Canadian stocks extended their decline for the second day in a row as investors seemed unsure about when to expect interest rate reductions after the Bank of Canada recently hinted that it would need more signals before lowering the policy rate. Despite the release of cooler-than-expected U.S. wholesale inflation data for March, the S&P/TSX Composite Index dived by 89 points, or 0.4%, during the session to settle at 22,110 — nearly 1.1% of its record all-time high level posted last week.
Despite minor gains in metal mining and tech stocks, heavy losses in other main market sectors, like energy, healthcare, and industrials, weighed on the TSX benchmark.
Top TSX Composite movers and active stocks
Maple Leaf Foods, Tilray, Athabasca Oil, and Kelt Exploration were the worst-performing TSX stocks for the day as they plunged by at least 4.6% each.
Similarly, shares of Richelieu Hardware (TSX:RCH) slipped by 1.9% to $40.47 per share after announcing its weaker-than-expected quarterly financial results. In the quarter ended in February 2024, the Saint-Laurent-based specialty hardware manufacturer’s sales rose nearly 1% year over year to $406.9 million, with acquisitions contributing to growth amidst a slight internal sales decrease.
Richelieu’s adjusted quarterly earnings, however, tanked by 32.5% from a year ago to $0.27 per share due partly to a lower gross margin and higher operational expenses from expansion efforts, also missing Bay Street analysts’ expectations of $0.30 per share. On a year-to-date basis, RCH stock is now down about 16% and offers around 1.5% annualized dividend yield.
On the positive side, OceanaGold, Denison Mines, and International Petroleum inched up by at least 4% each, making them the session’s top-performing TSX stocks.
According to the Toronto Stock Exchange’s daily trade volume data, TD Bank, Crescent Point Energy, Enbridge, Canadian Natural Resources, and Cenovus Energy were the five most active stocks yesterday.
TSX today
After having risen more than 6% in April so far, gold spot prices continued to scale new heights early Friday morning, which could lift TSX metal mining stocks at the open today. While no major economic releases are due this morning, the TSX Composite benchmark seems on track to end its eight-week winning streak as it has slipped 0.7% week to date.
On the corporate events side, the TSX-listed MTY Food will announce its February quarter results today. Analysts expect the company to post quarterly earnings of $0.83 per share with revenue of $272.6 million.
Market movers on the TSX today
