Canadian stocks inched up for the third consecutive session on Friday as weaker-than-expected GDP (gross domestic product) growth data raised expectations for further interest rate cuts by the Bank of Canada in the coming months. These factors, coupled with an intraday recovery in gold and silver prices, drove the S&P/TSX Composite Index up by 104 points, or 0.4%, to 25,648.
While all key sectors ended the session in the green, the TSX rally was mainly driven by handsome gains in technology, industrials, and mining stocks.
According to Statistics Canada, Canada’s real GDP grew only 0.3% in the third quarter of 2024. This figure reflected a slowdown from 0.5% growth in the first two quarters, as higher household and government spending was offset by slower inventory accumulation, declining business investment, and lower exports.
Top TSX Composite movers and active stocks
Cogeco Communications, Denison Mines, South Bow, and Energy Fuels were the top-performing TSX stocks for the day, with each climbing by at least 2.8%.
In contrast, Brookfield Renewable Partners and Brookfield Business Partners slipped by at least 1.9% each, making them the session’s bottom performers on the Toronto Stock Exchange.
After the market closing bell on Friday, a Reuters report claimed that Toronto-Dominion Bank (TSX:TD) has appointed Georgia Stavridis as vice president of financial crimes risk management, a newly created position.
This strategic hire could be a part of TD Bank’s broader efforts to strengthen its compliance and risk programs after pleading guilty to violating anti-money laundering laws earlier this year and paying about US$3.05 billion in penalties. Notably, the bank is slated to announce its October quarter financial results later this week on Thursday, December 5. Despite the broader market rally, TD stock is currently down 7.5% year to date.
Based on their daily trade volume data, Cenovus Energy, Sun Life Financial, Great-West Lifeco, Manulife Financial, and Suncor Energy were the five most active stocks on the exchange.
TSX today
Commodity prices were largely mixed early Monday morning, pointing to a flat opening for the resource-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest manufacturing data from the United States this morning, which could give further direction to stocks. Overall, the market may remain volatile as investors await Canadian bank earnings scheduled to be released later in the week.
Market movers on the TSX today
