Canadian stocks soared to new heights on Thursday as strong second-quarter U.S. GDP (gross domestic product) growth figures and optimism over the Federal Reserve’s recent rate cut lifted investors’ sentiments. The S&P/TSX Composite Index inched up by 128 points, or 0.5%, to settle at 24,034 — closing above the key 24,000 level for the first time in history.
Despite steep declines in crude oil prices pushing energy stocks lower, strong gains in sectors like mining, consumer cyclicals, and technology propelled the TSX to a historic close.
Top TSX Composite movers and active stocks
BlackBerry (TSX: BB) rallied by 6.8% to $3.45 per share, making it one of the top-performing TSX stocks for the day. Besides the broader market optimism, another potential reason for BB stock’s rally could be investors’ high expectations for its quarterly financial results, which were released after the market closing bell.
In the August quarter, BlackBerry’s total revenue climbed by nearly 10% year over year to US$145 million with the help of double-digit growth in both its IoT (Internet of Things) and cybersecurity segments. The Waterloo-based enterprise software firm achieved breakeven adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) last quarter, reflecting its progress toward profitability. Encouraged by these strong results, BlackBerry also raised its full-year guidance for the IoT segment. On a year-to-date basis, BB stock is still down 26.6%.
Surging metals prices also drove Hudbay Minerals, Capstone Copper, and Ivanhoe Mines up by at least 5.7% each, making them among the day’s top performers on the Toronto Stock Exchange.
In contrast, Tamarack Valley Energy, CES Energy Solutions, International Petroleum, and Baytex Energy were the worst-performing TSX stocks, with each diving by at least 5.4%.
Based on their daily trade volume, Baytex Energy, Suncor Energy, Manulife Financial, Cenovus Energy, and Canadian Natural Resources were the five most active stocks on the exchange.
TSX today
Metals prices were largely bearish early Friday morning, which could pressure TSX mining stocks at the open today. Besides Canada’s monthly GDP and budget balance numbers, investors will keep an eye on the important U.S. personal consumption expenditure data this morning.
The TSX benchmark seems on track to post a third consecutive winning week as it currently trades with 0.7% week-to-date gains.
Market movers on the TSX today
