Mixed labour market data and corporate earnings kept Canadian stocks choppy on Friday as investors grappled with uncertainty amid conflicting economic indicators. A day after reaching a fresh record high, the S&P/TSX Composite Index ended the volatile session with declines of 87 points, or 0.3%, at 24,759.
Despite continued buying in consumer cyclical and technology stocks, heavy losses in many other key sectors, including mining and industrials, pressured the TSX benchmark. Nevertheless, the market index ended the week on a strong note by surging 2.1%, delivering its best performance in eight weeks.
Top TSX Composite movers and active stocks
Sandstorm Gold, First Quantum Minerals, Ivanhoe Mines, and Trisura were the session’s worst-performing TSX stocks, with each tanking by over 5%.
On the flip side, shares of Mattr (TSX:MATR) jumped by 17.6% to $15.39 per share, making it the top-performing TSX stock for the day. This rally in MATR stock came after the Toronto-headquartered material technology firm revealed its intentions to acquire AmerCable in a deal worth US$280 million.
With this acquisition, Mattr expects to boost its engineered wire and cable portfolio in the U.S. market amid growing demand for its electrification infrastructure. The Mattr-AmerCable deal, which is expected to close by year-end after receiving regulatory approvals, will also help Mattr increase its U.S. manufacturing footprint with facilities in Arkansas and Texas. Despite this strong rally, however, MATR stock still trades with a minor 1.5% year-to-date gain.
Superior Plus, SSR Mining, and NuVista Energy also surged by at least 7.4% each, making them among the day’s top performers on the Toronto Stock Exchange.
Based on their daily trade volume, Primo Water, Enbridge, Telus, BCE, and Air Canada were the five most active stocks on the exchange.
TSX today
Metals prices extended their declines early Monday, suggesting a lower opening for metal and mining stocks on the TSX today.
While no major economic releases are due this morning, investors’ expectations from the upcoming U.S. inflation data could set the tone for market sentiment this week.
On the corporate events front, TSX-listed RioCan Real Estate Investment Trust and Sienna Senior Living will announce their latest quarterly financial results today after the market closing bell.
Market movers on the TSX today
