Despite sharp declines in crude oil and copper prices, Canadian stocks continued to edge higher on Wednesday as weaker-than-expected U.S. job openings fueled hopes for more interest rate cuts in the near term. The S&P/TSX Composite Index rose 136 points, or 0.5%, to settle at 28,751 — marking its fifth straight record close.
Even as healthcare stocks fell sharply, solid gains in most other key sectors, including technology, mining, and real estate, kept the TSX firmly in record territory.
Top TSX Composite movers and active stocks
Alimentation Couche-Tard (TSX:ATD) climbed by 6.3% to $73.58 per share, making it the top-performing TSX stock for the day. This rally in ATD stock came a day after the Laval-headquartered retailer posted stronger-than-expected July quarter financial results.
While Couche-Tard’s adjusted earnings slipped 6% year over year to US$0.78 per share last quarter, its revenue trends were encouraging with merchandise and service sales climbing 4.5% to US$4.7 billion, led by a 4.1% same-store gain in Canada and 3.8% in Europe. Similarly, the company’s quarterly gross profit rose 4.4% to US$3.3 billion, fueled by better food execution, efficiency gains, and synergies from recent acquisitions like GetGo. Despite recent gains, however, ATD stock is still down 8% on a year-to-date basis.
Celestica, First Quantum Minerals, and Capstone Copper were also among the day’s top gainers on the Toronto Stock Exchange, with each jumping by at least 4%.
In contrast, Baytex Energy, Bausch Health, Tamarack Valley Energy, and Vermilion Energy slid by at least 3% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Baytex Energy, Enbridge, and Manulife Financial were the five most active stocks on the exchange.
TSX today
Commodity prices across the board fell sharply in early Thursday trading, which could add pressure to the resource-heavy TSX index at the open today.
While no major domestic economic releases are due, Canadian investors will closely monitor the U.S. non-farm employment and non-manufacturing PMI (purchasing managers index) this morning for clues on the health of the world’s largest economy.
On the corporate events side, the TSX-listed Transcontinental and Enghouse Systems will announce their latest quarterly results today after the market closing bell.
Market movers on the TSX today
