The Canadian stock market traded on a weak note for the third consecutive session on Friday as sharp declines in commodity prices and notably weaker-than-expected domestic retail sales numbers weighed on investors’ sentiments. The S&P/TSX Composite Index slipped by 36 points, or 0.2%, during the session to settle at 22,690 but still managed to end the fourth straight week in the green territory.
Despite positive movement in consumer noncyclical and real estate stocks, heavy losses in other sectors like mining, energy, and consumer staples pressured the main TSX index.
Top TSX Composite movers and active stocks
Ballard Power Systems, Algoma Steel, Magna International, and Mattr were the worst-performing TSX stocks for the day, falling at least 3.4% each.
In contrast, shares of Bausch Health Companies, goeasy, Ivanhoe Mines, and Cargojet inched up by at least 3.1% each, making them the day’s top performers on the Toronto Stock Exchange.
Based on their daily trade volume, Royal Bank of Canada, Enbridge, TC Energy, Baytex Energy, and Canadian Natural Resources were the five most active stocks on the exchange.
Before the market opening bell on Monday, Air Canada (TSX: AC) announced its preliminary second-quarter results. During the quarter, the largest Canadian passenger airline company’s operating revenue rose 1.7% from a year ago to $5.52 billion but fell short of Street analyst expectations of $5.65 billion.
According to preliminary results, Air Canada’s operating profit dived by around 42% year over year last quarter to $466 million, which was also significantly worse than analysts’ expectations of $590.3 million. Moreover, a lower yield environment, lower load factors, and competitive pressures forced Air Canada to cut its 2024 guidance. Given that, I expect Air Canada stock to remain under pressure today.
TSX today
Most commodity prices, especially crude oil, silver, and copper, were bearish early Monday morning, which could pressure the main TSX index at the open today.
While no major economic releases are due this morning, stocks may still remain volatile as investors look forward to the second-quarter corporate earnings season, which will kick off later this week.
Market movers on the TSX today
