Despite facing pressure from weakening metals prices and dismal bank earnings, Canadian stocks traded on a positive note on Thursday as speculation about the Fed’s next policy move lifted investor sentiment. The S&P/TSX Composite Index climbed by 39 points, or 0.2%, to settle at 25,680, posting a fresh all-time high.
While some key market sectors like mining and real estate witnessed losses, solid intraday gains in consumer staples, utility, and energy stocks helped propel the index to a record close.
Top TSX Composite movers and active stocks
Shares of Gibson Energy climbed by 6.5% to $25.59 per share, making it the top-performing TSX stock for the day. This rally in GEI stock came after the energy sector-focused liquids infrastructure firm announced a long-term contract extension at its Gateway Terminal, increasing fixed revenue from a key customer by 40% and securing additional loading capacity.
TransAlta, Capital Power, and First Quantum Minerals were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by over 5%.
In contrast, Toronto-Dominion Bank (TSX:TD) dived by more than 7% to $74.02 per share after its quarterly earnings missed analysts’ estimates. For the quarter ended in October 2024, the Canadian lending giant’s total revenue rose 17.7% year over year to $15.5 billion with strong performance across key segments.
However, elevated credit provisions and expenses related to the U.S. anti-money laundering (AML) investigation drove TD Bank’s adjusted quarterly profit down by 8% from a year ago to $3.2 billion. Due to operational challenges and AML-related costs, TD also suspended its medium-term financial targets, including 7-10% growth in adjusted earnings per share. The recent decline in TD stock extended its year-to-date losses to 13.5%.
EQB, B2Gold, and NovaGold Resources also slipped by at least 3% each, positioning them among the session’s worst-performing TSX stocks.
Based on their daily trade volume, Suncor Energy, TD Bank, Canadian Natural Resources, Canadian Imperial Bank of Commerce, and Bank of Montreal were the five most active stocks on the exchange.
TSX today
Crude oil and natural gas prices extended their losses in early morning trading on Friday. At the same time, metals prices, especially gold and copper, were bullish. Given these mixed signals, the commodity-heavy main TSX index could remain flat at the open today.
Besides the domestic unemployment rate and employment change data, Canadian investors will also watch the latest labour market report from the United States this morning.
On the corporate events front, Canadian Western Bank, Laurentian Bank of Canada, and BRP will announce their latest quarterly results on December 6, which could keep their stocks in the spotlight.
Market movers on the TSX today
