Canadian stocks started the new week on a slightly bullish note after ending two consecutive weeks in the red territory as investors looked forward to the first-quarter corporate earning season beginning this week. The S&P/TSX Composite Index rose by 65 points, or 0.3%, yesterday to settle at 21,872.
Although a big selloff in metals prices drove shares of mining companies sharply lower, healthy gains in other key market sectors like real estate, consumer, and technology led the TSX benchmark upward.
Top TSX Composite movers and active stocks
Celestica, Kelt Exploration, Killam Apartment REIT, and Boardwalk REIT were the top-performing TSX stocks for the day as they inched up by more than 3% each.
On the flip side, shares of Energy Fuels (TSX:EFR) tanked by 10% to $7.25 per share, making it the worst-performing TSX stock for the day. This massive drop in EFR stock came a day after the Lakewood-based firm announced its intentions to acquire the Australian mineral sands producer Base Resources in a deal valued at roughly AU$375 million.
Energy Fuels expects this acquisition to help it enhance its role in critical mineral production with a focus on uranium and nuclear earth elements. This acquisition includes the Toliara project in Madagascar, known for its cost-efficient and large-scale production potential of heavy mineral sands, which are considered crucial for electric vehicles and other various advanced technologies. On a year-to-date basis, EFR stock now trades with about 24% losses.
NovaGold Resources, Wesdome Gold Mines, and Seabridge Gold were also among the session’s bottom performers on the Toronto Stock Exchange as they plunged by at least 6.5% each.
Based on their daily trade volume, Enbridge, TC Energy, Royal Bank of Canada, TD Bank, and Canadian Natural Resources were the most heavily traded stocks on the exchange.
TSX today
Most commodities, especially metals, continued to witness steep declines early Tuesday morning, which could pressure the main TSX index at the open today.
While no major domestic economic releases are due, Canadian investors will closely monitor the latest monthly manufacturing PMI (Purchasing Managers Index), services PMI, and new home sales data from the United States this morning.
On the corporate events side, TSX-listed companies Canadian National Railway, First Quantum Minerals, and West Fraser Timber are likely to announce their latest quarterly results after the market closing bell on April 23.
Market movers on the TSX today
