Canadian stocks declined for a second consecutive session on Friday as the latest U.S. non-farm payrolls and domestic jobs data raised fears of a near-term recession. These reports, along with weaker commodity prices, drove the S&P/TSX Composite Index down by 207 points, or 0.9%, to 22,781, its lowest closing level in over three weeks.
While all key market sectors ended the session in the red, the selloff was mainly led by heavy losses in mining, consumer cyclical, and tech stocks.
Top TSX Composite movers and active stocks
Celestica, CES Energy Solutions, Hudbay Minerals, and Methanex (TSX: MX) were the worst-performing TSX stocks for the day, with each falling by at least 5.2%.
On the flip side, shares of Enghouse Systems (TSX: ENGH) climbed by 5.6% to $30.61 per share, making it the last session’s top-performing TSX stock. This rally in ENGH stock came a day after the Markham-based software company announced its better-than-expected quarterly financial results.
In the quarter ended in July 2024, Enghouse’s total revenue rose 17.6% year over year to $130.5 million with the help of a solid 22.8% jump in its recurring revenue. Similarly, the company’s adjusted quarterly earnings also saw a 15.6% increase from a year ago to $0.37 per share, exceeding Street analysts’ expectations. Despite recent gains, ENGH stock remains down 13% year to date.
North West Company and Pet Valu Holdings were also among the day’s top performers on the Toronto Stock Exchange as they inched up by at least 2.6% each.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Enbridge, Manulife Financial, and Baytex Energy were the most active stocks on the exchange.
TSX today
Commodity prices were largely mixed early Monday morning, pointing to a flat opening for the resource-heavy main TSX index today.
While no major economic releases are due this morning, stocks may remain volatile as investors continue to assess the recently released U.S. jobs report, shaping their expectations for the Federal Reserve’s policy moves.
Methanex stock could see big moves today after the Vancouver-headquartered methanol producer announced over the weekend its plans to acquire OCI Global’s international methanol business, including two large-scale plants in Beaumont, Texas, in a deal worth US$2.05 billion. This acquisition, which is expected to close in the first half of 2025, is likely to boost Methanex’s global production by over 20%.
Market movers on the TSX today
