A strong recovery across sectors helped the Canadian stock market inch up on Friday as largely upbeat corporate earnings boosted investors’ confidence despite the release of slightly hotter-than-expected U.S. personal consumption expenditure data. The S&P/TSX Composite Index climbed by 207 points, or 0.9%, during the session to settle at 22,815, ending a three-day losing streak.
While all key sectors ended the session in green territory, the TSX rally was mainly driven by solid intraday gains in mining, energy, financials, and tech stocks.
Top TSX Composite movers and active stocks
Winpak (TSX: WPK) jumped by 7.7% to $48.67 per share, making it the top-performing TSX stock for the day. This rally in WPK stock came a day after the Winnipeg-headquartered paper containers and packaging material firm announced its second-quarter financial results.
In the quarter ended in June, Winpak’s revenue slipped 1.4% year over year to US$283.5 million due mainly to higher operating expenses and the negative impact of foreign exchange. Despite higher costs, however, the company’s gross profit margins improved to 32.5% last quarter from 30.2% a year ago as it continues to focus on expanding capacity and assessing acquisition opportunities. On a year-to-date basis, WPK stock is now up 19%.
BRP, Seabridge Gold, and NexGen Energy were also among the day’s top performers on the Toronto Stock Exchange, rising by more than 5% each.
In contrast, Baytex Energy and Innergex Renewable Energy slid by at least 2.2% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Baytex Energy, Royal Bank of Canada, TC Energy, Athabasca Oil, and TD Bank were the five most active stocks on the exchange.
TSX today
Gold and silver prices were trading on a firm note early Monday morning, which could lift TSX metal and mining stocks at the open today.
While no major economic releases are due this morning, stocks may remain highly volatile this week as investors await the Federal Reserve’s interest rate decision and press conference scheduled for later this week.
On the corporate events side, TSX-listed companies like Topaz Energy, Gibson Energy, and Tilray Brands are expected to announce their latest quarterly results after the market closing bell on July 29.
Market movers on the TSX today
