Canadian stocks turned slightly positive on Wednesday after sliding for three consecutive sessions as cooler-than-expected U.S. consumer inflation and retail sales numbers gave strength to the possibility that the Federal Reserve will soon start slashing interest rates. The S&P/TSX Composite Index rose 41 points, or 0.2%, yesterday to settle at 22,285.
Although shares of some healthcare and consumer non-cyclical companies trended downward, solid gains in other key market sectors, like utilities and technology, guided the TSX benchmark higher.
According to the U.S. Bureau of Labor Statistics, the consumer price index for all urban consumers climbed by 0.3% in April 2024 due mainly to higher shelter and gasoline indexes, following a 0.4% increase in March.
Top TSX Composite movers and active stocks
Orla Mining (TSX: OLA) jumped more than 9% to $5.69 per share, making it the top-performing TSX stock for the day. This rally in OLA stock came a day after the Vancouver-headquartered gold miner announced its stronger-than-expected first-quarter production and financial results.
In the quarter ended in March, Orla’s produced 33,223 ounces of gold and sold around 32,046 ounces. Higher production and strengthening gold prices drove the company’s quarterly revenue up by 31.7% year-over-year to US$67.3 million. These factors helped Orla post adjusted net earnings of US$0.05 per share for the first quarter, exceeding Street analysts’ estimates. On a year-to-date basis, OLA stock is now up 32%.
Celestica, Innergex Renewable Energy, and Element Fleet Management were also among the top performers on the Toronto Stock Exchange as they inched up by at least 7.4% each.
On the flip side, shares of Boyd Group slipped by 7.1% to $238.41 per share after its March quarter earnings missed estimates as mild winter weather affected demand.
BlackBerry, First Quantum Minerals, and SNC-Lavalin also slid by at least 4.6% each, making them among the session’s bottom performers.
Based on their daily trade volume, Enbridge, Suncor Energy, Manulife Financial, Cenovus Energy, and BlackBerry stood out as the most heavily traded stocks on the exchange.
TSX today
Most commodity prices were trading on a slightly bullish note early Thursday morning, which could lift the resource-heavy main TSX index at the open today.
While no major economic releases are scheduled this morning, stocks may still remain volatile as investors speculate about the Fed’s future monetary policy moves in response to the recently released cooler consumer inflation figures and mixed wholesale inflation data.
On the corporate events side, TSX-listed companies Lightspeed Commerce, Canada Goose, and ATS will announce their latest quarterly results on May 16.
Market movers on the TSX today
