Surging metals prices helped Canadian stocks trade in positive territory for the second consecutive session on Tuesday as investors awaited a wave of key corporate earnings. The S&P/TSX Composite Index climbed by 47 points, or 0.2%, to settle at 27,364.
Despite sharp declines in technology stocks, healthy gains in other key sectors like mining, energy, and consumer discretionary helped keep the TSX benchmark in positive territory.
Top TSX Composite movers and active stocks
Ivanhoe Mines, Agnico Eagle Mines, Wheaton Precious Metals, and BRP were the day’s top-performing TSX stocks, with each climbing by at least 3.9%.
Shares of NGEx Minerals (TSX: NGEX) also climbed by 3.9% to $18.86 per share after the Vancouver-based mining firm revealed intentions to spin out royalty interests in its Lunahuasi and Los Helados projects into a new company.
Under the proposed arrangement, NGEx shareholders would receive shares in the new royalty-focused entity, RoyaltyCo, giving them separate exposure to long-term cash flows from the projects. The move, which still requires shareholder and regulatory approvals, could be seen as a value-creation strategy ahead of a planned TSX Venture listing for RoyaltyCo. On a year-to-date basis, NGEx stock is now up 41%.
In contrast, MDA Space, Celestica, Shopify, and Sprott dived by at least 4% each, making them the worst-performing TSX stocks for the day.
Chartwell Retirement Residences (TSX: CSH.UN) fell nearly 2% yesterday to $17.62 per share after announcing a $432 million deal to acquire six senior housing communities in Ontario.
While the acquisition expands Chartwell’s footprint in high-demand regions like London and Mississauga, some investors may be concerned about the size of the investment and the timing of the debt-financed transaction. Notably, the deal includes assuming $232.7 million in existing debt, with additional funding from planned Canada Mortgage and Housing Corporation (CMHC) financing.
According to the exchange’s daily trade volume data, Canadian Natural Resources, Enbridge, Royal Bank of Canada, Manulife Financial, and TD Bank were the five most active stocks on the exchange.
TSX today
Metal prices, especially silver and copper, continued to rise for the fourth straight session in early Wednesday trading, but crude oil prices edged lower, signalling a mixed opening for the commodity-heavy TSX index today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest monthly existing home sales and weekly crude oil stockpiles data from the United States this morning.
Markets may also react to a new U.S.-Japan trade deal, touted by U.S. president Donald Trump as a US$550 billion investment plan that could bolster cross-border trade and lift global economic sentiment.
On the corporate events front, several TSX-listed companies, including Whitecap Resources, Headwater Exploration, West Fraser Timber, First Quantum Minerals, Waste Connections, and Rogers Communications, are set to announce their latest quarterly results today.
Market movers on the TSX today
