The Canadian stock market turned slightly positive again on Thursday with the help of a rebound in commodity prices despite surging treasury bond yields and mixed corporate earnings. Even after falling by as much as 235 points in intraday trading, the S&P/TSX Composite Index recovered sharply towards the end of the volatile session, settling with a minor gain of 12 points at 21,885.
On the one hand, tech stocks plunged sharply as investors closely monitored large tech earnings from the United States. On the other hand, healthy gains in commodity-linked sectors, especially metal and mining, helped the TSX index remain in green territory.
Top TSX Composite movers and active stocks
Shares of Teck Resources (TSX: TECK.B) inched up by 8.7% to $67.65 per share after announcing its quarterly financial results. In the quarter ended in March 2024, the Vancouver-headquartered miner’s total revenue rose 5.4% YoY (year over year) to $4 billion with steadily increasing quarterly copper production.
More importantly, Teck’s adjusted quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) of around $1.7 million and a strong EBITDA margin of 42.5% exceeded Street analysts’ expectations. The company also maintained robust liquidity with $7.1 billion, including $1.6 billion in cash. After the recent gains, Teck stock now trades with around 21% year-to-date gains.
Bombardier, MAG Silver, and Capstone Copper were also among the top gainers on the Toronto Stock Exchange yesterday, surging by at least 6.4% each.
In contrast, Mullen Group (TSX: MTL) dived by over 9% to $13.12 per share, making it the worst-performing TSX stock for the day. This selloff in MTL stock came after the Okotoks-based logistics firm announced a 7.1% YoY decline in its first-quarter sales due mainly to weaker economic conditions in Canada. Despite these challenges, however, the company saw $20.5 million in new revenues from acquisitions. Mullen stock now trades with 6.6% year-to-date losses and offers an around 5.5% annualized dividend yield.
Storagevault Canada and Tilray Brands were also among bottom-performing TSX stocks as they slipped by at least 4.4% each.
According to the exchange’s daily trade volume data, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Enbridge, TD Bank, and Scotiabank were the most active stocks.
TSX today
Metals prices were trading on a bullish note early Friday morning, which could lift TSX mining stocks at the open today.
Besides the monthly domestic budget balance data, Canadian investors will closely monitor the important personal consumption expenditure (PCE) data from the United States this morning. As the Federal Reserve closely tracks PCE data before making policy decisions, its release could give further direction to stocks.
On the corporate events side, the TSX-listed Imperial Oil will announce its latest quarterly results today. Bay Street analysts expect the company to report earnings of $2.03 per share with $17.44 billion in quarterly revenue.
Market movers on the TSX today
