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Despite continued weakness in commodity prices across the board, Canadian stocks climbed for the fifth straight session on Wednesday as investors reacted positively to a slightly cooler-than-expected U.S. consumer inflation report, which raised the possibility of a rate cut in the Federal Reserve’s next meeting. The S&P/TSX Composite Index rose by 142 points, or 0.6%, to settle at 22,760, marking its longest winning streak in a month.
On the one hand, falling gold, silver, and copper prices drove the shares of many mining companies lower. On the other hand, strong gains in other key market sectors, including healthcare, technology, and industrials, guided the TSX index higher.
According to the latest report by the U.S. Bureau of Labour Statistics, the consumer price index in the country ticked up by 2.9% over the past 12 months, registering the smallest annual increase since March 2021.
Top TSX Composite movers and active stocks
Element Fleet Management (TSX:EFN) surged by 5.6% to $27.26 per share a day after announcing its encouraging second-quarter financial results. In the June 2024 quarter, the Toronto-based automotive fleet management firm’s total revenue rose 14.1% from a year ago to US$274.6 million, with strong growth across its financing and services segments.
Similarly, Element Fleet’s adjusted quarterly earnings of US$0.29 per share not only reflected strong double-digit year-over-year gains but also exceeded Street analysts’ expectations. On a year-to-date basis, EFN stock is now up 26.4%.
CAE, Aya Gold & Silver, and Tilray Brands were also among the top performers on the Toronto Stock Exchange as they inched up by over 4% each.
In contrast, shares of Franco-Nevada dived by 6.3% to $160.58 per share after its second-quarter results showed a 21.2% year-over-year decline in its revenue due mainly to the absence of contributions from the Cobre Panama mine and lower production at Candelaria and Antapaccay.
Ballard Power Systems and NorthWest Healthcare Properties REIT were also among the worst-performing TSX stocks for the day, each sliding by at least 4.8%.
Based on their daily trade volume, Canadian Natural Resources, Enbridge, Osisko Mining, Great-West Lifeco, and Tourmaline Oil were the five most active stocks on the exchange.
TSX today
Most commodity prices, particularly metals, were bullish early Thursday morning, pointing to a higher opening for the TSX mining stocks today.
While no major domestic economic releases are due, Canadian investors will keep a close eye on the latest monthly retail sales, manufacturing, and weekly jobless claims data from the United States, which could give further direction to stocks.
Market movers on the TSX today
