The Canadian stock market started April on a firm note after ending the first quarter with 5.8% gains as rallying commodity prices kept the optimism alive. The S&P/TSX Composite Index rose by 18 points, or 0.1%, yesterday to hit yet another record high of 22,185 on a closing basis.
On the one hand, shares of healthcare, real estate, and utility companies witnessed weakness. On the other hand, strong gains in other sectors like mining and energy managed to drive the TSX benchmark higher.
Top TSX Composite movers and active stocks
Shares of Ballard Power Systems (TSX:BLDP) popped by 18% to $4.45 per share, making it the top-performing TSX stock for the day. This rally in BLDP stock came after the Burnaby-based company announced its largest order ever, involving the supply of 1,000 fuel cell engines to Solaris Bus & Coach for buses across Europe.
Under this landmark deal, Ballard’s engines will power zero-emission buses, supporting European efforts to reduce carbon footprints and enhance urban air quality. In another update, the company said it has been awarded an additional US$54 million in U.S. federal funding, bringing the total to US$94 million for its fuel cell gigafactory in Texas. Despite the recent rally, however, BLDP stock is still down 9.4% on a year-to-date basis.
IAMGOLD, NexGen Energy, Cameco, and BRP were also among the day’s top gainers on the Toronto Stock Exchange as they inched up by at least 7.8% each.
On the flip side, NorthWest Healthcare Properties REIT, CT Real Estate Investment Trust, Brookfield Infrastructure Partners, and Bank of Nova Scotia slipped by at least 2.5% each, making them the session’s bottom performers.
Based on their daily trade volume, TD Bank, TC Energy, Power Corporation of Canada, Canadian Natural Resources, and Canadian Imperial Bank of Commerce were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were trading on a strong bullish note early Tuesday morning, pointing to a higher open for the resource-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors may want to watch the latest job openings data from the United States this morning, which could give further direction to stocks.
Market movers on the TSX today
