Canadian equities started the new week on a strong note as investors shook off early concerns around global trade and macroeconomic uncertainties, fueling a broad rebound in most major sectors. As spot gold prices climbed over US$4,350 per ounce in intraday trading, the S&P/TSX Composite Index inched up by 308 points, or 1%, to settle at 30,416.
Nearly all key sectors ended the session in the green, but the TSX rally was mainly driven by solid gains in healthcare, mining, and technology stocks.
Top TSX Composite movers and active stocks
NGEx Minerals, Perpetua Resources, Lundin Gold, and Energy Fuels were the top-performing TSX stocks for the day, with each climbing by at least 7.2%.
In contrast, shares of Constellation Software (TSX: CSU) slipped 2.7% even as its subsidiary Volaris Group announced a fresh acquisition in the fintech space. Volaris acquired Fintilect, a U.K.-based provider of front-end digital banking platforms, which will strengthen its portfolio of financial services technology.
While the acquisition aligns with Volaris’s strategy of building long-term value in vertical markets, investors may be reacting cautiously to ongoing acquisition costs and integration risks. The dip in CSU stock could be a reflection of investors’ wait-and-see approach to how quickly the new asset contributes to Constellation’s earnings. On a year-to-date basis, the stock is down 16.5%.
NFI Group, Kelt Exploration, and Granite Real Estate Investment Trust were also among the session’s worst performers on the Toronto Stock Exchange, as they slid by at least 2% each.
Based on their daily trade volume, Canadian Natural Resources, Capstone Copper, Enbridge, B2Gold, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Gold, silver, and copper prices fell sharply in early Tuesday trading, suggesting that yesterday’s rally in TSX mining stocks may face some resistance at the open today.
In addition to any developments related to the global trade outlook, Canadian investors will closely monitor the domestic consumer inflation data set to be released this morning. The inflation report could offer fresh clues about the Bank of Canada’s next move on interest rates and influence rate-sensitive sectors like real estate and financials.
On the corporate events front, the TSX-listed Waste Connections will announce its third-quarter results today after the market closing bell. Bay Street analysts expect the waste management giant to post quarterly earnings of US$1.38 per share with US$2.45 billion in revenue.
Market movers on the TSX today
