Canadian equities traded on a weak note for a second consecutive session on Thursday as falling metals prices, mixed corporate earnings, and economic slowdown concerns unsettled investors. While the S&P/TSX Composite Index inched up to its highest level in over four weeks in intraday trading, the benchmark ended the volatile session at 24,796 — down 46 points, or 0.1%, from its previous closing.
Even as recently released cool U.S. personal consumption expenditure data led to renewed buying in consumer, real estate, and tech stocks, heavy losses in shares of metals and mining companies weighed heavily on the broader index, offsetting gains in more rate-sensitive sectors.
Top Composite movers and active stocks
Alamos Gold, Bombardier, Aya Gold & Silver, Spin Master, and Wesdome Gold Mines were the worst-performing TSX stocks for the day, with each diving by at least 6.5%.
In contrast, Ivanhoe Mines (TSX: IVN) jumped by nearly 10% to $13.45 per share, making it the top-performing TSX stock. These solid gains in IVN stock came after the Vancouver-based company reported a record first-quarter net profit of US$122 million, fueled by near-record copper production of 133,120 tonnes at its flagship Kamoa-Kakula complex.
This growth in Ivanhoe’s profits was mainly driven by strong copper sales, improving prices, and tight cost controls. Investors were also optimistic about the imminent startup of Africa’s largest copper smelter and upcoming exploration updates in the Western Forelands, further reflecting Ivanhoe’s growth trajectory. On a year-to-date basis, however, IVN stock is still down 21.2%.
Baytex Energy, Aecon Group, and Bird Construction were also among the top gainers on the Toronto Stock Exchange as they climbed by more than 5% each.
Based on their daily trade volume, Enbridge, Manulife Financial, Whitecap Resources, Baytex Energy, and Canadian Natural Resources were the five most active stocks on the exchange.
TSX today
After declining for several days, commodity prices across the board staged a recovery in early morning trading on Friday, which could lift the resource-heavy main TSX index at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest monthly U.S. jobs report this morning. The employment data could offer fresh clues on the health of the world’s largest economy and influence investor sentiment globally.
On the corporate events side, many large TSX-listed companies, including Imperial Oil, Brookfield Renewable Partners, Brookfield Business Partners, Magna International, and Secure Energy, will release their latest quarterly earnings reports today, which could drive stock-specific volatility.
Market movers on the TSX today
