Strengthening metals prices and significantly stronger-than-expected U.S. manufacturing data helped Canadian equities end the second consecutive session in the green territory. The S&P/TSX Composite Index rose by 52 points, or 0.2%, yesterday to settle at 21,708.
Despite continued weakness in industrial and consumer cyclical stocks, handsome gains in other market sectors like mining and utilities guided the TSX benchmark upward.
Top TSX Composite movers and active stocks
First Quantum Minerals (TSX:FM) jumped by about 9% to $16.09 per share, making it the top-performing TSX stock for the day. Earlier during the day, a Reuters report highlighted that the Vancouver-based copper miner’s prospects of reinstating its concession for the Cobre Panama mine are slim following Panama’s presidential elections.
The report noted that the local resistance remains strong against reopening First Quantum’s Cobre Panama mine, with major protest groups vowing to actively oppose any such moves. Despite this negative news, the recent big gains in copper prices, which prompted several notable Street analysts to raise their target prices on FM stock, could be the primary reason for yesterday’s sharp gains in its shares.
Silvercrest Metals, ATS, and Hudbay Minerals were also among the top gainers on the Toronto Stock Exchange for the day, climbing up by at least 3.5% each.
In contrast, Aritzia and International Petroleum fell at least 3% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, Enbridge, Barrick Gold, Royal Bank of Canada, TC Energy, and First Quantum Minerals were the five most active stocks on the exchange.
TSX today
Commodity prices across the board spiked sharply in overnight trading on reports of Israel launching retaliatory aerial attacks against Iran. While most commodities, including crude oil, gold, and silver, trimmed most of these gains early Friday morning, they were still bullish. Given that, TSX mining and energy stocks could open slightly higher today.
While no major economic releases are due this morning, Canadian investors may want to remain cautious as the ongoing geopolitical tensions could keep stocks highly volatile.
Market movers on the TSX today
