After reaching a fresh all-time high in the previous session, the Canadian stock market fell sharply on Thursday as weak U.S. manufacturing data, some disappointing corporate earnings, and an intraday downside reversal in commodity prices weighed on investors’ sentiments. The S&P/TSX Composite Index tanked by 388 points, or 1.7% — posting its worst single-day performance in over five months.
Despite minor gains in some real estate stocks, big losses in most other key market sectors, such as technology, mining, energy, and financials, pressured the TSX index.
Top TSX Composite movers and active stocks
First Majestic Silver (TSX: AG) tanked by 13.3% to $7.40 per share, making it the worst-performing TSX stock for the day. This selloff in AG stock started after the Vancouver-headquartered mining company announced its dismal quarterly financial results.
In the quarter ended in June 2024, First Majestic’s revenue fell 7% YoY (year over year) to US$136.2 million due mainly to a 15% decline in payable silver equivalent ounces sold despite higher silver prices. Although the company’s production improved on a YoY basis, its net loss widened to US$48.3 million due to foreign exchange headwinds. On a year-to-date basis, AG stock is now down 9%.
NexGen Energy, SSR Mining, Denison Mines, and Parex Resources were also among the day’s bottom performers on the Toronto Stock Exchange, each plunging by more than 10%.
On the flip side, NFI Group (TSX: NFI) jumped by 11.3% to $19.08 per share after its upbeat second-quarter results boosted investors’ confidence. Last quarter, the Winnipeg-based bus manufacturer’s revenue surged by 28.9% YoY to US$851 million with the help of a solid 34% increase in deliveries. NFI reported a surprise adjusted quarterly net profit of US$3.1 million, crushing Street analysts’ expectations. NFI stock is now up 39.4% year to date.
TransAlta, Algoma Steel, and Colliers International were also among the session’s top-performing TSX stocks, climbing by at least 4.4% each.
Based on their daily trade volume, Enbridge, Suncor Energy, Manulife Financial, Cenovus Energy, and Canadian Natural Resources were the five most active stocks on the exchange.
TSX today
Metals prices were largely bullish early Friday morning, which could lift TSX mining stocks at the open today.
While no major domestic economic releases are due, Canadian investors will closely monitor the important monthly labour market data from the United States this morning, which could give further direction to stocks. Overall, TSX investors may want to remain cautious ahead of the long Civic Holiday weekend.
On the corporate events front, many large Canadian companies, including Energy Fuels, Enbridge, Brookfield Business Partners, Magna International, Imperial Oil, Atco, Canadian Utilities, Brookfield Renewable Partners, and Telus, are expected to announce their latest quarterly results on August 2.
Market movers on the TSX today
