As the post-election rally in U.S. markets gained steam, Canadian stocks soared to new heights on Thursday, also supported by the ongoing strength in gold, oil, and natural gas prices. The S&P/TSX Composite Index inched up by 354 points, or 1.4%, to settle at 25,391, not only marking its fourth consecutive day of gains to reach a fresh all-time high but also posting its largest single-day percentage gains in over three months.
The TSX saw all key sectors finish higher, but energy, technology, and industrial stocks led the charge with standout intraday gains. With a 2% week-to-date gain, the TSX benchmark remains on track to end the third consecutive week in green territory.
Top TSX Composite movers and active stocks
TransAlta, NuVista Energy, Cameco, and Vermilion Energy were the top-performing TSX stocks yesterday, with each surging by at least 5.5%.
Shares of Gildan Activewear (TSX: GIL) also traded positively after the Montréal-based apparel company revealed the pricing for its inaugural $700 million senior unsecured notes offering. The offering includes $500 million at 4.362% maturing in 2029 and $200 million at 4.711% maturing in 2031.
Gildan plans to use the proceeds of this offering for general corporate purposes and to repay outstanding credit facility debt. In its third-quarter report released last month, the company posted a solid 14.9% year-over-year increase in its adjusted earnings, driven by higher sales and lower raw material costs, which contributed to a rally in Gildan stock. On a year-to-date basis, GIL stock now trades with solid 58% gains.
On the flip side, Aya Gold & Silver and First Majestic Silver slipped by at least 1.5% each, making them the session’s bottom performers on the Toronto Stock Exchange.
Based on their daily trade volume, Suncor Energy, Enbridge, Canadian Natural Resources, Manulife Financial, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Gold spot, West Texas Intermediate crude oil futures prices, and natural gas prices continued to trade positively in early trading on Friday, which could lift the resource-heavy main TSX index at the open today.
Besides the domestic monthly retail sales numbers, Canadian investors will also keep an eye on the U.S. manufacturing PMI (Purchasing Managers’ Index) and services PMI data this morning for additional clues about the health of the economy. Overall, the market sentiment remains broadly bullish as the TSX rides the momentum of its recent rally.
Market movers on the TSX today
