A robust intraday recovery in commodity prices across the board helped the Canadian stock market start the new week on a slightly positive note after declining for three consecutive weeks. Even as investors continued to adjust their positions based on their expectations for the Federal Reserve’s upcoming policy decision, the S&P/TSX Composite Index advanced by 63 points, or 0.3%, on Monday to settle at 22,070.
Despite notable losses in consumer stocks, most other key sectors ended the session in the green territory, primarily led by solid gains in the shares of mining, technology, and energy companies.
Top TSX Composite movers and active stocks
Ero Copper, Celestica, Birchcliff Energy, Cargojet, and Paramount Resources were the top-performing TSX stocks as they inched up by at least more than 4% each.
On the flip side, Telus (TSX:T) slid by 2.5% to $22.18 per share, making it among the bottom performers on the Toronto Stock Exchange. This weakness in Telus stock came after the Vancouver-based telecom firm said that it’s investing $33 million in Montreal in 2024 to enhance its 5G network and fibre optic connections.
This investment is a part of Telus’s broader plan to invest $73 billion in Canada by 2028. Notably, despite strong customer growth, the company’s adjusted earnings slipped by 3.7% year over year in the first quarter of 2024 as macroeconomic challenges continued to take a toll on its profits. Telus stock is now down nearly 6% on a year-to-date basis but offers an impressive 6.8% annualized dividend yield.
Alimentation Couche-Tard and Rogers Communications were also among the worst-performing TSX stocks yesterday as they fell at least 2.5% each.
According to the exchange’s daily trade volume data, Canadian Natural Resources, Suncor Energy, Manulife Financial, Enbridge, and Toronto-Dominion Bank were the five most active stocks.
TSX today
After staging a recovery in the previous session, most commodity prices, especially metals, were bearish early Tuesday morning, which could pressure the resource-heavy main TSX index at the open today.
Despite the absence of any major economic reports this morning, TSX stocks may continue to face high volatility, driven by investors’ focus on the U.S. consumer inflation data and the Federal Reserve’s interest rate decision due tomorrow.
Market movers on the TSX today
