A temporary pause in U.S.-China tariff increases helped Canadian equities start the new week on a positive note even as an intraday weakness in metals prices weighed on mining stocks. The S&P/TSX Composite Index climbed by 174 points, or 0.7%, on Monday to settle at 25,532 — registering its fifth consecutive winning session.
Despite weakness in mining and utility stocks, signs of easing global trade tensions encouraged buying across most other sectors, especially in technology, healthcare, and consumer cyclicals.
Top Composite movers and active stocks
Shopify, Aritzia, TFI International, Hudbay Minerals, and Tilray were the top-performing TSX stocks for the day, with each jumping by at least 8.5%.
On the flip side, shares of Orla Mining (TSX: OLA) dived by 15.6% to $13.07 per share, making it one of the worst-performing TSX stocks. This selloff in OLA stock came after the Vancouver-based mining firm reported a first-quarter net loss of US$69.8 million, largely due to non-cash fair value adjustments tied to its US$850 million Musselwhite mine acquisition.
While Orla posted record quarterly gold production of 47,759 ounces, its updated full-year guidance revealed a sharp increase in all-in sustaining costs to a range of US$1,300 to US$1,500 per ounce. The company’s higher projected capital and exploration spending signalled near-term margin pressure despite long-term growth prospects, pressuring OLA stock. However, the stock is still up by a solid 64% on a year-to-date basis.
Lundin Gold, Pan American Silver, and IAMGOLD also slid by at least 10% each, making them among the day’s bottom performers on the Toronto Stock Exchange.
Based on their daily trade volume, Whitecap Resources, Enbridge, Manulife Financial, Veren, and Canadian Natural Resources were the most active stocks on the exchange.
TSX today
Commodity prices across the board were largely bullish in early morning trading on Tuesday, pointing to a slightly higher opening for the resource-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors will closely monitor the important U.S. consumer inflation report this morning, which could set the tone for broader market sentiment.
On the corporate events side, several TSX-listed companies, including Endeavour Silver, Aya Gold & Silver, Superior Plus, Power Corporation of Canada, CAE, Wesdome Gold Mines, Northland Power, and Peyto Exploration, will announce their latest quarterly financial results today. These earnings could introduce sector-specific volatility as investors assess earnings quality and forward guidance.
Market movers on the TSX today
