After going sideways early in the week, Canadian stocks regained their upward momentum on Wednesday as the latest U.S. GDP (gross domestic product) quarterly growth and personal consumption expenditure data came in line with expectations. The S&P/TSX Composite Index rose 83 points, or 0.3%, to settle at 25,488, posting a fresh all-time high on a closing basis.
Although continued weakness in commodity prices weighed on mining and energy stocks, solid gains in most other key market sectors, including healthcare, consumer, and utilities, pushed the TSX benchmark higher to a record high.
Top TSX Composite movers and active stocks
Parkland (TSX:PKI) jumped by over 5% to $36.07 per share, making it the top-performing TSX stock for the day. This rally in PKI stock came after the Calgary-based fuel distributor and convenience retailer announced a new normal course issuer bid, allowing it to repurchase up to 13.8 million shares, or 10% of its public float, between December 1, 2024, and November 30, 2025.
With this move, Parkland plans to return capital to shareholders as it believes its current market valuation undervalues the company. This announcement follows the company’s previous share-buyback program, under which it repurchased 3.1 million shares at an average price of $42.67 each. Despite recent gains, PKI stock remains down 15.5% on a year-to-date basis and offers a 4.1% annualized dividend yield.
Orla Mining, Alimentation Couche-Tard, and International Petroleum were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 3.6%.
In contrast, Celestica, Bombardier, Interfor, and Cargojet slipped by at least 2.2% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Suncor Energy, Toronto-Dominion Bank, Enbridge, Manulife Financial, and Sun Life Financial were the five most active stocks on the exchange.
TSX today
Crude oil, natural gas, and metals prices were largely bearish early Thursday morning, pointing to a slightly lower opening for the commodity-heavy main TSX index today.
While no major domestic economic events are scheduled this morning, the U.S. market will remain closed today for Thanksgiving. As a result, trading activity on the TSX may remain subdued, with investors likely focusing on sector-specific developments and company announcements.
Market movers on the TSX today
