After rallying sharply in the previous couple of sessions, the Canadian stock market turned negative on Thursday as investors continued to closely watch corporate earnings and trade developments for fresh cues on market direction. Following a 3.3% two-day surge, the S&P/TSX Composite Index slipped 160 points, or 0.6%, to close at 27,761.
Even as rising gold and silver prices helped some metals and mining stocks trade positively, a downward correction in many key sectors, such as consumer discretionary, technology, and financials, kept the broader index in the red.
Top TSX Composite movers and active stocks
Fortuna Mining (TSX:FVI) dived by 12% to $8.55 per share, making it the worst-performing TSX stock for the day. This selloff in FVI stock came a day after the Vancouver-based precious metals miner posted its second-quarter results, showing a 42% year-over-year jump in sales to US$230.4 million and a record 55% adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margin.
While higher gold prices and sales volumes lifted Fortuna Mining’s adjusted net profit to US$44.7 million last quarter from just US$9.3 million a year earlier, the company’s all-in sustaining cost surged 22% to US$1,932 per gold equivalent ounce due to heavy capital spending and peak stripping at the Séguéla mine. The higher operating costs and guidance for continued near-term cost pressure apparently triggered investor concerns, driving the sharp drop in FVI stock.
Canadian Tire, Altus Group, and Restaurant Brands International were also among the day’s bottom performers on the Toronto Stock Exchange, with each falling by at least 5.2%.
In contrast, Lundin Mining, OceanaGold, Enerflex, and goeasy climbed by at least 9.6% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Manulife Financial, Suncor Energy, Enbridge, Canadian Natural Resources, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Commodity prices across the board largely trended higher in early Friday trading, which could provide some support to the resource-heavy TSX at the open today.
In addition to the domestic jobs data for July, Canadian investors will continue to assess new corporate earnings releases and global trade updates to gauge the market’s next move. Notably, many TSX-listed companies, including Constellation Software, Emera, Algonquin Power & Utilities, and Boralex, will announce their latest quarterly financial results today.
Market movers on the TSX today
