Canadian stocks went sideways for a second consecutive session on Friday as investors continued to react to geopolitical developments and economic data. The S&P/TSX Composite Index ended the volatile session with a minor decline of 11 points at 27,905.
Despite positive movement in healthcare and mining stocks, weakness in sectors such as technology and consumer discretionary kept the broader market little changed.
With a 0.5% weekly change, the TSX benchmark registered its second straight weekly advance — extending its year-to-date gains to nearly 13%.
Top TSX Composite movers and active stocks
Bausch Health Companies (TSX: BHC) jumped 11% to $11.52 per share, making it the top-performing TSX stock for the day. This rally in BHC stock came after it announced that its chairperson, John Paulson’s investment firm Paulson Capital, boosted its stake to nearly 19.1% of the outstanding shares by acquiring Icahn Group’s position.
The move also triggered a board shake-up at Bausch Health, with Brett Icahn and Steven Miller stepping down from the board following the termination of the Icahn Group’s director nomination agreement. Investors cheered Paulson’s increased backing, viewing it as a strong vote of confidence in Bausch Health’s turnaround efforts and growth prospects. After the recent rally, BHC stock has surged 41% so far in August.
MDA Space, SSR Mining, and Northland Power were also among the top gainers on the Toronto Stock Exchange, with each climbing by at least 4%.
In contrast, Bird Construction, TerraVest Industries, and ATS slipped by at least 2.3% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, Enbridge, Cenovus Energy, Barrick Mining, Canadian Natural Resources, and Manulife Financial were the five most active stocks on the exchange.
TSX today
Precious metals prices trended higher in early trading on Monday. At the same time, crude oil and natural gas pulled back slightly, setting up a mixed start for the resource-heavy TSX today.
While no major economic or corporate events are due this morning, Canadian investors will continue to monitor global trade and geopolitical developments for direction.
