Canadian equities remained muted on Tuesday as investors turned cautious ahead of important corporate earnings and the release of the Bank of Canada’s latest interest rate decision and monetary policy report. The S&P/TSX Composite Index slid by 59 points, or 0.3%, to settle at 22,814 — trimming its month-to-date gains to 4.3%.
On the one hand, market sectors like consumer staples, real estate, and technology witnessed optimism. Weakening oil and gas prices pressured energy stocks, driving the TSX benchmark lower.
Top TSX Composite movers and active stocks
Canada Goose, International Petroleum, Vermilion Energy, and Ivanhoe Mines were the worst-performing TSX stocks for the day, diving by at least 3.3% each.
In contrast, goeasy (TSX:GSY) rose 4.5% to $200.89 per share, making it the top-performing TSX stock for the day. This rally in GSY stock came after the Mississauga-headquartered non-prime leasing and lending services provider announced the pricing of US$200 million in 7.625% senior unsecured notes due 2029, increased from the initially planned US$150 million.
goeasy’s new notes will be issued at a price of US$1,018.75 per US$1,000 principal amount. The company plans to utilize the proceeds of this offering, about $275.8 million, for general corporate purposes, including debt repayment. After the recent rally, GSY stock is now up over 27% on a year-to-date basis and offers a 2.4% annualized dividend yield.
Badger Infrastructure Solutions and Calibre Mining were also among the top gainers on the Toronto Stock Exchange, rising by at least 3.4% each.
Based on their daily trade volume, Royal Bank of Canada, TC Energy, TD Bank, Baytex Energy, and Canadian Natural Resources were the five most heavily traded stocks on the exchange.
TSX today
Crude oil, natural gas, and copper prices were bearish early Wednesday morning, pointing to a slightly lower open for the commodity-heavy main TSX index today.
Besides the important manufacturing, services, and new home sales numbers from the United States, Canadian investors will keep an eye on the Canadian central bank’s monetary policy event and press conference this morning, which could give further direction to stocks.
On the corporate events front, several TSX-listed companies, including Rogers Communications, Teck Resources, Athabasca Oil, West Fraser Timber, Whitecap Resources, Celestica, and Waste Connections, will announce their latest quarterly results on July 24.
Market movers on the TSX today
