The Canadian stock market continued to surge for a second consecutive session on Friday as weaker-than-expected U.S. personal consumption expenditure data raised the possibility that the Federal Reserve could start slashing interest rates soon. The S&P/TSX Composite Index climbed by 119 points, or 0.5%, to settle at 23,346, close to its all-time high.
Even though an intraday selloff in West Texas Intermediate crude oil futures prices drove energy stocks downward, strong gains in all other key market sectors, including consumer cyclicals, technology, and financials, helped the TSX benchmark inch up.
Top TSX Composite movers and active stocks
Capstone Copper, Hudbay Minerals, Stella-Jones, and Cargojet were the top-performing TSX stocks for the day, with each climbing by at least 2.8%.
In contrast, shares of Laurentian Bank of Canada (TSX:LB) plunged by 4.3% to $25.81 per share, making it the worst-performing TSX stock for the day. These declines in LB stock came after the Montreal-headquartered lender announced its quarterly financial results.
In the quarter ended in July 2024, Laurentian Bank’s total revenue slid 1.7% year over year to $256.5 million due mainly to reduced commercial loan volumes. Similarly, lower net interest income and higher non-interest expenses also led to a 27.9% decline in its adjusted quarterly earnings from a year ago to $0.88 per share. With this, LB stock is now down by 7.4% on a year-to-date basis and offers a 7.3% annualized dividend yield.
Wesdome Gold Mines, Baytex Energy, and Tamarack Valley Energy were also among the bottom performers on the Toronto Stock Exchange yesterday, as they slipped by at least 2.7% each.
Based on their daily trade volume, Northland Power, Canadian Natural Resources, Suncor Energy, RioCan REIT, and Enbridge stood out as the most active stocks on the exchange.
TSX today
Crude oil and natural gas prices were trading on a firm note early Tuesday morning, but metals prices were largely down. Given these mixed signals, the commodity-heavy main TSX index could remain flat at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest monthly manufacturing data from the United States this morning, which could give further direction to stocks.
More importantly, investors will remain focused on the Bank of Canada’s upcoming monetary policy event, including the interest rate decision, scheduled for Wednesday.
Market movers on the TSX today
