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The Canadian stock market rose sharply on Wednesday as investors continued to closely assess the Federal Reserve chair Jerome Powell’s comments about the economy on the second day of his testimony before the U.S. Senate Banking Committee. In addition, a positive reversal in crude oil and continued strength in metals prices took the S&P/TSX Composite Index up by 308 points, or 1.4%, yesterday to 22,350.
With this, the TSX benchmark not only posted its best single-day performance in over two months but also settled at its highest level since May 27. While all key market sectors ended the session in the green, the market rally was mainly driven by solid advances in sectors like mining, energy, and financials.
Top TSX Composite movers and active stocks
Bombardier (TSX:BBD.B) jumped by 7.5% to $92.89 per share, making it one of the top-performing TSX stocks for the day. This rally in Bombardier stock came after the Dorval-headquartered business jet manufacturer announced that employees from Unifor Locals 112 and 673 at its Aircraft Assembly Centre in the Greater Toronto Area have ratified a renewed three-year collective agreement.
This agreement allows for the resumption of normal assembly operations of Bombardier’s Global family of aircraft, boosting investors’ confidence. This positive development came nearly two weeks after Bombardier workers rejected the company’s proposal, deeming it “insufficient.” After the recent rally, Bombardier stock is now up around 75% on a year-to-date basis.
Cameco, NexGen Energy, Denison Mines, and MAG Silver were also among the day’s top performers on the Toronto Stock Exchange, climbing up by more than 7% each.
In contrast, NFI Group, Interfor, Lightspeed Commerce, and Vermilion Energy slid by at least 2.2% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, TD Bank, Canadian Natural Resources, Manulife Financial, Suncor Energy, and Enbridge were the five most active stocks on the exchange.
TSX today
Gold and silver prices continued to trade on a firm note for the third consecutive session in early Thursday trading, which could lift TSX mining stocks at the open today.
Although no major domestic economic releases are due, Canadian investors will closely monitor the important monthly consumer inflation report and weekly jobless claims data from the United States this morning, which are likely to influence the direction of stocks.
On the corporate events side, several TSX-listed companies, including Cogeco Communications, Aritzia, MTY Food, and Richelieu Hardware, will announce their latest quarterly results on July 11.
Market movers on the TSX today
