Despite a shaky start to the session due to escalating Russia-Ukraine tensions and slightly hotter-than-expected domestic consumer inflation numbers, Canadian stocks rose for a second consecutive day on Tuesday with the help of strengthening commodity prices. The S&P/TSX Composite Index ended the volatile session 34 points higher at 25,011, settling above the important 25,000 level for the second time.
Even as a selloff in many key sectors, including healthcare and technology, pressured the TSX benchmark, solid gains in metal mining and utility stocks pushed the market index higher.
According to Statistics Canada’s latest report, the Consumer Price Index climbed by 2% in October 2024 against an increase of 1.6% in September on a year-over-year basis, mainly due to a smaller decline in gasoline prices. Last month, food prices from stores grew 2.7% from a year ago, exceeding headline inflation for the third consecutive month, with notable increases in fresh vegetables and preserved fruit.
Top TSX Composite movers and active stocks
NexGen Energy (TSX:NXE) jumped by 6.5% to $11.83 per share, making it the top-performing TSX stock for the day. This rally in NXE stock started after the Vancouver-based uranium company announced a significant milestone for its Rook I Project as the Canadian Nuclear Safety Commission (CNSC) completed its final federal technical review. This completion of technical review by CNSC clears the path for scheduling a Federal Commission Hearing, which is the final step in obtaining federal environmental assessment (EA) and licensing approval.
The $800 million-funded project, which already received provincial EA approval in 2023, could help NexGen grow as an environmentally conscious uranium mining firm. With construction readiness in place, the company expects immediate commencement of site work after getting federal approval. On a year-to-date basis, NXE stock now trades with 27.6% gains.
Aya Gold & Silver, Storagevault Canada, and New Gold were also among the session’s top gainers on the Toronto Stock Exchange, with each soaring by at least 4.3%.
In contrast, shares of George Weston dived by 3.2% to $215.10 per share after announcing its third-quarter financial results. Although George Weston’s revenue grew by 1.5% year over year to $18.7 billion in the third quarter, its profits took a hit due to a fair value adjustment to its Choice Properties Trust Unit liability.
Meanwhile, MTY Food, Boyd Group Services, and BlackBerry also slid by at least 3% each, positioning them among the day’s worst-performing TSX stocks.
Based on their daily trade volume, Enbridge, Suncor Energy, Canadian Natural Resources, Manulife Financial, and Great-West Lifeco were the five most active stocks on the exchange.
TSX today
Gold spot prices inched up for the third consecutive session in early trading on Wednesday as investors sought safe-haven assets amid ongoing geopolitical tensions and concerns about inflation. This trend could lift TSX gold-linked stocks at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest crude oil stockpile data from the United States this morning, which could influence the movement in oil prices and energy stocks.
On the corporate events side, the TSX-listed retail firm Metro will release its September quarter earnings report on November 20. Bay Street analysts expect the company to report quarterly earnings of $0.99 per share with the help of $4.86 billion in revenue.
Market movers on the TSX today
