After declining for six consecutive sessions, Canadian stocks bounced back sharply on Friday as softer-than-expected U.S. personal consumption expenditure figures eased investors’ concerns about persistent inflation and the Federal Reserve’s cautious monetary policy stance. Despite falling by as much as 164 points in intraday trading, the S&P/TSX Composite Index ended the session with 186 points or 0.8% gains at 24,599.
While all key market sectors ended the session with optimism, the market rally was mainly driven by solid strength in healthcare, real estate, and consumer cyclical stocks. In addition, a recovery in metals prices also helped mining stocks inch up, providing additional support to the broader market.
Despite Friday’s sharp recovery, the TSX benchmark ended the week with a 2.7% decline, marking its worst performance since February.
Top TSX Composite movers and active stocks
BlackBerry (TSX: BB) popped by over 23% to $5.27 per share, making it the top-performing TSX stock for the day. This rally in BB stock came a day after the Waterloo-based enterprise software firm announced its far better-than-expected November quarter results.
Last quarter, a strong 13% sequential increase in its Internet of Things (IoT) segment helped BlackBerry post revenue of US$162 million, not only exceeding its guidance but also surpassing Street analysts’ expectations. Improved margins from the IoT division also allowed the company to surprise investors with an adjusted quarterly net profit of US$12 million, far better than the expected US$8 million net loss. On a year-to-date basis, BB stock is now up 12%.
First Quantum Minerals, Tilray, and Aritzia were also among the day’s top gainers on the Toronto Stock Exchange, with each rising by more than 5%.
In contrast, Aya Gold & Silver, TFI International, Energy Fuels, and Empire Company slipped by at least 2% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TC Energy, Canadian Imperial Bank of Commerce, Enbridge, and Manulife Financial were the five most active stocks on the exchange.
TSX today
Most commodity prices were bullish early Monday morning, pointing to a slightly higher opening for the resource-heavy main TSX index today.
Besides Canada’s GDP (gross domestic product) growth data, TSX investors will keep an eye on the latest U.S. consumer confidence numbers this morning, which could influence the market sentiment on the first trading day of the holiday-shortened week.
Market movers on the TSX today
