Canadian equities turned negative on Tuesday, with investors taking a breather after a rally that recently drove the S&P/TSX Composite Index to a fresh record high. The TSX benchmark slipped by 110 points, or 0.5%, yesterday to settle at 22,075, as its three-day winning streak came to an end.
Although rallying commodity prices across the board drove mining and energy stocks higher during the session, all other main sectors, primarily real estate, industrials, and technology, witnessed heavy losses after Canada’s 10-year treasury bond yields jumped to their highest levels in over a month.
Top TSX Composite movers and active stocks
Canada Goose, Ballard Power Systems, CT Real Estate Investment Trust, and Cogeco Communications were the worst-performing TSX stocks for the day as they plunged by at least 3.6% each.
On the flip side, shares of K92 Mining (TSX:KNT) surged nearly 6% to $6.74 per share, a day after announcing its upbeat quarterly financial results. In the December 2023 quarter, the Vancouver-headquartered gold miner registered a 21.5% year-over-year increase in its total revenue to US$75.3 million with the help of record quarterly production of 39,101 ounces gold equivalent.
Higher production and stronger realized average selling price took K92’s adjusted quarterly earnings up by 33.3% from a year ago to US$0.08 per share, beating Street analysts’ expectations. After the recent rally, KNT stock now trades with 3.5% year-to-date gains.
MAG Silver, Baytex Energy, and Ero Copper were also among the session’s top performers on the Toronto Stock Exchange, each inching up by at least 4.8%.
Based on their daily trade volume, TC Energy, TD Bank, Athabasca Oil, Baytex Energy, and Canadian Imperial Bank of Commerce were the most heavily traded stocks on the exchange.
TSX today
Crude oil and natural gas prices were trading on a strong bullish note early Wednesday morning, pointing to a higher open for TSX energy stocks today.
While no major domestic economic releases are due, Canadian investors may want to closely monitor monthly non-farm employment change, services PMI (purchasing managers index), and non-manufacturing PMI data from the United States this morning. In the afternoon, Federal Reserve chair Jerome Powell’s speech about the economic outlook will remain on investors’ radar.
On the corporate events side, the TSX-listed companies NovaGold Resources and BlackBerry will announce their latest quarterly results after the market closing bell on April 3.
Market movers on the TSX today
