Canadian stocks started the new week on an optimistic note, as strength in commodities and upbeat global market cues boosted investor confidence. The S&P/TSX Composite Index advanced by 51 points to settle at 28,616 — posting its highest closing level for the fourth consecutive session.
Despite a consistent rally in mining stocks, sharp declines in real estate, technology, and consumer staples sectors limited the day’s overall upside.
Top TSX Composite movers and active stocks
Torex Gold Resources and Aya Gold & Silver were the top-performing TSX stocks for the day, with each climbing by at least 9.6%.
Shares of BRP (TSX:DOO) also rallied for the second consecutive day, extending its two-day gains to over 16%. This rally in BRP stock came after the Canadian firm posted much stronger-than-expected July quarter results.
During the quarter, the company’s revenue jumped by 4.3% year over year to $1.89 billion. BRP’s improving dealer sentiment despite softer North American retail boosted investors’ confidence, leading to a rally in its stock. On a year-to-date basis, BRP stock is now up 25%.
In contrast, Capstone Copper, Gildan Activewear, Pet Valu, and Maple Leaf Foods were the session’s worst-performing TSX stocks, with each diving by at least 2.7%.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Cenovus Energy, Great-West Lifeco, and Enbridge were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures prices were largely negative in early trading on Wednesday, pointing to a lower opening for the resource-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest U.S. job openings data this morning.
On the corporate events front, the TSX-listed Descartes Systems will announce its latest quarterly results after the market closing bell. Street analysts expect the tech firm to post earnings of $0.34 per share for the July quarter, with sales of $175.8 million.
Market movers on the TSX today
