Surging commodity prices and optimism surrounding the Federal Reserve Chair Jerome Powell’s recent comments about the timing of potential rate cuts helped Canadian equities start the new week on a positive note. The S&P/TSX Composite Index advanced by 63 points, or 0.3%, yesterday to settle at 23,349.
With this, the market benchmark not only posted a record intraday high of 23,414 but also closed at a fresh all-time high. Even though tech stocks fell, largely in anticipation of Nvidia’s second-quarter earnings report, robust gains in other key sectors, such as energy, consumer cyclicals, and real estate, drove the TSX index higher.
Top TSX Composite movers and active stocks
CES Energy, Spin Master, MDA Space, and H&R REIT were the top-performing TSX stocks yesterday, with each climbing by at least 2.7%.
Shares of Lundin Mining (TSX: LUN) were also among the top gainers on the Toronto Stock Exchange as they inched up by 2.3% to $14.28 per share. This rally in LUN stock came after the Vancouver-based base metals miner told investors that it had reached a new collective bargaining agreement with the union at its Caserones mine in Chile.
The agreement, which most union members accepted, will allow Lundin Mining to focus on safely ramping up operations that have been running at about 50% capacity during the labour action. Investors expect this agreement to have a positive impact on the mine’s production levels, leading to a rally in the company’s share price. On a year-to-date basis, Lundin Mining stock is now up nearly 32%.
In contrast, Celestica, Ballard Power Systems, NorthWest Healthcare Properties REIT, and Tilray dived by at least 3.1% each, making them the day’s worst-performing TSX stocks.
According to the exchange’s daily trade volume data, Canadian Natural Resources, Manulife Financial, Enbridge, Suncor Energy, and Great-West Lifeco were the five most active stocks.
TSX today
Crude oil, silver, and copper were bullish early Tuesday morning, pointing to a slightly higher opening for the commodity-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the monthly consumer confidence data from the United States this morning, which could give further direction to stocks.
As the Canadian banking sector’s earnings season gains steam, Bank of Nova Scotia and Bank of Montreal will announce their latest quarterly financial results on August 27.
Market movers on the TSX today
