Canadian stocks were largely mixed on Tuesday as investors stayed on the sidelines ahead of key U.S. consumer inflation data expected Wednesday morning. The S&P/TSX Composite Index wrapped up a choppy session with a 51-point gain, closing at 26,355 — just three points shy of its record high.
While intraday declines in metals prices pressured mining stocks, healthy gains in most other main sectors, such as healthcare, technology, and consumer discretionary, helped lift the broader index into positive territory.
Top TSX Composite movers and active stocks
Baytex Energy, Tilray, Linamar, and Vermilion Energy were the top-performing TSX stocks for the day, with each climbing by at least 4.7%.
Shares of Shopify (TSX:SHOP) climbed by 2.2% to $150.79 apiece after the e-commerce giant entered a strategic partnership with Sovos to automate sales tax filing for its merchants. Through this partnership, Shopify’s newly launched feature, “Shopify Tax automated filing,” will simplify sales tax return preparation, filing, and remittance for eligible Shopify merchants in the U.S.
By cutting down on manual work and lowering audit risk, the move could improve the overall experience for merchants using Shopify. Investors likely saw it as a positive step toward strengthening the platform’s value and stickiness. Notably, SHOP stock has risen over 10% so far in the second quarter.
In contrast, Denison Mines, Energy Fuels, Cameco, and SSR Mining slipped by at least 3.6% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Cenovus Energy, Manulife Financial, and Baytex Energy were the five most active stocks on the exchange.
TSX today
Commodity prices, especially crude oil, natural gas, and gold, were trading on a firm note in early morning trading on Wednesday, which could offer a tailwind for TSX mining and energy stocks at the open today.
While no major domestic economic releases are due, Canadian investors will keep a close eye on the important U.S. consumer price index (CPI) report this morning. The CPI data may influence rate expectations ahead of next week’s Federal Reserve decision and drive broader market sentiment.
On the corporate events side, the TSX-listed Dollarama will announce its latest quarterly results. Analysts expect the Canadian value retailer to post earnings of $0.84 per share for the April quarter with $1.5 billion in revenue.
Market movers on the TSX today
