Canadian equities started the new week on a cautious note as investors awaited the Bank of Canada’s interest rate decision and other key economic data scheduled for later this week. After reaching its record high levels last week, the S&P/TSX Composite Index ended Monday’s volatile session with a minor four-point decline at 22,260.
Although many utility and industrial stocks trended upward, heavy losses in other main sectors like healthcare and consumer cyclicals weighed on the TSX benchmark.
Top TSX Composite movers and active stocks
Bausch Health, NexGen Energy, Filo, and IAMGOLD were the worst-performing TSX stocks for the day as they plunged by at least 3.4% each.
Shares of Sandstorm Gold (TSX: SSL) also slipped by 2.3% to $7.27 per share after announcing its first-quarter sales and revenue figures. In the March 2024 quarter, the Vancouver-based gold miner’s sales stood at about 20,300 gold equivalent ounces, over 28% lower than its March 2023 production level.
Despite this sharp drop in sales, however, lower cost of sales and higher gold prices helped Sandstorm limit the decline in its quarterly revenue to less than 3% year over year. On a year-to-date basis, SSL stock has risen 9.2%.
On the flip side, goeasy, Stelco, Athabasca Oil, and Advantage Energy inched up by at least 3.2% each, making them yesterday’s top-performing TSX stocks.
Pan American Silver was also among the top gainers on the Toronto Stock Exchange as its stock climbed by more than 3% to $ 24.58 per share. These gains in PAAS stock came after the precious metals mining firm announced high-grade drill results from the La Colorada Skarn project in Mexico, including wide intercepts in the 902 mineralized zone with significant silver, lead, and zinc grades.
Based on their daily trade volume, TD Bank, Baytex Energy, TC Energy, Athabasca Oil, and Royal Bank of Canada were the most heavily traded stocks on the exchange.
TSX today
Crude oil and gold prices were largely trading on a firm note early Tuesday morning, which could lift commodity-linked TSX stocks at the open today.
While no major economic releases are due this morning, stocks may still remain volatile as investors look forward to the Canadian central bank’s monetary policy decision, the U.S. consumer inflation report, and the Fed’s latest meeting minutes, which are likely to be released on Wednesday.
On the corporate events side, the TSX-listed Tilray Brands will announce its latest quarterly results on April 9. Street analysts expect the cannabis giant to report a net loss of US$35.6 million for the February quarter with a revenue of US$233.2 million.
Market movers on the TSX today
