After posting its worst weekly performance in over six weeks, the Canadian stock market started the new week on a positive note as rising precious metals prices and Bank of Canada governor Tiff Macklem’s remarks in support of the recent rate cut cheered investors. The S&P/TSX Composite Index inched up by 102 points, or 0.4%, to settle at 24,566 — ending its five-session losing streak.
On the one hand, massive intraday declines in crude oil and natural gas prices drove energy stocks lower. On the other hand, healthy gains in most other key sectors, including healthcare, consumer cyclicals, and financials, guided the TSX benchmark higher.
Top TSX Composite movers and active stocks
Algoma Steel, Energy Fuels, Alimentation Couche-Tard, and SSR Mining were the top-performing TSX stocks for the day, with each climbing by at least 2.9%.
In contrast, International Petroleum (TSX: IPCO) tanked by 5% to $15.87 per share, making it the day’s worst-performing TSX stock. Notably, the Vancouver-headquartered oil and gas firm said that it repurchased 111,400 common shares under its normal course issuer bid between October 21 and 25.
Out of the total, International Petroleum repurchased 87,500 shares on Nasdaq Stockholm, handled by Pareto Securities, while 23,900 shares were bought on the Toronto Stock Exchange, facilitated by ATB Capital Markets. Under its latest share-buyback program, started in December 2023, the company has so far repurchased about 7.96 million shares, which will be cancelled. Despite this positive news, sharp declines in oil and gas prices could be the main reason for driving IPCO stock lower yesterday.
OceanaGold, Athabasca Oil, and CES Energy Solutions were also among the bottom performers as they slipped by at least 3.4% each.
According to the exchange’s daily trade volume data, Enbridge, Manulife Financial, TD Bank, Royal Bank of Canada, and Scotiabank were the five most heavily traded stocks.
TSX today
Crude oil, natural gas, and base metals prices continued to extend their losses in early trading on Tuesday. At the same time, gold and silver prices were bullish. Given these mixed signals, the commodity-heavy main TSX index could remain flat at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the important monthly consumer confidence and job openings data from the United States this morning, which could influence the market direction.
On the corporate events front, the TSX-listed New Gold, Gibson Energy, and Precision Drilling are likely to announce their latest quarterly financial results after the market closing bell on October 29.
Market movers on the TSX today
