Canadian stocks staged a sharp recovery on Friday as a cooler U.S. personal consumption expenditure report helped ease inflation concerns and raised the possibility of more interest rate cuts, sparking a strong rally across the board. The S&P/TSX Composite Index climbed by 265 points, or 1.1%, to settle at 25,393 — posting its biggest single-day percentage gain in over three weeks.
Despite weakness in healthcare stocks, solid gains in all other key market sectors, including industrials, financials, and energy, pushed the TSX benchmark higher.
Top TSX Composite movers and active stocks
Pembina Pipeline (TSX:PPL) jumped over 7% to $56.24 per share, making it the top-performing TSX stock for the day. This rally in PPL stock came a day after the Calgary-headquartered energy transportation firm announced its better-than-expected fourth-quarter earnings.
In the fourth quarter of 2024, Pembina’s revenue declined 13% year over year to $2.15 billion, primarily due to lower firm tolls and reduced interruptible demand on its Cochin Pipeline. Nevertheless, the company’s increased ownership in Alliance and Aux Sable, higher natural gas liquids margins, and volume growth helped it post adjusted quarterly earnings of $0.92 per share, surpassing Street analyst expectations of $0.84 per share. PPL stock is now up 6% year to date and offers an annualized dividend yield of 4.9%.
Interfor, GFL Environmental, and Northland Power were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 4.6%.
In contrast, CGI, Winpak, Jamieson Wellness, and Pason Systems dived by at least 4.5% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, MEG Energy, Suncor Energy, Enbridge, Canadian Natural Resources, and Parkland were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures prices fell sharply in early trading on Monday, pointing to a lower opening for TSX energy stocks today.
While no major domestic economic releases are due, Canadian investors will keep an eye on the latest U.S. manufacturing data this morning. But more importantly, the market will watch for any developments regarding U.S.-Canada trade negotiations ahead of the March 4th deadline for the proposed tariffs.
Market movers on the TSX today
