After four consecutive sessions of record highs, the rally in the Canadian stock market took a breather on Wednesday as investors apparently opted to lock in profits. With a sharp intraday decline in crude oil prices, the S&P/TSX Composite Index slid by 46 points, or 0.2%, from its previous closing to settle at 23,906.
While utility and mining stocks continued to rise, profit-taking in sectors like consumer cyclicals, technology, and energy weighed on the TSX benchmark. Meanwhile, investors also shifted focus to the ongoing Russia-Ukraine and Israel-Hezbollah conflicts, increasing global market uncertainty.
Top TSX Composite movers and active stocks
Magna International, Precision Drilling, Athabasca Oil, and Baytex Energy were the worst-performing TSX stocks for the day, as they slipped by at least 4% each.
On the flip side, Lightspeed Commerce (TSX: LSPD) rallied by 13.3% to $21.15 per share, making it the day’s top-performing TSX stock. These strong gains in LSPD stock came after a Reuters report claimed that the Canadian commerce platform firm is working with financial advisers at JPMorgan Chase to explore a potential sale, citing undisclosed sources.
After the market close, Lightspeed confirmed that it’s currently conducting a strategic review of its business and operations to explore potential alternatives that could maximize its value. While these discussions may involve various options, the company noted it has no plans to provide further updates unless required by regulatory obligations. Despite the recent rally, LSPD stock is still down 24% year to date.
Aya Gold & Silver, Denison Mines, and Labrador Iron Ore Royalty were also among the top performers on the Toronto Stock Exchange, with each rising by at least 2.8%.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, Baytex Energy, TC Energy, and Calibre Mining were the five most active stocks on the exchange.
TSX today
Commodity prices were largely mixed early Thursday morning, pointing to a flat opening for the resource-heavy main TSX index today.
With no major domestic economic releases due, Canadian investors will focus on the U.S. GDP growth figures and Federal Reserve Chair Jerome Powell’s speech at the 2024 U.S. Treasury Market Conference, which could influence market direction.
On the corporate events front, the TSX-listed BlackBerry will announce its latest quarterly results after the market closing bell on September 26. Street analysts expect the enterprise software company to post a net loss of US$15.6 million loss for the August quarter with US$141.4 million in revenue.
Market movers on the TSX today
