The Canadian equities market slipped for the fourth straight day, posting its longest losing streak in over a month, as weaker commodity prices and concerns about the near-term economic outlook largely kept investors in a risk-off mode. After falling by over 200 points in the intraday trading, the S&P/TSX Composite Index recovered later to end the volatile session at 24,552 with a minor loss of 22 points, or 0.1%.
Real estate and technology stocks witnessed buying momentum, providing some support for the TSX in an otherwise challenging session. But the overall market sentiment remains fragile, with many sectors like utilities, mining, and industrials facing sustained pressure.
Top TSX Composite movers and active stocks
Teck Resources (TSX:TECK.B) fell by 5.4% to $64.85 per share, making it the worst-performing TSX stock for the day. This selloff in Teck’s share prices came after the Vancouver-based resource company announced the operational and financial results for its quarter ended in September.
In the third quarter of 2024, Teck posted record copper production, driven by the ramp-up of the Quebrada Blanca mine. Strong output and higher base metals pricing improved the company’s revenue and profitability from a year ago. However, Teck lowered its copper production guidance for the Highland Valley Copper mine and refined zinc production targets, hurting investors’ sentiments. Despite the recent selloff, Teck stock is still up 16.7% year-to-date.
Boyd Group Services, Storagevault Canada, and Rogers Communications were also among the bottom performers on the Toronto Stock Exchange, with each diving by at least 3%.
On the positive side, Celestica’s strong third-quarter results drove its share prices up by 18.3% yesterday, making it the top-performing TSX stock for the day.
Similarly, Mullen Group (TSX:MTL) surged by 9.3% to $15.51 per share following the release of its upbeat quarterly results. In the quarter ended in September, Mullen’s revenue rose 5.6% from a year ago to $532 million. While its adjusted quarterly earnings of $0.41 per share fell 2.4% year-over-year, it exceeded Street analyst expectations of $0.36 per share as it continued to implement cost control measures.
CES Energy, Colliers International, and NuVista Energy also climbed by at least 3.9% each, making them among the day’s top-performing TSX stocks.
Based on their daily trade volume, Royal Bank of Canada, Osisko Mining, TD Bank, Telus, and Bank of Montreal were the five most active stocks on the exchange.
TSX today
Commodity prices across the board declined early Friday morning, pointing to a slightly lower open for the resource-heavy main TSX index today.
While no major economic releases from the U.S. market are due, Canadian investors will keep a close eye on the domestic retail sales and budget balance numbers this morning. Overall, investors’ expectations from the third quarter corporate results could continue to drive market sentiment today.
Market movers on the TSX today
