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After closing at its lowest level since February, the Canadian stock market staged a minor recovery on Thursday with the help of strengthening commodity prices. The S&P/TSX Composite Index advanced by 64 points, or 0.3%, yesterday to settle at 21,581, trimming its month-to-date losses to 3.1%.
Even as rising Treasury bond yields led to a decline in utility and tech stocks, most other key sectors, including healthcare, mining, and industrials, ended the session in the green, driving the TSX benchmark higher.
Top TSX Composite movers and active stocks
SilverCrest Metals and Bausch Health Companies were the top-performing TSX stocks for the day as they inched up by at least 5.9% each.
Similarly, Empire Company (TSX:EMP.A) was also among the top gainers on the Toronto Stock Exchange as its share price climbed by more than 5% to $34.10 per share. This rally came after the Stellarton-headquartered food retailer announced its slightly better-than-expected quarterly financial results before the market opening bell.
In the quarter ended in April, Empire Company’s total sales remained nearly flat on a year-over-year basis at $7.4 billion, despite lower shipments affecting its retail revenue. Effective cost management and reduced inventory levels helped it deliver adjusted quarterly earnings of $0.63 per share, exceeding Street’s estimates. Empire Company stock currently trades with nearly 3% year-to-date losses and offers a 2.3% annualized dividend yield.
In contrast, Celestica, Brookfield Business Partners, Interfor, and Innergex Renewable Energy were the day’s worst-performing TSX stocks, diving by more than 3% each.
Based on their daily trade volume, Canadian Natural Resources, TC Energy, Suncor Energy, Manulife Financial, and Power Corporation of Canada were the five most active stocks on the exchange.
TSX today
Metals prices were largely bearish early Friday morning, which could pressure TSX mining stocks at the open today.
In addition to domestic monthly retail sales numbers, Canadian investors will also closely monitor the U.S. manufacturing PMI (purchasing managers index), services PMI, and existing home sales data this morning, which could give further direction to stocks.
Market movers on the TSX today
