An intraday recovery in commodity prices across the board and largely stronger-than-expected corporate earnings helped the ongoing rally in Canadian stocks gain steam on Tuesday, which climbed for the fifth consecutive session. The S&P/TSX Composite Index inched up by 140 points, or 0.6%, yesterday to settle at 22,012.
While all key market sectors ended the session in green, solid gains in healthcare, technology, and consumer cyclical stocks primarily guided the main TSX index higher.
Top TSX Composite movers and active stocks
Tilray Brands, IAMGOLD, and NovaGold Resources were the top-performing TSX stocks for the day, rising at least 4.7% each.
Shares of Winpak (TSX: WPK) also surged by 4.6% to $42.33 per share, making it among the top performers on the Toronto Stock Exchange. These strong gains in WPK stock came a day after the Winnipeg-headquartered packaging material maker announced its first-quarter results and improved sales outlook.
In the quarter ended in March, Winpak’s adjusted earnings declined by 8.3% from a year ago to US$0.55 per share with US$276.8 million in quarterly revenue. Despite weaker sales volumes and increased operating expenses in the recent quarter, the company expects its sales volume to increase from 3% to 5% year-over-year for the remainder of 2024 as it continues to innovate in packaging solutions for perishable goods and healthcare. On a year-to-date basis, WPK stock now trades with 3.5% gains.
Conversely, Ivanhoe Mines and Lundin Mining slipped by at least 3.4% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, Enbridge, Barrick Gold, TC Energy, Ivanhoe Mines, and Royal Bank of Canada were the most heavily traded stocks on the exchange.
TSX today
Most commodity prices bounced back in the last session due mainly to a recent spike in geopolitical tensions. As these tensions still continue, metals and oil prices may remain unpredictable, which could keep commodity-linked TSX stocks volatile at the open today.
Besides the monthly domestic retail sales data, Canadian investors may also want to watch the weekly crude oil inventories from the United States this morning.
As the first-quarter corporate earnings season in Canada heats up, several TSX-listed companies, including Metro, FirstService, Rogers Communications, Canadian Pacific Kansas City, Alamos Gold, Celestica, Whitecap Resources, Waste Connections, and Choice Properties REIT, are likely to announce their latest quarterly results on April 24.
Market movers on the TSX today
