Falling commodity prices, much weaker-than-expected U.S. retail sales numbers, and mixed corporate earnings pressured Canadian equities ahead of the Family Day long weekend. A day after climbing to its highest level in February, the S&P/TSX Composite Index dived by 215 points, or 0.8%, on Friday to settle at 25,483.
While financial and utility stocks saw renewed buying interest, losses in energy, materials, and consumer sectors weighed heavily on the broader market.
Top TSX Composite movers and active stocks
Shares of Seabridge Gold (TSX: SEA) tanked by 15.5% to $16 per share, making it the worst-performing TSX stock for the day. These losses in SEA stock came after the Toronto-based company announced a $100 million financing agreement.
Seabridge’s latest financing agreement consists of an $80 million bought-deal offering led by RBC Capital Markets and Cantor Fitzgerald and a $20 million private placement from a strategic investor. The company plans to use these funds to support the development of its KSM gold-copper project in British Columbia. Despite recent declines, SEA stock has risen 26% over the past 12 months.
MTY Food, SilverCrest Metals, Denison Mines, and NexGen Energy were also among the bottom performers on the Toronto Stock Exchange as they plunged by at least 6.4% each.
In contrast, NFI Group (TSX: NFI) jumped by nearly 16% to $11.64 per share after its subsidiary New Flyer secured an order for 265 battery-electric buses from New York’s Metropolitan Transit Authority as part of a previously signed contract. This order includes 193 Xcelsior CHARGE NG 40-foot buses and 72 Xcelsior CHARGE NG 60-foot buses. On a year-to-date basis, NFI stock is still down 17%.
CAE, Interfor, and Trisura Group also climbed by more than 7% each, positioning them among the session’s top-performing TSX stocks.
Based on their daily trade volume, Enbridge, Suncor Energy, Air Canada, Manulife Financial, and TC Energy stood out as the five most active stocks on the exchange.
TSX today
Commodity prices, especially crude oil, gold, and silver, traded higher early Tuesday morning, which could help resource stocks recover on the TSX today.
While no major economic releases from the U.S. are due, Canadian investors may want to keep a close eye on the latest consumer inflation data this morning, which could give further direction to stocks.
On the corporate events front, several TSX-listed companies, including iA Financial, Gibson Energy, Sandstorm Gold, Dream Industrial REIT, RioCan REIT, and SSR Mining are expected to release their latest earnings reports today after the market closing bell.
Market movers on the TSX today
