Canadian equities continued to rise for the third consecutive session on Wednesday as strong corporate earnings and an intraday metals price recovery helped investors look past ongoing economic uncertainties and trade tensions. The S&P/TSX Composite Index climbed by 124 points, or 0.5%, to settle at 25,328, trimming its month-to-date decline to 0.8%.
While nearly all key market sectors ended the session in the green, yesterday’s TSX rally was mainly driven by strong gains in mining, healthcare, and technology stocks.
Top TSX Composite movers and active stocks
Stantec (TSX:STN) surged by nearly 7% to $128.12 per share, making it one of the top-performing TSX stocks for the day and extending its two-day gains to 17.5%. The recent rally in STN stock started on Tuesday after the Edmonton-based engineering firm announced its upbeat quarterly financial results.
In the December quarter, Stantec’s total revenue rose 19% year over year to $1.5 billion with the help of contributions from acquisitions and strong performance of its Water, Buildings, and Energy & Resources segments. The company achieved a record backlog of $7.8 billion, while its adjusted quarterly earnings jumped 35.4% from a year ago to $1.11 per share. Stantec’s latest earnings figure surpassed analysts’ estimates of $1 per share, boosting investors’ confidence.
Aya Gold & Silver, Fortuna Mining, and Celestica were among the top gainers on the Toronto Stock Exchange, with each advancing by at least 5.5%.
On the flip side, National Bank of Canada, Spin Master, Enerflex, and CES Energy slid by at least 2.7% each, making them the session’s worst-performing TSX stocks.
According to the exchange’s daily trade volume data, Suncor Energy, Calibre Mining, OceanaGold, Innergex Renewable Energy, and Canadian Natural Resources were the five most active stocks.
TSX today
After showing minor recovery in the previous session, metals prices fell sharply in early trading on Thursday, which could pressure TSX mining stocks at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the quarterly GDP (gross domestic product) growth numbers and weekly jobless claims from the United States this morning.
As corporate earnings season continues in full swing, several TSX-listed companies, including Pason Systems, MEG Energy, Jamieson Wellness, Pembina Pipeline, Chartwell Retirement Residences, Enerflex, Veren, Canadian Imperial Bank of Commerce, Canadian Utilities, Quebecor, Stella-Jones, Royal Bank of Canada, Atco, and TD Bank, will announce their latest quarterly results today, which will keep their stocks in focus.
Market movers on the TSX today
