Canadian stocks started the new week with pessimism on Monday after declining for four consecutive weeks as concerns about delays in the Federal Reserve’s monetary policy easing actions continued to take a toll on investors’ sentiments. The S&P/TSX Composite Index slid by 51 points, or 0.2%, yesterday to settle at 21,558 — ending the third consecutive session with losses.
Despite a recovery in consumer cyclical and industrial stocks, continued losses in other key sectors, including technology, utilities, and mining, drove the TSX benchmark downward.
Top TSX Composite movers and active stocks
Shares of Boyd Group Services (TSX:BYD) dived by 3.6% to $258.80 per share, making it one of the worst-performing TSX stocks of the day. These declines in BYD stock came after the Winnipeg-headquartered automotive repair services provider announced a second-quarter 2024 cash dividend of US$0.15 per share.
While Boyd’s second-quarter dividend figure was up around 2% year over year, it remained flat compared to the previous quarter. Notably, the company’s adjusted earnings in the first quarter of 2024 fell by around 56% year over year despite a 10% sales increase as mild winter weather reduced demand for its repair services. On a year-to-date basis, BYD stock is now down 7.1%.
NovaGold Resources, New Gold, and Pembina Pipeline were also among the day’s bottom performers on the Toronto Stock Exchange, falling by at least 2.6% each.
On the flip side, Secure Energy Services, Cargojet, Equinox Gold, and Brookfield Business Partners inched up by at least 2.7% each, making them the session’s top-performing TSX stocks.
According to the exchange’s daily trade volume data, Canadian Natural Resources, Suncor Energy, TC Energy, Canadian Imperial Bank of Commerce, and Cenovus Energy were the five most active stocks.
TSX today
Most commodity prices, especially metals, were bearish early Tuesday morning, which could pressure TSX mining stocks at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on May’s retail sales data from the United States this morning, which could give further direction to stocks.
Market movers on the TSX today
