Canadian stocks started the new week on a slightly bullish note as investors continued to pore over first-quarter corporate earnings reports amid easing treasury bond yields. The S&P/TSX Composite Index gained 42 points, or 0.2%, yesterday to settle at 22,012 — posting its third consecutive winning day.
Despite weakness in some industrial stocks, strong gains in most other key market sectors, primarily healthcare, utilities, mining, and consumer cyclicals, pushed the main TSX index higher.
With this, the market benchmark seems on track to end its five-month winning streak, as it has dived by 0.7% so far in April.
Top TSX Composite movers and active stocks
Nexgen Energy, Aritzia, Denison Mines, Ballard Power Systems, and Methanex were the top-performing TSX stocks as they inched up by at least 4.5% each.
Shares of Cargojet (TSX:CJT) also climbed by 3.6% to $119.76 per share after its upbeat earnings beat cheered investors. In the first quarter of 2024, the company’s revenue witnessed a minor decline of 0.3% year over year to $231.2 million. Nonetheless, its revenue from the domestic network and all-in charter operations grew positively.
To add optimism, Cargojet’s adjusted quarterly earnings jumped 91.8% from a year ago to $1.86 per share as it focused on further optimization of its fleet and flight schedules. These earnings figures also crushed Street analysts’ $0.66 per share expectations. Notably, CJT stock has gone up by around 51% in the last six months.
First Quantum Minerals, Interfor, West Fraser Timber, and First Majestic Silver were the session’s bottom performers on the Toronto Stock Exchange, slipping by at least 2.3% each.
According to the exchange’s daily trade volume data, Enbridge, Manulife Financial, TD Bank, Suncor Energy, and Bank of Montréal were the five most active stocks on the exchange.
TSX today
Most commodity prices, especially crude oil, gold, and silver, were trading on a bearish note early Tuesday morning, which could pressure the main TSX index at the open today.
Besides Canada’s monthly growth in gross domestic product, Canadian investors may want to keep a close eye on the important U.S. consumer confidence data this morning. Overall, investors may turn cautious as they await the Federal Reserve’s newest update on monetary policy, which will be announced on Wednesday.
On the corporate events front, several TSX-listed companies, including OceanaGold, Allied Properties REIT, New Gold, Cameco, Ivanhoe Mines, and Restaurant Brands International, will announce their latest quarterly results on April 30.
Market movers on the TSX today
