Strengthening commodity prices and mostly better-than-expected corporate earnings helped Canadian stocks inch up for a second consecutive session on Friday. The S&P/TSX Composite Index climbed by 86 points, or 0.4%, during the session to settle at 22,311, helping the index end the week in positive territory.
Despite weakness in some sectors, such as healthcare and utilities, healthy gains in mining, financial, and tech stocks drove the market benchmark higher.
Top TSX Composite movers and active stocks
Shares of IAMGOLD (TSX: IMG) popped by 15.4% to $5.86 per share, making it the top-performing TSX stock for the day. This rally in IMG stock came after the Toronto-based gold producer announced its significantly better-than-expected second-quarter financial results.
In the quarter ended in June, IAMGOLD’s revenue rose 61.4% year over year to US$385.3 million, with attributable gold production rising to 166,000 ounces. The miner posted adjusted quarterly earnings of US$0.16 per share, notably better than Street analysts’ expectations of US$0.09 per share. After the recent rally, IMG stock has now surged by more than 75% so far in 2024.
Equinox Gold, MDA Space, and Lundin Gold were also among the day’s top performers on the Toronto Stock Exchange, each rising by at least 4.7%.
In contrast, Algonquin Power & Utilities dived by 12.6% to $7.42 per share after reporting lower-than-expected second-quarter revenue due to lower sales in the regulated services group, even though its adjusted earnings exceeded estimates.
B2Gold, Altus, and AtkinsRéalis were also among the session’s worst-performing TSX stocks, slipping by at least 5.9% each.
Based on their daily trade volume, Enbridge, B2Gold, Algonquin Power & Utilities, Suncor Energy, and Manulife Financial stood out as the five most active stocks on the exchange.
TSX today
Crude oil and metals prices were trading on a firm note early Monday morning, which could lift the commodity-heavy main TSX index at the open today.
While no major economic releases are due this morning, stocks may remain volatile as investors continue to focus on quarterly earnings and await important inflation data from the United States scheduled to be released later this week.
On the corporate events side, many TSX-listed companies, including Calibre Mining, Sun Life Financial, Orla Mining, Ballard Power Systems, and Barrick Gold, are likely to announce their latest quarterly results on August 12.
Market movers on the TSX today
