The Canadian stock market resumed its upward climb on Tuesday as investors keenly awaited Canada’s monetary policy decision and the latest consumer inflation data from the United States. The S&P/TSX Composite Index not only touched a fresh intraday record high of 22,380 during the session but also settled at a record closing high of 22,362.
Even as a selloff in cannabis stocks pressured the healthcare sector, strong gains in metal mining, real estate, and technology stocks helped the TSX benchmark achieve new heights.
Top TSX Composite movers and active stocks
Shares of BlackBerry (TSX:BB) jumped by 7.4% to $4.20 per share after announcing a collaboration with the American semiconductor giant AMD to innovate in the robotics industry, focusing on real-time performance, precision, reliability, and scalability.
The partnership combines BlackBerry’s QNX Software Development Platform with AMD’s Kria K26 SOM to leverage both companies’ strengths and create a powerful platform for robotic systems. This move is likely to enhance sensor fusion, data processing, and real-time control in robotics, particularly for industrial and healthcare applications. Despite the recent rally, however, BB stock is still down more than 10% on a year-to-date basis.
Continued record rally in metals prices drove mining stocks like Hudbay Minerals, Pan American Silver, New Gold, First Quantum Minerals, and SSR Mining up by at least 5% each, making them among the day’s top performers on the Toronto Stock Exchange.
In contrast, shares of Tilray Brands (TSX:TLRY) crashed by over 20% to $2.79 per share, making it the worst-performing TSX stock for the day. This massive selloff in TLRY stock came after the cannabis giant reported an adjusted net loss of US$105 million for the February quarter, significantly wider than Street analysts’ expectations of a US$35.6 million loss.
To add pessimism, Tilray warned investors that it isn’t likely to generate positive adjusted free cash flow in 2024 “due to delayed timing for collecting cash on various asset sales.” Its worse-than-expected quarterly results and dismal 2024 guidance could be the primary reason for TLRY stock’s sharp decline yesterday.
Celestica and Bausch Health were also among the day’s bottom performers, plunging by at least 4.8% each.
Based on their daily trade volume, TD Bank, Lundin Mining, TC Energy, Tilray, and BlackBerry were the most active TSX stocks.
TSX today
Commodity prices were largely mixed early Wednesday morning, pointing to a flat open for the resource-heavy main TSX index today. Besides the Bank of Canada’s monetary policy event, Canadian investors may also want to look at March’s consumer inflation data from the United States this morning, which could give further direction to stocks. In the afternoon, the expected release of the Fed’s latest meeting minutes could also add to the stock market volatility.
On the corporate events side, the TSX-listed North West Company will announce its latest quarterly results today. Street analysts expect the Winnipeg-headquartered retailer to report quarterly earnings of $0.72 per share with $648.4 million in revenue.
Market movers on the TSX today
