The Canadian stock market traded mostly sideways on Thursday as investors kept an eye on global trade developments and digested the Bank of Canada’s decision to hold rates steady. The S&P/TSX Composite Index ended the largely muted session with a minor gain of 13 points at 26,342.
The modest uptick came as strength in mining and real estate shares helped offset continued weakness in other TSX sectors such as healthcare, utilities, and technology. Mining stocks tracked stronger silver and copper prices, while real estate shares advanced on hopes that stable rates and upbeat Purchasing Managers’ Index (PMI) readings would support broader economic resilience.
Top TSX Composite movers and active stocks
As silver spot prices jumped to their highest level since February 2012, First Majestic Silver, Fortuna Mining, Ivanhoe Mines, and Endeavour Silver jumped by at least 7.8% each, making them the top-performing TSX stocks for the day.
On the flip side, Descartes Systems Group (TSX: DSG) dived by over 12% to $138.95 per share, making it the session’s worst-performing TSX stock. This selloff in DSG stock came a day after the Waterloo-based software firm released earnings for the April quarter, which missed Street analysts’ expectations.
During the quarter, Descartes’s revenue rose 12% year over year to US$168.7 million. However, its operating cash flow dropped by nearly 16% from a year ago to US$53.6 million due mainly to working capital changes. The tech firm posted adjusted quarterly earnings of US$0.41 per share amid margin pressure, missing analysts’ estimates of US$0.44 per share. Year to date, DSG stock has now declined 15%.
G Mining Ventures, NovaGold Resources, and Tilray also slid by at least 3.6% each, making them among the day’s bottom performers on the Toronto Stock Exchange.
According to the exchange’s daily volume figures, the five most actively traded stocks were Canadian Natural Resources, Suncor Energy, Ivanhoe Mines, Enbridge, and Cenovus Energy.
TSX today
Silver prices continued to surge in early morning trading on Friday, extending their multi-session rally and setting the stage for further strength in TSX-listed precious metal miners at the open today.
With no major corporate events on the agenda, TSX investors will be focused on May’s jobs data from both Canada and the U.S. this morning. The dual employment reports are expected to offer fresh clues on the trajectory of interest rates and economic momentum on both sides of the border, which could inject volatility into the session.
Market movers on the TSX today
