The Canadian stock market retreated from its record highs on Friday, giving back some gains as investors locked in profits. The S&P/TSX Composite Indexslipped by 77 points, or 0.3%, to settle at 23,957. Nevertheless, the index still ended the week with gains of 89 points, marking its third consecutive winning week.
While stronger crude oil and natural gas prices drove the shares of energy companies higher during the session, weakness in other key sectors like mining, technology, and industrials pressured the TSX benchmark.
Top TSX Composite movers and active stocks
Fortuna Mining, OceanaGold, SilverCrest Metals, and New Gold were the worst-performing TSX stocks for the day, with each sliding by at least 5%. An intraday weakness in metals prices across the board could be the primary reason for driving these mining stocks into negative territory.
On the flip side, Advantage Energy, Tourmaline Oil, and ARC Resources were the top performers on the Toronto Stock Exchange, climbing by at least 3.5% each due mainly to rising oil and gas prices.
Primo Water (TSX:PRMW) was also among the day’s top gainers as it jumped by 3.3% to $33.79 per share. This rally in PRMW stock came after the pure-play water solutions company told investors that it had received all necessary regulatory approvals, including under the Investment Canada Act, for their previously announced all-stock combination with the American beverage from BlueTriton Brands.
With approvals now in place, the Primo- BlueTriton deal is expected to close by the end of 2024, pending customary closing conditions and shareholder approval. Primo’s management remains confident that the merger will create the new entity as a North American leader in healthy hydration with a larger market presence and customer offerings. On a year-to-date basis, PRMW stock now trades with roughly 70% gains.
Based on their daily trade volume, TC Energy, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Canadian Natural Resources, and TD Bank were the five 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 domestic economic releases are due, Canadian investors may want to keep a close eye on the Federal Reserve chair Jerome Powell’s comments about the economic outlook during his speech at the National Association for Business Economics Annual Meeting.
Overall, the TSX index remains on track to post its best performance in 17 quarters as it currently trades with solid 9.5% quarter-to-date gains.
Market movers on the TSX today
