Strengthening commodity prices helped Canadian stocks resume their upward trajectory on Thursday after a day of pause. Additionally, the Bank of Canada’s latest Financial Stability Report provided further grounds for optimism, highlighting a significant reduction in inflation and a lower risk of a major recession among advanced economies. As a result, the S&P/TSX Composite Index not only touched a fresh intraday record high of 22,427 during the session but also settled at a record closing high of 22,376.
Besides solid intraday advances in most commodity-linked stocks, healthy gains in other key market sectors like financials and utilities also guided the TSX benchmark to record levels.
Top TSX Composite movers and active stocks
Shares of Wesdome Gold Mines (TSX: WDO) jumped over 11% to $11.18 per share, making it the top-performing TSX stock for the day. This rally in WDO stock came a day after the Toronto-headquartered gold miner announced a 31.6% increase in its first-quarter revenue to $100.9 million, exceeding Street analyst expectations of $94 million.
A significant increase in gold production also helped Wesdome post seven cents per share in adjusted quarterly earnings, much stronger compared to three cents per share in the same quarter of the previous year. On a year-to-date basis, WDO stock is now up 45%.
Rising precious metals prices also drove Pan American Silver, Torex Gold Resources, and Fortuna Silver Mines up by more than 7% each yesterday, making them among the top performers on the Toronto Stock Exchange.
On the flip side, MDA, Pet Valu, goeasy, and Equinox Gold were the day’s worst-performing TSX stocks as they plunged by at least 5.6% each.
Based on their daily trade volume, Enbridge, Suncor Energy, Manulife Financial, B2Gold, and Barrick Gold were the five most active stocks on the exchange.
TSX today
Crude oil, natural gas, and metals prices extended their gains early Friday morning amid rising tensions in the Middle East, which could lift the commodity-heavy main TSX index at the open today. While no major economic releases from the United States are due, Canadian investors may want to watch the domestic employment change and unemployment rate numbers this morning.
On the corporate events side, TSX-listed companies like Constellation Software, Enbridge, Crescent Point Energy, Onex, CI Financial, and Algonquin Power & Utilities are expected to announce their latest quarterly results on May 10.
Market movers on the TSX today
