The ongoing recovery in Canadian equities gained steam on Monday as strengthening commodity prices, weakening treasury bond yields, and growing interest rate cut possibilities boosted investors’ confidence. The S&P/TSX Composite Index jumped by 312 points, or 1.4%, on the first day of the new week to settle at 22,259, marking its fourth consecutive winning session.
Despite continued weakness in the shares of healthcare companies, most other main sectors, primarily technology, mining, and industrials, helped the main TSX index inch up.
Top TSX Composite movers and active stocks
Aritzia, Capstone Copper, First Majestic Silver, Baytex Energy, and Fortuna Silver Mines were the top-performing TSX stocks yesterday, as they climbed by at least 5.6% each.
On the flip side, shares of Westshore Terminals Investment (TSX: WTE) plunged by 6.7% to $24.62 per share, making it the worst-performing TSX stock for the day. This selloff in WTE stock came a session after the Vancouver-based coal export company announced its significantly weaker-than-expected first-quarter earnings.
In the quarter ended in March, Westshore’s revenue fell 12.4% year over year to $84.8 million due to a 13% decline in its tonnage shipments. Moreover, an 11.9% increase in its operating and administrative expenses drove its adjusted quarterly earnings down by 54.7% from a year ago to $0.24 per share, missing Street analysts’ expectation of $0.43 per share. WTE stock is now down 9% on a year-to-date basis and offers an annualized dividend yield of around 5.7%.
Bausch Health, Tilray, and Pason Systems were also among the day’s bottom performers on the Toronto Stock Exchange, slipping by at least 1.7% each.
Based on their daily trade volume, Toronto-Dominion Bank, Enbridge, Baytex Energy, Manulife Financial, and Suncor Energy were the five most active stocks on the exchange.
TSX today
Commodity prices were largely mixed early Tuesday morning, pointing to a flat open for the resource-heavy main TSX index today. Canadian investors may want to keep an eye on the latest purchasing managers index data this morning, which could give further direction to stocks.
As the first-quarter earnings season continues in full swing, several TSX-listed companies, including Fortuna Silver Mines, Exchange Income, Spin Master, goeasy, George Weston, International Petroleum, Pet Valu, Ballard Power Systems, B2Gold, Killam Apartment REIT, Boardwalk REIT, RioCan REIT, Dream Industrial REIT, Suncor Energy, Ero Copper, Intact Financial, Nuvei, Dundee Precious Metals, and Sleep Country, are likely to release their latest quarterly earnings reports on May 7.
Market movers on the TSX today
