After the long Labour Day weekend, the Canadian stock market started the new week on a negative note, with big declines in crude oil and metals prices driving sharp losses in commodity-related stocks. The S&P/TSX Composite Index tanked by 304 points, or 1.3%, on Tuesday to settle at 23,042, posting its biggest single-day loss in four weeks.
In addition to sliding mining and energy stocks, a selloff in other sectors, including consumer cyclicals and technology, also weighed on the TSX benchmark as weak U.S. manufacturing data hurt investors’ sentiments.
Top TSX Composite movers and active stocks
First Quantum Minerals, Lundin Mining, Capstone Copper, and International Petroleum were the worst-performing TSX stocks for the day, with each diving by at least 10%.
On the flip side, shares of Bausch Health Companies and Laurentian Bank of Canada climbed by at least 2.4% each, making them the day’s top-performing TSX stocks.
Similarly, George Weston (TSX:WN) traded positively yesterday, extending its year-to-date gains to 34.3%. This optimism in WN stock came after the Toronto-based company announced it would issue $250 million in senior unsecured notes, maturing on September 5, 2029, with a 4.193% interest rate.
George Weston plans to use the proceeds from this offering, which is expected to close on September 5, for general corporate purposes.
According to the exchange’s daily trade volume data, Suncor Energy, Canadian Natural Resources, Manulife Financial, Great-West Lifeco, and Enbridge were the five most active stocks.
TSX today
After falling sharply yesterday, West Texas Intermediate crude oil futures prices witnessed a minor recovery early Wednesday morning, but metals prices continued to fall further. Given these slightly negative signals, the main TSX index is likely to trade on a weak note at the opening today.
Besides the monthly U.S. job openings data, Canadian investors will keep a close eye on the Bank of Canada’s latest interest rate decision and press conference this morning, which is likely to give further direction to stocks.
On the corporate events side, TSX-listed Alimentation Couche-Tard, Descartes Systems, and North West Company are likely to announce their latest quarterly results today after the market closing bell.
Market movers on the TSX today
