Consistent advances in crude oil and metals prices helped the Canadian stock market start the new week on a positive note, even though investors turned cautious before the release of the U.S. inflation data. The S&P/TSX Composite Index rose by 88 points, or 0.4%, on Monday to settle at 22,399, posting its third consecutive winning day.
Although most market sectors, including technology, healthcare, and real estate, experienced weakness, robust intraday gains in metal mining and energy stocks lifted the TSX benchmark.
Top TSX Composite movers and active stocks
Osisko Mining (TSX:OSK) skyrocketed by around 63% to $4.79 per share, making it the day’s top-performing TSX stock. This rally in OSK stock followed the announcement of its acquisition by the South African mining giant Gold Fields.
According to the agreement, Gold Fields will acquire Osisko in an all-cash deal valued at $2.16 billion, offering $4.90 per share, a 55% premium to Osisko’s 20-day volume-weighted average price. The transaction, which is expected to close in the fourth quarter of 2024, shows the market’s positive reception of the premium offer and the strategic value of Osisko’s Windfall gold project. On a year-to-date basis, OSK stock is now up 79.4%.
IAMGOLD, Barrick Gold, New Gold, and Kelt Exploration were also among the top performers on the Toronto Stock Exchange, with each rallying by at least 8.4%.
In contrast, Mattr, Ballard Power Systems, Algonquin Power & Utilities, and Saputo dived by at least 4% each, making them the worst-performing TSX stocks for the day.
Based on their daily trade volume, Osisko Mining, Enbridge, Suncor Energy, Tourmaline Oil, and Manulife Financial were the five most active stocks on the exchange.
TSX today
Most commodity prices were mixed early Tuesday morning, pointing to a flat opening for the resource-heavy TSX index today. While no major domestic economic releases are due, Canadian investors will keep an eye on the monthly wholesale inflation report from the United States this morning, which could give further direction to stocks.
On the corporate events front, several TSX-listed companies, including Franco-Nevada, K92 Mining, Cargojet, Algoma Steel, Superior Plus, Peyto Exploration & Development, Element Fleet Management, NorthWest Healthcare Properties REIT, and Hudbay Minerals, are likely to announce their latest quarterly results on August 13.
Market movers on the TSX today
