Despite strengthening metals prices and better-than-expected U.S. quarterly GDP (gross domestic product) growth numbers, Canadian equities remained flat on Thursday as investors continued to digest the impact of ongoing global trade tensions. After falling as much as 137 points in intraday trading, the S&P/TSX Composite Index staged a solid rebound to settle at 25,161 — without any change from its previous closing.
Despite weakness in technology stocks, solid gains in many other key sectors, including mining, healthcare, and consumer, helped offset the losses, leading to a balanced finish for the day.
Top TSX Composite movers and active stocks
Tilray Brands (TSX:TLRY) jumped by 7.4% to become the top-performing TSX stock for the day. This rally in TLRY stock came after the New York-based marijuana company announced a legal victory as a Massachusetts court dismissed a US$8 million shareholder lawsuit related to its acquisition of HEXO.
The lawsuit alleged improper disclosure and shareholder notification around HEXO’s reverse stock split and Tilray’s acquisition in 2023. The court ruled in favour of Tilray and HEXO, finding no credible evidence of financial harm or misconduct. In another update, Tilray said that it will release its February quarter earnings report before the market opening bell on April 8. Despite this recent rally, TLRY stock still trades with 47% year-to-date losses at $1.01 per share.
Pet Valu, G Mining Ventures, and Seabridge Gold were also among the top gainers on the Toronto Stock Exchange, with each climbing by at least 5.2%.
On the flip side, Magna International, BRP, Bombardier, and Lightspeed Commerce dived by at least 5.5% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TC Energy, TD Bank, Bank of Nova Scotia, and Air Canada were the five most active stocks on the exchange.
TSX today
Spot gold prices continued their record rally to post another fresh all-time high in early trading on Friday, supported by safe-haven demand and a weaker U.S. dollar. This upward momentum in bullion prices could lend additional strength to TSX mining stocks at the open today, especially large-cap gold producers.
Besides Canada’s monthly budget balance and GDP growth data, TSX investors will keep a close eye on the important U.S. personal consumption expenditure numbers this morning, which are widely considered the Federal Reserve’s preferred inflation gauge. Any surprise in the data could influence rate expectations and market sentiment on both sides of the border.
In addition, any trade policy-related development could add another layer of volatility to the markets.
On the corporate events side, the TSX-listed companies G Mining Ventures and Aya Gold & Silver are set to release their latest earnings reports on March 28, which will put their stocks in the spotlight.
Market movers on the TSX today
