A rebound in commodity prices and easing Treasury yields pushed Canadian equities to a new record high on Thursday, even though slightly hotter-than-expected U.S. consumer inflation data kept some caution in the air. The S&P/TSX Composite Index inched up by 77 points, or 0.3%, to settle at 24,302 — extending its year-to-date gains to 16%.
An intraday weakness in many sectors, including real estate and technology, weighed on the TSX benchmark. However, renewed buying in healthcare, mining, and energy stocks drove the stock market back into positive territory.
According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI) climbed by 0.2% in September. While it was consistent with the rises in July and August, the latest CPI figure exceeded Wall Street’s expectations of a 0.1% increase. Despite a notable decline in the energy index, higher shelter and food costs acted as the key drivers of the monthly rise in consumer inflation last month.
Top TSX Composite movers and active stocks
A day after K92 Mining (TSX:KNT) posted its record third-quarter production results from its Kainantu Gold Mine in Papua New Guinea, its share prices jumped by 16.6% to $9.15 a piece on Thursday, making it the top-performing TSX stock for the day. The metal miner not only achieved over 80% of its annual guidance in the first nine months but also saw record gold recoveries of 95.3% last quarter. On a year-to-date basis, KNT stock is now up over 40%.
Orla Mining, Bird Construction, Torex Gold Resources, and Calibre Mining were also among the top performers on the Toronto Stock Exchange yesterday, with each surging by more than 8%.
In contrast, shares of Toronto-Dominion Bank (TSX:TD) dived by 6.1% to $81.76 per share, making it the worst-performing TSX stock. The selloff in TD stock came after the bank announced a resolution of investigations into its U.S. Anti-Money Laundering (AML) compliance program. As part of the agreement, TD consented to pay around US$3.09 billion in penalties, largely covered by previous provisions.
The settlement caps TD Bank’s U.S. subsidiary assets at US$434 billion and imposes stricter oversight for new products to ensure that AML risks are effectively managed. The financial hit and operational constraints apparently raised concerns among TD Bank investors, driving its share prices down. TD stock now trades with 4.5% year-to-date losses.
South Bow, Stella-Jones, and Kinaxis also slipped by at least 3.7% each, positioning them among the session’s worst performers.
Based on their daily trade volume data, TD Bank, Enbridge, Algonquin Power & Utilities, Canadian Natural Resources, and TC Energy were the most heavily traded stocks on the exchange.
TSX today
Commodity prices were largely mixed early Friday morning, pointing to a flat opening for the resource-heavy main TSX index today.
In addition to Statistics Canada’s latest labour force survey for September, Canadian investors may also want to keep a close eye on the latest wholesale inflation data from the United States this morning, which could play a key role in shaping market sentiment ahead of the long Thanksgiving Day weekend.
On the corporate events front, the TSX-listed MTY Food will announce its August quarter earnings on October 11. Bay Street analysts expect the Saint-Laurent-based company to post $1.10 per share in quarterly earnings with the help of $297 million in revenue.
Market movers on the TSX today
