Despite the release of much stronger-than-expected U.S. consumer confidence data and rallying commodity prices, the Canadian stock market turned bearish on Tuesday as a spike in treasury bond yields signalled economic uncertainty. As a result, the S&P/TSX Composite Index plunged by 108 points, or 0.5%, yesterday to settle at 22,265 — trimming its month-to-date gains to 2.5%.
On the one hand, stronger commodity prices helped mining and energy stocks end the session in the green territory. On the other hand, big losses in other main sectors like industrials, real estate, and utilities weighed on the TSX benchmark.
Top TSX Composite movers and active stocks
Brookfield Business Partners, Brookfield Renewable Partners, Richelieu Hardware, and BlackBerry were the worst-performing TSX stocks for the day, as they dived by at least 3.5% each.
Shares of Bank of Nova Scotia (TSX: BNS) slipped by 0.8% to $65.04 per share after announcing its quarterly financial results. In the April quarter, the Toronto-headquartered bank reported a 5.3% year-over-year increase in its total revenue to $8.35 billion.
Despite this positive revenue growth, however, Scotiabank’s adjusted quarterly earnings fell 7.1% from a year ago to $1.58 per share as higher impaired loan formations raised its provision for credit losses. After surging by 8.6% in the March quarter, BNS stock has lost 7.2% of its value so far in the ongoing quarter.
On the flip side, Seabridge Gold, Baytex Energy, Vermilion Energy, and Ivanhoe Mines climbed up by at least 4.5% each, making them among the day’s top performers on the Toronto Stock Exchange.
Based on their daily trade volume, Suncor Energy, Manulife Financial, Enbridge, Baytex Energy, and Kinross Gold were the most heavily traded stocks on the exchange.
TSX today
After consistently rallying for three consecutive sessions, crude oil prices extended their gains early Wednesday morning, which could lift TSX energy stocks at the open today.
While no major economic releases are due this morning, stocks may still remain volatile as investors await important data like quarterly growth in the U.S. gross domestic product and personal consumption expenditure, scheduled to be released later this week.
On the corporate events side, several TSX-listed companies, like Descartes Systems, EQB, National Bank of Canada, and Bank of Montréal, are likely to announce their latest quarterly results on May 29.
Market movers on the TSX today
