Canadian equities started the new week on a slightly positive note as investors continued to weigh corporate earnings ahead of the key U.S. consumer inflation report. After surging by 2.7% last week, the S&P/TSX Composite Index advanced by 17 points on Monday to settle at 27,775.
Despite weakness in real estate and mining stocks, strong gains in other main sectors like healthcare, consumer discretionary, and consumer staples helped the TSX index finish in positive territory.
Top TSX Composite movers and active stocks
Bausch Health Companies (TSX:BHC) jumped by over 16% to $9.21 per share, making it the top-performing TSX stock for the day. While there was no company-specific announcement today, recent momentum may have been fueled by the company’s stronger-than-expected second-quarter results released late last month, which marked its ninth consecutive quarter of revenue and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) growth.
Investors may also be optimistic about Bausch Health’s upcoming US$900 million debt repayment, reaffirmed full-year guidance, and the planned acquisition of DURECT Corporation to expand its hepatology portfolio. Despite the recent rally, however, BHC stock is still down 21% on a year-to-date basis.
Constellation Software, RB Global, and goeasy were also among the top gainers on the Toronto Stock Exchange, with each climbing by at least 3%.
In contrast, Capstone Copper, Ivanhoe Mines, Lundin Mining, and Baytex Energy dived by at least 3.2% each, making them the session’s worst-performing TSX stocks.
According to the exchange’s daily trade volume data, Enbridge, Barrick Mining, TD Bank, Scotiabank, and Baytex Energy were the five most active stocks on the exchange.
TSX today
Commodity prices across the board traded positively in early Tuesday trading, with silver, copper, and crude oil all posting modest gains. This uptick could provide a lift to the resource-heavy TSX at the open today, especially after recent weakness in mining and energy stocks.
While no major domestic economic releases are due, Canadian investors will closely monitor the important U.S. consumer inflation data this morning, which could heavily influence market sentiment on both sides of the border.
On the corporate events front, many TSX-listed companies, including CAE, Peyto Exploration & Development, Sienna Senior Living, Superior Plus, NGEx Minerals, and NorthWest Healthcare Properties REIT, will announce their latest quarterly results today after the market closing bell.
Market movers on the TSX today
