Surging gold and natural gas prices helped Canadian stocks continue to trade positively on Wednesday, even as growing geopolitical tensions and recently released higher-than-expected consumer inflation data kept investors on edge. The S&P/TSX Composite Index added 26 points, or 0.1%, to close at 25,036, posting its third consecutive winning day.
Despite weakness in some sectors like consumer cyclicals, technology, and utilities, renewed buying in mining and energy stocks helped offset broader market softness.
Top TSX Composite movers and active stocks
Advantage Energy, Birchcliff Energy, CES Energy Solutions, and International Petroleum were the top-performing TSX stocks for the day, with each climbing by at least 4.7%.
Shares of Metro (TSX:MRU) also traded positively after the food and pharmacy retailer announced its better-than-expected quarterly earnings. In the quarter ended in September 2024, the Montréal-based firm’s adjusted revenue rose 5.7% year over year to $4.9 billion due to a rise in prescription drug, front-store, and online food sales.
Although higher costs for new automated distribution centres increased its operating expenses, better cost efficiency drove Metro’s adjusted quarterly earnings up by 3% from a year ago to $1.02 per share, surpassing analyst expectations of $0.99 per share. On a year-to-date basis, MRU stock is now up 27%.
On the flip side, Superior Plus, Energy Fuels, Aya Gold & Silver, and Dollarama slipped by over 3% each, placing them among the day’s worst performers on the Toronto Stock Exchange.
Based on their daily trade volume, Enbridge, Canadian Natural Resources, Manulife Financial, Suncor Energy, and Great-West Lifeco remained the five most active stocks on the exchange for a second consecutive session.
TSX today
Gold, silver, and natural gas prices were bullish early Thursday morning, pointing to a slightly higher opening for the TSX Composite Index as trading kicks off today.
While no major domestic economic releases are due, Canadian investors will closely monitor monthly existing home sales and manufacturing data from the United States, which could influence market sentiment and provide insights into broader economic trends.
Market movers on the TSX today
