Canadian equities inched up for the fourth time in the last five sessions on Friday as largely strong corporate earnings and hopes of more rate cuts in the near term gave markets another reason to push higher. The S&P/TSX Composite Index climbed 122 points, or 0.4%, to settle at 27,494, setting a new all-time closing high and reinforcing bullish momentum.
Even as falling crude oil and natural gas prices pressured energy stocks, solid gains in most other key sectors, including technology, real estate, and industrials, more than made up for the losses, allowing the TSX to extend its surge to record territory.
Top TSX Composite movers and active stocks
TFI International, Lightspeed Commerce, Celestica, and Orla Mining were the top-performing TSX stocks for the day, with each rising by at least 4.2%.
In contrast, Winpak (TSX: WPK) dived by 6.6% to $40.19 per share, extending its weekly decline to more than 11%. The recent selloff in WPK stock started after the Winnipeg-based packaging material firm posted disappointing second-quarter results, with its net profit plunging 22% year over year to US$30.2 million.
Last quarter, Winpak’s revenue also fell nearly 4% as volume softness hit its key segments like rigid containers and packaging machinery. Similarly, higher personnel costs, increased production waste, and pricing concessions in a competitive market narrowed its gross profit margins. Investors also appeared concerned about muted demand trends and Winpak’s cautious near-term outlook, triggering a selling spree.
Teck Resources, Aya Gold & Silver, and NovaGold Resources also slipped by at least 3.3% each, making them among the day’s bottom performers on the Toronto Stock Exchange.
Based on their daily trade volume, Enbridge, Whitecap Resources, Bank of Montreal, Canadian Natural Resources, and TC Energy were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were mixed in early trading on Monday, pointing to a flat opening for the resource-heavy main TSX index today.
While no major domestic economic releases or corporate earnings are due this morning, Canadian investors are likely to stay focused on global trade developments ahead of key interest rate decisions later this week. Notably, the Bank of Canada and the U.S. Federal Reserve are both set to make policy announcements on Wednesday, which could significantly influence market sentiment and sector performance.
Market movers on the TSX today
