The Canadian stock market rallied on Thursday as strengthening commodity prices and stronger-than-expected U.S. GDP (gross domestic product) growth data helped investors shrug off concerns about the short-term economic outlook. The S&P/TSX Composite Index climbed by 148 points, or 0.7%, yesterday to settle at 21,942, trimming its month-to-date losses to 1.5%.
While all key market sectors ended the session in positive territory, the TSX rally was mainly driven by solid gains in healthcare, real estate, and consumer cyclical stocks.
Top TSX Composite movers and active stocks
Shares of MDA Space (TSX: MDA) jumped by 13.5% to $13.64 per share after announcing a $1 billion contract from the Canadian Space Agency for the Canadarm3 program’s design and construction phases. The contract, running until March 2030, is expected to support the growth of more than 200 Canadian companies, bolster the nation’s space industry, and create high-quality jobs. On a year-to-date basis, MDA stock is now up 18.4%.
BlackBerry (TSX: BB) rallied by over 10% to $3.36 per share a day after releasing its better-than-expected quarterly earnings. In the quarter ended in May 2024, the Waterloo-based tech firm’s revenue slid 61.4% year over year to US$144 million but exceeded the company’s guidance and Street analyst expectations.
For the quarter, BlackBerry posted an adjusted net loss of US$15 million, much narrower compared to analysts’ expectations of a US$25.3 million loss. Despite the recent rally, however, BB stock is still down 28.5% year to date.
NovaGold Resources, Cargojet, and Kinross Gold were also among the top-performing TSX stocks for the day as they rose by at least 5.5% each.
On the flip side, International Petroleum and Ivanhoe Mines slipped by at least 2.5% each, making them the session’s bottom performers on the Toronto Stock Exchange.
Based on their daily trade volume, BlackBerry, Canadian Natural Resources, Canadian Imperial Bank of Commerce, Baytex Energy, and TC Energy were the five most active stocks on the exchange.
TSX today
Most commodity prices, especially crude oil, silver, and copper, were bullish early Friday morning, which could lift the resource-heavy main TSX index at the open today.
In addition to Canada’s monthly GDP growth numbers, investors will closely watch the important personal consumption expenditure data from the United States this morning, which could give further direction to stocks.
With this, the TSX Composite benchmark remains on track to end the week in green as it has already risen 1.8% week to date.
Market movers on the TSX today
