With the U.S. market closed for Juneteenth, Canadian stocks traded on a bearish note on Thursday as investors continued to react to mixed signals from the Federal Reserve and volatile commodity prices amid the ongoing geopolitical tensions. The S&P/TSX Composite Index fell 54 points, or 0.2%, to settle at 26,506.
Even as surging oil and gas prices drove energy stocks higher, losses in most other key sectors, including healthcare, mining, and utilities, dragged the broader index into negative territory.
Top TSX Composite movers and active stocks
Capstone Copper, SECURE Waste Infrastructure, Ivanhoe Mines, and Bausch Health were the worst-performing TSX stocks for the day, with each plunging by at least 2.7%.
On the flip side, Empire Company (TSX:EMP.A) jumped 5.3% to $54.65 per share, making it the top-performing TSX stock. These gains came after the grocer delivered strong earnings for the April quarter. During the quarter, the company’s total revenue rose 3% year over year to $7.6 billion.
More importantly, Empire Company’s adjusted quarterly earnings climbed 17.5% from a year ago to $0.74 per share with the help of a 3.8% jump in its food same-store sales and disciplined cost management. Investors also cheered its announcement of a 10% dividend increase, marking the 30th consecutive year of hikes. Empire stock is now up 25% year to date.
Algoma Steel, Paramount Resources, and Enerflex were also among the top gainers on the Toronto Stock Exchange, with each rising by at least 2.4%.
Based on their daily trade volume, Baytex Energy, Calibre Mining, Canadian Natural Resources, Whitecap Resources, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Crude oil and natural gas prices extended their gains in early Friday trading. However, metals prices were largely under pressure, with gold, silver, and copper slipping amid shifting risk sentiment and profit-taking. This divergence in commodity markets could lead to another mixed opening for the TSX today.
In addition to the domestic retail sales report, Canadian investors may want to keep an eye on the latest U.S. manufacturing data this morning. With geopolitical headlines still creating volatility in the commodity market, the TSX direction may remain choppy heading into the weekend.
Market movers on the TSX today
