Stronger metals prices helped Canadian equities trade on a positive note for the second consecutive day on Tuesday, even as the U.S. consumer confidence index fell to 92.9 in March — its lowest level in four years. Despite rising as much as 151 points in intraday trading, the S&P/TSX Composite Index erased most of those gains by the close, ending the session up just 35 points, or 0.1%, at 25,340.
While there was weakness in the healthcare and real estate sectors, the TSX managed to stay afloat with the help of gains in consumer staples, mining, and financial stocks.
Top TSX Composite movers and active stocks
Sandstorm Gold (TSX: SSL) inched up by over 7% to $10.52 per share, making it one of the top-performing TSX stocks for the day. This rally in SSL stock came after the Vancouver-based precious metals firm renewed its normal course issuer bid and automatic share-purchase plan.
This plan will allow Sandstorm Gold to repurchase up to 20 million common shares, representing around 7% of its public float. The company highlighted that the repurchase strategy reflects management’s view that its shares are undervalued. With this, SSL stock is now up 31% year to date.
Torex Gold Resources, Eldorado Gold, Birchcliff Energy, and NGEx Minerals were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by more than 5%.
In contrast, BRP, Nutrien, NovaGold Resources, and ATS slipped by at least 4.2% each, making them the session’s worst-performing TSX stocks.
Canadian Natural Resources, TC Energy, Suncor Energy, TD Bank, and Bank of Nova Scotia topped the list of most actively traded stocks based on the exchange’s daily volume numbers.
TSX today
Commodity prices were largely mixed in early trading on Wednesday, suggesting the TSX could open flat or slightly lower as investors weigh commodity movements against broader macroeconomic concerns.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the weekly U.S. crude oil stockpile data this morning.
On the corporate events side, BRP will announce its latest quarterly results today. Analysts expect the Valcourt-based powersports products firm to post earnings of $0.88 per share for the January quarter with $1.98 billion in revenue.
Market movers on the TSX today
