The Canadian equities market edged up for the third session in a row before going into the long Victoria Day weekend, supported by ongoing strength in commodity prices across the board. The S&P/TSX Composite Index advanced by 166 points, or 0.7%, on Friday to settle at a fresh all-time high of 22,465. With this, the index traded positively for the second consecutive week.
Despite big intraday declines in some healthcare stocks, strong gains in sectors like metal and mining, energy, and financials drove the TSX benchmark upward.
Top TSX Composite movers and active stocks
Shares of New Gold (TSX: NGD) jumped by 13.3% to $2.90 per share, making it the top-performing TSX stock for the day. This rally in NGD stock came after the Toronto-headquartered gold miner completed a bought deal equity financing, raising US$172.7 million through the sale of nearly 100.4 common shares at $1.72 each.
The financing is expected to fund a strategic partnership with the Ontario Teachers’ Pension Plan Board, increasing New Gold’s free cash flow interest in the New Afton mine to 80.1%. This move could help the company strengthen its financial position and operational capabilities in its key mining assets, which could be the primary reason why NGD stock surged after the announcement, extending its year-to-date gains to 51%.
Mining stocks like Ero Copper, First Quantum Minerals, and Fortuna Silver Mines were also among the day’s top performers on the Toronto Stock Exchange as they climbed by at least 7.4% each.
On the flip side, Tilray Brands, Bausch Health, Quebecor, and CAE slipped by at least 2.8% each, making them the worst-performing TSX stock for the day.
According to the exchange’s daily trade volume data, Enbridge, Manulife Financial, Great-West Lifeco, Suncor Energy, and Cenovus Energy were the five most active stocks on May 17.
TSX today
Commodity prices were mixed early Tuesday morning, pointing to a flat opening for the main TSX index today, as investors monitored the latest geopolitical developments following the death of Iran’s president Ebrahim Raisi in a helicopter crash on Sunday.
While no major economic releases from the United States are due, Canadian investors may want to closely watch the domestic consumer inflation data this morning, which could give further direction to stocks.
Market movers on the TSX today
