Canadian stocks rose for the second consecutive session on Tuesday as the victory of Prime Minister Mark Carney’s Liberal Party in federal elections provided a short-term boost to market sentiment and helped ease political uncertainty. This factor, coupled with hopes of global easing trade tensions, drove the S&P/TSX Composite Index up by 76 points, or 0.3%, to 24,874 — helping the market benchmark climb for the 10th out of the previous 12 sessions.
Even as weaker crude oil and metals prices pressured commodity-linked stocks, strong gains in other sectors, including healthcare, consumer cyclicals, and financials, were enough to nudge the TSX higher.
Top TSX Composite movers and active stocks
Brookfield Business Partners, Tilray, TMX Group, and GFL Environmental were the top-performing TSX stocks for the day, with each climbing by at least 2.9%.
On the flip side, Kelt Exploration, International Petroleum, Birchcliff Energy, and ARC Resources slid by at least 3.3% each, making them the session’s worst-performing TSX stocks.
Shares of Lightspeed Commerce (TSX:LSPD) also trended downward despite the company announcing a multi-year agreement with Oki Golf to deliver an integrated commerce platform across its public golf operations.
While the deal highlights Lightspeed’s push toward vertical integration in the golf industry and its growth in experience-focused sectors, the market’s lukewarm response suggests investors were hoping for more substantial broader revenue drivers. On a year-to-date basis, LSPD stock is now down 37%.
Based on their daily trade volume, TD Bank, Royal Bank of Canada, Bank of Montreal, Enbridge, and Whitecap Resources were the five most active stocks on the exchange.
TSX today
Commodity prices, especially gold, silver, and copper, fell sharply in early morning trading on Wednesday, pointing to a lower open for the resource-heavy main TSX index today.
Besides Canada’s monthly GDP (gross domestic product) growth numbers, Canadian investors will also closely monitor non-farm employment, personal consumption expenditure, and quarterly GDP growth data from the United States this morning. These key economic indicators could shape expectations around interest rate trajectories on both sides of the border.
As the first-quarter earnings season also gains steam, several TSX-listed companies, including Loblaw Companies, CGI, Brookfield Infrastructure Partners, Ivanhoe Mines, Element Fleet Management, Bausch Health, Alamos Gold, GFL Environmental, Spin Master, Canadian Pacific Kansas City, Primaris REIT, Open Text, Toromont Industries, Allied Properties REIT, and Methanex, will release their earnings reports today, which is likely to keep these stocks in the spotlight.
Market movers on the TSX today
