Canadian stocks fell for the second straight session on Thursday as falling commodity prices and a selloff in tech stocks amid growing concerns about potential U.S. trade curbs. Despite the release of a significantly stronger-than-expected Philadelphia Fed manufacturing index, the S&P/TSX Composite Index plunged by 124 points, or 0.5%, to settle at 22,727.
In addition to the ongoing tech sector selloff, heavy losses in other key market sectors like healthcare, mining, and consumer cyclicals also pressured the TSX benchmark.
Top TSX Composite movers and active stocks
Hudbay Minerals, Lundin Mining, Interfor, Capstone Copper, and First Quantum Minerals were the worst-performing TSX stocks, diving by at least 5.6% each.
Shares of First Majestic Silver (TSX:AG) also slipped by 5.5% trade and $0.45 per share, trimming its year-to-date gains to 3.9%. This weakness in AG stock came after the Vancouver-headquartered precious metals miner announced its second-quarter production results.
In the quarter ended in June, First Majestic produced 5.3 million silver equivalent ounces, consisting of 2.1 million silver ounces and 39,339 gold ounces. The company’s production improved on a year-over-year basis due to improved output at its Santa Elena and La Encantada mines.
On the flip side, Algoma Steel and StorageVault Canada were among the top performers on the Toronto Stock Exchange, climbing by at least 4.7% each.
Shares of CES Energy Solutions also rose 2.7% to $7.89 per share after announcing the renewal of its share-buyback plan, which would allow it to repurchase up to over 19 million common shares in the next year, starting July 22, 2024.
Based on their daily trade volume, Canadian Natural Resources, Royal Bank of Canada, Enbridge, Barrick Gold, and Suncor Energy were the five most active stocks on the exchange.
TSX today
Metals prices, especially gold and silver, continued to extend their losses for the third consecutive session in early trading on Friday, pointing to a lower open for the TSX mining stocks today.
While no major economic releases from the United States are due, Canadian investors may want to keep a close eye on the domestic monthly retail sales data this morning, which could give further direction to stocks.
Market movers on the TSX today
