Despite consistent weakness in metals and crude oil prices, Canadian equities started the new week on a slightly positive note as investors continued to react positively to Donald Trump’s victory in the U.S. presidential election, largely interpreting it as a potential catalyst for pro-growth policies. The S&P/TSX Composite Index climbed by 30 points for the day to settle at 24,789 — not far away from its all-time high.
Although steep declines in gold, silver, and copper prices triggered a selloff in the mining sector, continued buying in technology, financial, and industrial stocks helped offset the losses and kept the TSX in positive territory.
Top TSX Composite movers and active stocks
Onex, South Bow, Primo Water, and Mattr were the top-performing TSX stocks yesterday, with each climbing by at least 4.6%.
Shares of Constellation Software (TSX:CSU) also rose 2.2% as its upbeat third-quarter earnings boosted investors’ confidence. In the quarter ended in September 2024, the Toronto-based software giant’s sales surged by 19.5% year over year to US$2.54 billion with the help of new acquisitions.
Notably, Constellation completed acquisitions totalling US$267 million last quarter, expanding its portfolio and reflecting ongoing growth through targeted investments. More importantly, the tech company’s adjusted quarterly earnings jumped by 31.3% from a year ago to US$23.28 per share, exceeding Street analyst expectations of US$20.38 per share. On a year-to-date basis, CSU stock is now up around 36%.
On the flip side, strengthening U.S. dollar and tanking precious metals prices drove mining stocks such as Kinross Gold, Aya Gold & Silver, Seabridge Gold, and IAMGOLD down by at least 8% each, positioning them among the session’s worst performers on the Toronto Stock Exchange.
According to the exchange’s daily trade volume data, Enbridge, Kinross Gold, B2Gold, Manulife Financial, and Bank of Montreal were the five most active stocks.
TSX today
Metals prices continue to slide further in early trading on Tuesday, which could pressure the resource-heavy main TSX index at the open today.
While no major domestic economic releases are due this morning, stocks may still remain volatile as investors await the monthly U.S. consumer inflation report scheduled to be released on Wednesday.
As the third-quarter earnings season in Canada continues, several TSX-listed companies, including Shopify, Orla Mining, Power Corporation of Canada, SilverCrest Metals, CAE, Finning International, Peyto Exploration & Development, Linamar, Suncor Energy, and H&R REIT, will release their latest quarterly earnings reports today.
Market movers on the TSX today
