Canadian stocks traded on a mixed note for the third consecutive session on Tuesday as investors looked forward to the outcome of the U.S. Federal Reserve’s ongoing monetary policy meeting. The S&P/TSX Composite Index posted minor gains of 23 points, or 0.1%, yesterday to settle at 21,861.
Despite handsome gains in healthcare, consumer cyclical, and technology stocks after the release of notably softer-than-expected domestic consumer inflation numbers, weak metals prices drove the shares of mining companies lower — limiting the commodity-heavy TSX benchmark’s upward movement.
Consumer inflation is easing in Canada
According to Statistics Canada’s latest report, Canada’s Consumer Price Index saw a slight decrease in its year-over-year growth rate last month to 2.8% from January’s 2.9%. Even as gasoline prices climbed up last month, factors like lower prices for cellular services, store-bought food, and internet services contributed to this inflation slowdown in February.
Top TSX Composite movers and active stocks
Shares of Gildan Activewear (TSX:GIL) jumped by nearly 11% to $50.71 per share, making it the top-performing TSX stock for the day. This rally in GIL stock came after the Montréal-based apparel maker responded to speculative media reports about a potential acquisition by forming a special committee to evaluate the proposal and other strategic alternatives.
Gildan told investors while it’s in discussions with some interested parties, there’s no assurance a transaction will occur as it aims to maximize shareholder value. After the recent rally, GIL stock is now up 15.7% year to date and offers an annualized dividend yield of 2.4%.
Africa Oil, Brookfield Business Partners, and West Fraser Timber were also among the session’s top gainers on the Toronto Stock Exchange as they inched up by at least 3.2% each.
Conversely, BlackBerry, First Majestic Silver, K92 Mining, and Capstone Copper dived by at least 3.6% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, TC Energy, Canadian Imperial Bank of Commerce, Suncor Energy, TD Bank, and Manulife Financial were the five most active stocks on the exchange.
TSX today
Most commodity prices were trading on a firm note early Wednesday morning, pointing to a slightly higher open for the TSX Composite benchmark today.
While no major economic releases are due this morning, Canadian investors will closely monitor the U.S. Fed’s interest rate decision, economic projections, and press conference in the afternoon, which is likely to give further direction to stocks.
On the corporate events side, TSX-listed companies like Power Corporation of Canada, Alimentation Couche-Tard, and Boyd Group Services will announce their latest quarterly results on March 20.
Market movers on the TSX today
