Despite weaker commodity prices, Canadian equities climbed for the seventh consecutive session on Wednesday as optimism surrounding global trade progress and resilient earnings continued to drive risk appetite. The S&P/TSX Composite Index added 76 points, or 0.3%, to settle at 25,692 — its highest closing level in three months.
Although weakness in many sectors, including healthcare and mining, pressured the TSX benchmark, robust gains in technology, industrials, and financial stocks helped keep the index in positive territory.
Top TSX Composite movers and active stocks
Shopify (TSX:SHOP) climbed by 3.8% to $155.83 per share after announcing a renewed multi-year strategic partnership with Global-e Online. The new three-year agreement is likely to strengthen Shopify’s cross-border e-commerce capabilities by keeping Global-e as the exclusive provider of merchant-of-record services for Shopify Managed Markets.
Investors apparently welcomed the expanded Shopify-Global-e partnership, which mainly focuses on boosting international merchant adoption and streamlining global selling through deeper integration of Shopify’s payment and service suite. On a year-to-date basis, SHOP stock is now up 2%.
Finning International, Canadian Pacific Kansas City, and Boyd Group were also among the top gainers on the Toronto Stock Exchange, with each climbing by at least 3.6%.
On the flip side, CAE (TSX:CAE) slipped by 5% to $34.36 per share despite posting largely strong March quarter financial results. While the Montreal-based simulation and training company delivered a solid year-over-year jump in its adjusted quarterly earnings, investors appeared concerned about a sequential decline in its adjusted order intake and near-term softness in pilot training demand. Despite the recent weakness, CAE stock has risen 19.3% over the last year.
Aya Gold & Silver, Baytex Energy, Onex, and Lundin Gold were also among the day’s worst-performing TSX stocks, as they slipped by at least 2.5% each.
Based on their daily trade volume, Whitecap Resources, Manulife Financial, Baytex Energy, Canadian Natural Resources, and TD Bank were the five most active stocks on the exchange.
TSX today
Commodity prices, especially crude oil, gold, and silver, fell sharply in early morning trading on Thursday, setting a cautious tone for the TSX at the open today.
While no major domestic economic releases are due, Canadian investors will closely monitor the important monthly retail sales, manufacturing index, and wholesale inflation data from the United States this morning. In addition, a speech from Fed Chair Jerome Powell ahead of the market opening could impact sentiment, depending on whether he hints at changes in the interest rate strategy.
On the corporate events front, some TSX-listed companies like InterRent REIT, South Bow, Keyera, and AtkinsRéalis will announce their latest quarterly results today, which will likely keep their stocks in focus throughout the session.
Market movers on the TSX today
