Weakening crude oil and natural gas prices drove Canadian stocks downward on the first day of the week, as investors remain cautious ahead of important economic releases and the Federal Reserve’s interest rate decision. The S&P/TSX Composite Index ended the volatile session with a minor loss of 35 points, or 0.2%, at 22,780.
Despite upward movement in mining and consumer cyclical stocks, heavy losses in other key market sectors, such as technology, consumer staples, and energy, pressured the TSX benchmark.
Top TSX Composite movers and active stocks
Celestica, Advantage Energy, Kelt Exploration, and Energy Fuels were the worst-performing TSX stocks for the day as they slipped by at least 2.8% each.
On the flip side, Eldorado Gold (TSX:ELD) inched up by 3.3% to $22.93 per share, making it one of the day’s top-performing TSX stocks. The recent rally in ELD stock started last week after the Vancouver-headquartered gold and base metals producer announced its upbeat quarterly financial results.
In the quarter ended in June 2024, Eldorado Gold’s revenue rose 29.3% year over year to US$297.1 million as its gold production rose 12% from a year ago to 122,319 ounces with higher outputs at Lamaque and Kisladag mines. Stronger gold prices and sales volumes also helped the company post US$0.33 per share in adjusted quarterly earnings, beating Street analyst expectations of US$0.25 per share. On a year-to-date basis, ELD stock is now up 33.3%.
Osisko Mining, Seabridge Gold, and Restaurant Brands International also stood out as top performers on the Toronto Stock Exchange yesterday, climbing by at least 2.3% each.
Based on their daily trade volume, Enbridge, Royal Bank of Canada, TD Bank, Manulife Financial, and Bank of Nova Scotia were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures and copper prices continued to extend their losses early Tuesday morning, which could pressure the commodity-heavy main TSX index at the open today.
While no major domestic economic releases are due, Canadian investors will closely monitor monthly job openings and consumer confidence data from the United States this morning, which could give further direction to stocks.
As the second-quarter corporate earnings season gains steam, several TSX-listed companies, including International Petroleum, George Weston, Secure Energy, Toromont Industries, Intact Financial, Allied Properties REIT, Spin Master, Boardwalk REIT, Canadian Pacific Kansas City, Lundin Mining, WSP Global, New Gold, OceanaGold, and Precision Drilling, are expected to announce their latest quarterly results on July 30.
Market movers on the TSX today
