Despite weakness in commodity prices, Canadian stocks traded positively for the fourth consecutive session on Friday as strong corporate earnings and better-than-expected U.S. non-farm payrolls data lifted investors’ confidence. The S&P/TSX Composite Index ticked up by 12 points to settle at a record high of 25,692.
Although most key market sectors, including energy, mining, and real estate, ended the session in the red, solid gains in technology stocks helped offset broader sector weaknesses, providing enough support to push the TSX index to a record close.
Top TSX Composite movers and active stocks
Shares of BRP (TSX:DOO) jumped by nearly 7% to $72.75 per share, making it the top-performing TSX stock for the day. This rally in DOO stock came after the Valcourt-based powersports products maker announced its much stronger-than-expected quarterly financial results.
In the quarter ended in October 2024, BRP’s sales fell 17.5% year over year to $1.96 billion due to softer demand and reduced shipments as part of its inventory reduction strategy. Nevertheless, the company’s adjusted quarterly earnings of $1.16 per share crushed analysts’ estimate of just $0.69 per share. In addition, it achieved a 22% reduction in North American off-road vehicle inventory levels ahead of schedule, giving investors another reason to cheer. Despite the recent rally, DOO stock is still down 23.3% on a year-to-date basis.
TransAlta, SSR Mining, and Laurentian Bank of Canada also rose by over 5% each, making them among the day’s top gainers on the Toronto Stock Exchange.
On the flip side, Torex Gold Resources, Canadian Western Bank, Tamarack Valley Energy, and Maple Leaf Foods were the session’s worst-performing TSX stocks, with each diving by more than 4%.
According to the exchange’s daily trade volume data, Canadian Natural Resources, Suncor Energy, Toronto-Dominion Bank, Enbridge, and Great-West Lifeco stood out as the most active stocks.
TSX today
Crude oil and metals prices were trading on a firm note in early morning trading on Monday, which could push the TSX Composite benchmark to new heights at the open today.
While no major economic releases are due this morning, stocks may remain volatile as investors await the Bank of Canada’s interest rate decision, which is scheduled for later this week.
On the corporate events side, the TSX-listed North West Company will announce its October quarter results after the market closing bell on December 9. Bay Street analysts expect the Canadian retail firm to post earnings of $0.82 per share with $647.2 million in quarterly revenue.
Market movers on the TSX today
