Canadian stocks traded on a negative note on Thursday as a downside correction in commodity prices and soaring treasury bond yields weighed on investors’ sentiments. Even as the S&P/TSX Composite Index touched a fresh record high of 22,239 in intraday trading, it ended the highly volatile session 61 points, or 0.3%, lower from its previous closing at 22,052.
The TSX benchmark dropped during the day as most key market sectors went down, with healthcare, consumer noncyclical, and mining stocks leading the selloff.
Top TSX Composite movers and active stocks
NovaGold Resources, Lightspeed Commerce, Tilray, and NexGen Energy were the worst-performing TSX stocks for the day as they plunged by at least 5% each.
On the flip side, shares of Dollarama (TSX:DOL) jumped by 10% to $110.37 per share after the company announced its stronger-than-expected quarterly results. In the quarter ended in January 2024, the Mont Royal-headquartered discount retailer’s revenue rose 11.3% year over year to $1.6 billion, with sales increases across all its product categories.
More importantly, lower logistics and inbound shipping costs drove Dollarama’s adjusted quarterly earnings up by 26.4% from a year ago to $1.15 per share, beating Street analysts’ expectations of $1.06 per share. After the recent rally, DOL stock is now up 15.6% on a year-to-date basis.
Lundin Mining, Bombardier, and Ivanhoe Mines were also among the top-performing TSX stocks as they inched up by at least 3.2% each.
Based on their daily trade volume, TD Bank, Canadian Natural Resources, Tilray, B2Gold, and TC Energy were the five most active stocks on the exchange.
TSX today
Commodity prices were largely mixed early Friday morning, pointing to a flat open for the resource-heavy main TSX index today.
Besides Canada’s unemployment rate and employment change data, TSX investors will also closely monitor average hourly earnings, non-farm payrolls, and unemployment rate numbers from the United States this morning, which could give further direction to stocks. Overall, the TSX index seems on track to end its seven-week winning streak as it has slipped 0.5% week to date.
Market movers on the TSX today
