The Canadian stock market dipped into the red on Friday after staging a rally in the previous two sessions as surprisingly stronger employment data hinted the Bank of Canada still has room to maintain its tight monetary policy for an extended period. The S&P/TSX Composite Index slipped by 57 points, or 0.3%, to settle at 21,738 but still delivered the fourth consecutive winning week.
While most sectors ended the session in the red territory, big losses in energy, consumer cyclical, and financial stocks primarily pressured the TSX benchmark.
Top TSX Composite movers and active stocks
NexGen Energy, Cameco, Denison Mines, and Ero Copper were the worst-performing TSX stocks as they plunged by more than 5% each.
On the positive side, shares of Algonquin Power & Utilities (TSX: AQN) climbed by 5% to $8.64 per share following the release of its better-than-expected fourth-quarter results. In the quarter ended in December 2023, the Oakville-headquartered utility giant’s total revenue slipped 10.8% year over year to US$666.9 million but exceeded Street analysts’ expectations of US$653 million.
Similarly, Algonquin’s adjusted quarterly net profit of US$115.5 million was higher than estimates of US$102.9 million. The company highlighted growth in its regulated services group’s operating profits but anticipates 2024 to be a transitional year, focusing on strategic realignment and the proposed sale of its renewables business. On a year-to-date basis, AQN stock is now up 3.2% and offers an annualized dividend yield of 6.8%.
Tilray, Ballard Power Systems, Franco-Nevada, and First Quantum Minerals were also among the session’s top performers on the Toronto Stock Exchange as they inched up by at least 3.7% each.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Manulife Financial, Enbridge, and Rogers Communications were the most active stocks on the exchange.
TSX today
After reaching record highs last week, gold prices were trading on a weak note early Monday morning. At the same time, crude oil prices were also witnessing bearish movement. Given these negative signals, I expect the commodity-heavy main TSX index to remain under pressure at the open today.
While no major economic releases are due this morning, TSX stocks may still remain volatile as investors await the important U.S. consumer inflation report scheduled to be released on Tuesday.
On the corporate events side, SilverCrest Metals and Ballard Power will announce their latest quarterly results on March 11.
Market movers on the TSX today
