After eight gains in the past nine weeks, Canadian equities opened the new week slightly lower as investors turned cautious ahead of important U.S. inflation data and next week’s Federal Reserve decision. The S&P/TSX Composite Index slipped by 53 points, or 0.2%, on Monday to settle at 26,376.
Even as stronger commodity prices drove mining and energy stocks higher, losses in most other key market sectors, including technology, financials, and consumer discretionary, outweighed the gains.
Top TSX Composite movers and active stocks
Lundin Gold, Brookfield Asset Management, Shopify, and Dundee Precious Metals were the worst-performing TSX stocks for the day, with each falling by more than 3%.
On the flip side, Cameco (TSX: CCO) was one of the day’s top-performing TSX stocks as its shares jumped by nearly 11% to $91.60 apiece. The rally followed the Saskatoon-based uranium company’s announcement that it expects a US$170 million boost in its 49% equity share of Westinghouse’s 2025 adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization).
Cameco’s anticipated increase stems from Westinghouse’s participation in the construction of two nuclear reactors at the Dukovany power plant in the Czech Republic. Also, Cameco highlighted that the enhanced EBITDA outlook could positively impact its 2025 distribution from Westinghouse. After the recent rally, CCO stock now trades with a solid 24% year-to-date gain.
Endeavour Silver, Brookfield Renewable Partners, and Bombardier were also among the session’s top gainers on the Toronto Stock Exchange as they climbed by at least 5.3% each.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Cenovus Energy, Manulife Financial, and Telus were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures prices were largely bullish in early trading on Tuesday, but metals prices showed signs of weakness, with both silver and copper dipping slightly. Given these mixed signals from the commodities market, I expect the resource-heavy TSX index to open on a cautious note, with sector performance likely to diverge.
While no major economic releases are due today, Canadian investors are expected to stay in wait-and-see mode ahead of Wednesday’s key U.S. consumer price index (CPI) report. Any surprise in the inflation data could recalibrate expectations around the Federal Reserve’s policy path, which may impact rate-sensitive sectors like real estate and financials.
On the corporate events front, the TSX-listed North West Company is expected to announce its latest quarterly results today. Bay Street analysts expect the Canadian food retailer to post earnings of $0.58 per share for the April quarter with $652.6 million in revenue.
Market movers on the TSX today
