Canadian stocks notched fresh record highs before going into the long holiday weekend on Thursday, as much better-than-expected GDP (gross domestic product) growth numbers from the United States gave investors another reason to cheer. After touching a fresh intraday record high of 22,221, the S&P/TSX Composite Index ended the session with a gain of 60 points, or 0.3%, at 22,167 — marking its highest closing level ever.
Even as some technology and industrial stocks witnessed weakness, strength in other sectors like mining, energy, and financials took the spotlight, propelling the TSX to new records. With this, the Canadian market benchmark closed March with 3.8% gains, registering a fifth consecutive winning month.
According to the U.S. Bureau of Economic Analysis’s third estimate, the U.S. real GDP grew by 2.5% in 2023, largely driven by consumer spending, investments in business infrastructure, and government spending, reflecting a steady economic expansion compared to the previous year’s increase of 1.9%.
Top TSX Composite movers and active stocks
As gold prices continued to reach new record heights, metal and mining stocks such as Seabridge Gold, NovaGold Resources, Equinox Gold, and MAG Silver saw significant jumps, with each climbing by at least 6.6%, making them the top-performing TSX stocks for the day.
Shares of BRP (TSX: DOO) also surged more than 5% to $90.95 per share after its fiscal year 2024 (ended in January) financial results came out. During the year, the Valcourt-headquartered firm’s total revenue rose 3.3% year-over-year to $10.4 billion.
Although a seasonal decline in product delivery and unfavorable winter conditions in North America affected its top and bottom line last quarter, BRP’s annual adjusted earnings of $11.11 per share reflected a 12% increase from a year ago due partly to favorable product mixes and pricing. Despite recent gains, however, DOO stock is still down around 4% on a year-to-date basis.
Conversely, ATS and Definity Financial were among the day’s worst performers on the Toronto Stock Exchange as they plunged by at least 3.6% each.
Based on their daily trade volume data, Manulife Financial, TC Energy, Toronto-Dominion Bank, B2Gold, and Suncor Energy stood out as the five most active stocks on the exchange.
TSX today
After rallying for five months in a row, the main TSX index is likely to start April on a bullish note as gold spot prices reached fresh record highs in early morning trading on Monday, which could help mining stocks climb further up.
While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest monthly manufacturing data from the United States this morning, which could give further direction to stocks.
On the corporate events side, K92 Mining will announce its latest quarterly results after the market closing bell on April 1. Bay Street analysts expect the Vancouver-based gold miner to post earnings of US$0.07 per share with US$70 million in quarterly revenue.
Market movers on the TSX today
