After posting a fresh all-time high in the previous session, the Canadian stock market turned negative on Friday as significantly better-than-expected domestic employment data renewed the uncertainty about the timing of future interest rate cuts. The S&P/TSX Composite Index slipped by 67 points, or 0.3%, in the last session to settle at 22,309 but still managed to end the week with strong 1.6% gains.
Even as largely upbeat earnings drove the shares of consumer noncyclical and utility companies higher, heavy losses in technology stocks pressured the TSX benchmark during the session.
According to Statistics Canada’s latest report, the country’s unemployment rate remained unchanged at 6.1% in April, while employment increased by 90,000 jobs due mainly to a surge in part-time roles.
Top TSX Composite movers and active stocks
CI Financial (TSX: CIX) tanked more than 12% to $14.72 per share, making it the worst-performing TSX stock for the day. This selloff in CIX stock began after the Toronto-headquartered wealth and asset management firm released its first-quarter earnings report. In the quarter ended in March, the company’s revenue rose 1.2% year over year to $645.7 million but fell short of Bay Street analysts’ expectations of $700.2 million.
Despite an 18.6% increase in its total assets, CI Financial’s adjusted net quarterly profit fell 2.9% from a year ago to $132.8 million. In the second quarter so far, CIX stock has now slipped 15% and offers an annualized dividend yield of 5.4%.
NexGen Energy, Ballard Power Systems, and Baytex Energy were also among the bottom performers on the Toronto Stock Exchange, as they dived by at least 8% each during the session.
On the flip side, shares of IAMGOLD (TSX: IMG) jumped by 11.4% to $5.87 per share after the precious metals mining company announced stronger production and revenue for the first quarter. Higher-grade mining at its Essakane mine and record output at the Westwood mine helped the company reduce 151,000 ounces of gold last quarter, driving its quarterly revenue up by 68.9% year over year.
Sienna Senior Living and Jamieson Wellness also rallied by at least 4.2% each, making them among the session’s top-performing TSX stocks.
Based on their daily trade volume, Baytex Energy, Enbridge, Tourmaline Oil, Manulife Financial, and TD Bank were the most active stocks on the exchange.
TSX today
Commodity prices were largely mixed early Monday morning, pointing to a flat open for the resource-heavy main TSX index today. While no major domestic economic releases are due this morning, stocks may remain volatile as investors await the important inflation data from the United States scheduled to be released later this week.
On the corporate events side, TSX-listed companies like Emera, K92 Mining, and Premium Brands are likely to announce their latest quarterly results on May 13.
Market movers on the TSX today
