Robust U.S. manufacturing data, signs of easing consumer inflation, and upbeat corporate earnings helped Canadian stocks maintain positive momentum for the third consecutive session on Thursday, even as crude oil prices fell sharply. The S&P/TSX Composite Index rose 57 points, or 0.2%, to settle at 24,846.
Despite negative movement in most commodity-linked stocks from the energy and materials sectors, continued strength in utilities, healthcare, and financial stocks led the TSX higher.
Top TSX Composite movers and active stocks
Shares of Richelieu Hardware (TSX: RCH) jumped by over 5% to $39.59 per share, making it the top-performing TSX stock for the day. This rally in RCH stock came after the Canadian specialty hardware company reported a 5% year-over-year increase in its November quarter sales to $476.2 million with the help of a 7.2% increase in sales to manufacturers in the U.S. and Canada.
Although lower sales prices and higher inventory costs affected its profit margins last quarter, Richelieu’s adjusted quarterly earnings of $0.44 per share still exceeded Street analysts’ expectations of $0.41 per share. Meanwhile, the company completed seven acquisitions in its fiscal year 2024 (ended in November), which are expected to add around $100 million to its annual revenue. Despite recent optimism, however, RCH stock has seen around 17% value erosion over the last year.
SSR Mining, Northland Power, and TransAlta also climbed by at least 4.3% each, making them among the day’s top gainers on the Toronto Stock Exchange.
In contrast, Tamarack Valley Energy, Torex Gold, First Quantum Minerals, and Fortuna Mining were the session’s worst-performing TSX stocks as they slid by at least 3.7% each.
Based on their daily trade volume, Enbridge, Toronto-Dominion Bank, Canadian Natural Resources, TC Energy, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Gold and copper prices were largely bullish early Friday morning, pointing to a slightly higher opening for TSX mining stocks today.
With no major data or earnings on tap, Canadian stocks could see a calm yet modestly positive trading day today as investors focus on the Federal Reserve and Bank of Canada’s rate decisions due later this month.
Market movers on the TSX today
