The Canadian stock market continued to inch up for the fifth consecutive day, posting its longest winning streak in over two months, after much cooler-than-expected domestic consumer inflation data for June raised hopes that the Bank of Canada could further slash interest rates in the near term. The S&P/TSX Composite Index jumped by 244 points, or 1.1%, on Tuesday to settle at 22,995 — posting fresh record highs for the fourth consecutive session.
While big declines in crude oil prices amid demand worries drove energy stocks downward, solid gains in all other key sectors, including technology, mining, and consumer cyclicals, led the main TSX index to new heights.
According to Statistics Canada’s latest report, Canada’s consumer price index (CPI) rose 2.7% year over year in June, compared to a 2.9% increase in May, primarily due to slower growth in gasoline prices. On a monthly basis, the CPI dropped 0.1% last month due to lower travel tour and gasoline prices.
Top TSX Composite movers and active stocks
Shopify, NovaGold Resources, Canfor, First Majestic Silver, and MAG Silver were the top-performing TSX stocks as they surged by at least 5.4% each.
Shares of Barrick Gold (TSX:ABX) were also among the top performers on the Toronto Stock Exchange, climbing by 4.8% to $26.32 per share. This rally in ABX stock came after the Toronto-headquartered gold and copper producer revealed its strong second-quarter production figures before the market opening bell.
In the quarter ended in June, Barrick Gold produced 948,000 ounces of gold and 43,000 tonnes of copper, with sales of 956,000 ounces of gold and 42,000 tonnes of copper. The company expects its production to increase further throughout 2024 as it remains on track to meet annual guidance. After the recent rally, ABX stock is now up 10% on a year-to-date basis and offers a 2.1% annualized dividend yield.
On the flip side, Capstone Copper, First Quantum Minerals, Topaz Energy, and Labrador Iron Ore Royalty were the worst-performing TSX stocks, slipping by at least 2.5% each.
Based on their daily trade volume, TD Bank, Suncor Energy, Cenovus Energy, Canadian Natural Resources, and Baytex Energy were the exchange’s five most active stocks.
TSX today
Commodity prices were largely mixed early Wednesday morning, pointing to a flat open for the resource-heavy TSX benchmark today. While no major domestic economic releases are due, Canadian investors may want to watch the weekly crude oil stockpile data from the United States this morning.
Also, some TSX tech stocks might remain under pressure in today’s session as shares of many large chipmakers in the United States fell sharply in premarket trading this morning as investors braced for escalating geopolitical tensions.
Market movers on the TSX today
