Canadian stocks continued to climb for the fourth consecutive session on Monday as investors awaited the important domestic consumer inflation report scheduled to be released on Tuesday. Even as crude oil prices continued to decline, the S&P/TSX Composite Index advanced by 78 points, or 0.3%, on the first day of the week to settle at 22,752 — posting another fresh all-time high on a closing basis.
On the one hand, shares of consumer and utility companies witnessed weakness. On the other hand, solid gains in other main sectors like mining and real estate drove the TSX benchmark upward.
Top TSX Composite movers and active stocks
Stelco Holdings (TSX:STLC) rocketed by 74% to $65 per share, making it the top-performing TSX stock for the day. These massive single-day gains in STLC stock came after the American giant Cleveland-Cliffs announced intentions to acquire the Hamilton, Ontario-based Stelco for $70 per share, totalling about $3.4 billion.
The offer includes $60 in cash and 0.454 Cliffs shares per Stelco share, reflecting an 87% premium to Stelco’s last week’s closing price. In a press release, the Canadian steelmaker also highlighted the fact that its major shareholders, with nearly 45% of its shares, already support the deal, which is likely to close in the fourth quarter of 2024 after getting all required approvals. STLC stock is now up around 30% on a year-to-date basis, extending its five-year gains to more than 400%.
Algoma Steel, Filo, and Kinaxis were also among the top performers on the Toronto Stock Exchange, inching up by at least 5% each.
On the flip side, Canada Goose, Brookfield Renewable, Ballard Power Systems, and First Quantum Minerals dived by at least 4% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, TC Energy, Suncor Energy, and Royal Bank of Canada were the most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures prices continued to extend their losses for the third consecutive session early Tuesday morning, while gold and silver prices were bullish. Given these mixed signals from the commodity markets, the resource-heavy main TSX index could remain flat at the open today.
In addition to the domestic consumer inflation data, Canadian investors will also closely monitor monthly retail sales numbers from the United States this morning, which could give further direction to stocks.
Market movers on the TSX today
