Despite consistent weakness in crude oil and metals prices, Canadian stocks started the new week on a bullish note as investors adjusted their holdings ahead of the second-quarter corporate earnings season and the Bank of Canada’s monetary policy event. The S&P/TSX Composite Index climbed by 182 points, or 0.8%, on Monday to settle at 22,873, ending its three-day losing streak.
While all key market sectors ended the session in green territory, the TSX rally was mainly driven by solid gains in consumer cyclical, real estate, and financial stocks.
Top TSX Composite movers and active stocks
Sleep Country Canada (TSX: ZZZ) rocketed by more than 27% to $34.67 per share, making it the top-performing TSX stock for the day. This rally in the stock came after the Brampton-based sleep products retailer announced it would be acquired by Fairfax Financial Holdings for $35.00 per share in cash, valuing the deal at approximately $1.7 billion.
Fairfax’s offer reflected about a 34% premium over the 20-day volume-weighted average price of Sleep Country’s shares. In a press release, Sleep Country also noted that the acquisition will be implemented through a court-approved plan of arrangement and is likely to close in the fourth quarter after obtaining the necessary shareholder and regulatory approvals. On a year-to-date basis, Sleep Country stock is now up 35.4%.
Tilray, NorthWest Healthcare Properties REIT, and Spin Master were also among the session’s top performers on the Toronto Stock Exchange, rising by at least 4.5% each.
On the flip side, Ivanhoe Mines, Lundin Mining, Capstone Copper, and Air Canada slipped by at least 2.5% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, TC Energy, Enbridge, TD Bank, Suncor Energy, and Royal Bank of Canada were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were mixed early Tuesday morning, pointing to a flat opening for the resource-heavy main TSX index today.
Although no major domestic economic releases are due, Canadian investors may want to keep an eye on the monthly existing home sales data from the United States this morning.
On the corporate events side, TSX-listed companies First Quantum Minerals and Canadian National Railway will announce their latest quarterly results today after the market closing bell.
Market movers on the TSX today
