Market movers on the TSX today
