Despite volatile commodity prices amid geopolitical tensions, Canadian equities started the new week on a slightly positive note as investors hoped that the Federal Reserve would signal a more dovish outlook for the second half of the year. The S&P/TSX Composite Index edged up 64 points, or 0.2%, to close at 26,569.
On the one hand, a pullback in crude oil and gold prices weighed on energy and mining stocks, limiting broader market gains. On the other hand, sectors like technology, financials, and industrials posted modest advances, helping to keep the TSX in positive territory.
Top TSX Composite movers and active stocks
Denison Mines, Ivanhoe Mines, Algoma Steel, and BlackBerry were the top-performing TSX stocks for the day, with each climbing by at least 6.3%.
Shares of Hudbay Minerals (TSX:HBM) also rose 3.3% to $13.58 apiece after the company announced the resumption of operations at its Snow Lake site in Manitoba. This update followed the lifting of wildfire evacuation orders on June 14, with Hudbay confirming no structural damage to its infrastructure.
In an update, Hudbay told investors that mining operations have restarted at its Lalor mine, initially focusing on high-margin gold zones, while milling activities at the New Britannia mill are ramping up. The company also reaffirmed its full-year guidance for Manitoba, which likely reassured investors about its operational and financial resilience. On a year-to-date basis, HBM stock is now up 16.5%.
On the flip side, G Mining Ventures, Torex Gold, Parex Resources, and Baytex Energy slipped by at least 3.5% each, making them the session’s worst-performing stocks on the Toronto Stock Exchange.
Based on their daily trade volume data, Canadian Natural Resources, Cenovus Energy, Manulife Financial, Suncor Energy, and Enbridge were the five most active stocks on the exchange.
TSX today
Commodity prices across the board continued to witness large swings in early Tuesday trading as the ongoing Israel-Iran conflict entered its fifth day, injecting fresh volatility into global markets. These uncertain signals from the commodity market may keep the main TSX index nearly flat at the open today.
Canadian investors may want to keep an eye on the latest U.S. retail sales data this morning, as it could provide further clues on consumer strength and influence expectations around the Fed’s policy path ahead of its rate decision on Wednesday.
Market movers on the TSX today
