Canadian stocks resumed their upward momentum on Thursday, following a one-day pause, as investors reacted to weaker-than-expected U.S. GDP (gross domestic product) numbers that strengthened expectations of more rate cuts by the Federal Reserve. This factor, combined with intraday gains in commodity prices, pushed the S&P/TSX Composite Index up by 186 points, or 0.7%, ending the day at a new all-time high of 26,752.
Despite minor weakness in some tech stocks, strong gains in sectors such as mining, energy, and industrials guided the TSX benchmark to fresh highs.
Notably, the U.S. economy contracted at an annualized rate of 0.5% in the first quarter due mainly to an increase in imports — well below the expected 0.1% decline.
Top TSX Composite movers and active stocks
As copper futures surged to their highest level since March, mining stocks like NovaGold Resources, Hudbay Minerals, Ero Copper, and Teck Resources jumped by 7.9% each, making them the top-performing TSX stocks for the day.
Shares of Brookfield Asset Management (TSX:BAM) also traded positively after a Reuters report revealed the firm is selling its Australian senior housing platform, Aveo, for around AU$3.85 billion to The Living Company.
Brookfield originally acquired Aveo in 2019 and has since invested more than AU$500 million to streamline its operations and upgrade the business. Investors reacted positively to this news as the sale highlights Brookfield’s focus on its turnaround strategy. While the Brookfield Asset Management stock has risen 45% over the last year, it’s still down 3% on a year-to-date basis.
In contrast, BlackBerry and ARC Resources were the session’s worst-performing TSX stocks, with each sliding by at least 3.3%.
Based on their daily trade volume, TC Energy, Canadian Natural Resources, Suncor Energy, Scotiabank, and Manulife Financial were the five most active stocks on the exchange.
TSX today
Crude oil and copper prices trended upward in early trading on Friday, while gold spot continued to decline for a second consecutive session. Given these divergent moves in commodity prices, the TSX could see a relatively muted open today.
In addition to Canada’s monthly GDP growth numbers, investors will closely monitor the U.S. personal consumption expenditure (PCE) data this morning, which is the Federal Reserve’s preferred inflation gauge. Any surprises in the PCE figures could influence expectations around future rate decisions and drive short-term market moves.
Market movers on the TSX today
