Canadian equities continued to trend downward for the third consecutive session on Tuesday as slightly weaker-than-expected U.S. consumer confidence data weighed on investors’ sentiments. The S&P/TSX Composite Index ended the volatile session with a minor loss of 30 points, or 0.1%, at 21,913 — roughly around 0.7% lower from its record closing levels it touched last week.
Even as shares of some healthcare and consumer cyclical companies inched up, most other key market sectors, including energy, utility, and metal mining, declined to pressure the Canadian market index.
Top TSX Composite movers and active stocks
Canada Goose (TSX:GOOS) dived by 6.7% to $15.11 per share, making it the worst-performing TSX stock for the day. This selloff in GOOS stock began after the Toronto-based clothing company said that it’s advancing its transformation program with a significant redesign of its global corporate workforce, which will result in a 17% reduction in corporate roles.
With this move, Canada Goose targets to streamline operations and support long-term growth as it increases focus on efficiency, margin expansion, and key initiatives to strengthen its position in the luxury brand market. After witnessing more than 66% value erosion in the previous couple of years, GOOS stock has now extended its losses by 4% so far in 2024.
Shares of Athabasca Oil, ATS, and Baytex Energy were also among the session’s bottom performers on the Toronto Stock Exchange as they plunged by at least 3.5% each.
In contrast, Tilray, Nuvei, NovaGold Resources, and Bausch Health climbed up by at least 4% each, making them the day’s top-performing TSX stocks.
Based on their daily trade volume, Toronto-Dominion Bank, Suncor Energy, Manulife Financial, Bank of Nova Scotia, and TC Energy were the five most active stocks on the exchange.
TSX today
Commodity prices across the board traded on a bearish note early Wednesday morning, signalling a lower open for the resource-heavy main TSX index today.
While no major domestic economic releases are due, energy investors may want to watch the latest crude oil stockpile data from the United States this morning. Overall, most TSX stocks may remain volatile as investors await the U.S. and Canada gross domestic product growth data, which will be released on Thursday morning.
Market movers on the TSX today
