Canadian equities started the new month on a mixed note as investors continued to assess the latest round of corporate earnings, global trade developments, and macroeconomic signals. The S&P/TSX Composite Index hovered near the flatline for most of Monday’s session, closing with a modest gain of 14 points at 30,275.
Even as falling crude oil and base metal prices pressured mining and energy stocks, strength in other key sectors like consumer discretionary, financials, and utilities helped the TSX notch a narrow gain to kick off November trading.
Top TSX Composite movers and active stocks
Shares of Magna International (TSX: MG) rose 4.5% to $69.26 per share after analysts at BMO, RBC, CIBC, and JP Morgan raised their price targets. These upward revisions came after Magna delivered stronger-than-expected third-quarter earnings, driven by solid execution and rising global vehicle production.
In the latest quarter, the auto parts giant reported US$10.5 billion in revenue, up 2% year over year, while its adjusted earnings climbed 4% to US$1.33 per share, outpacing analyst expectations. Encouraged by strong results, Magna also upgraded its full-year sales outlook, boosting investors’ confidence. MG stock now trades with a 15.3% year-to-date gain.
Aya Gold & Silver, Capital Power, and Parex Resources were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 3.6%.
On the flip side, Energy Fuels, Denison Mines, NexGen Energy, and Perpetua Resources dived by at least 5.4% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, B2Gold, Manulife Financial, Canadian Natural Resources, Enbridge, and TD Bank were the five most active stocks on the exchange.
TSX today
Commodity prices across the board, especially crude oil and copper, fell sharply in early morning trading, setting the stage for a weaker open for the resource-heavy TSX today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest job openings data from the United States this morning.
In addition, the market will closely monitor more corporate earnings from both sides of the border as the third-quarter earnings season heats up. Several TSX-listed companies, including SSR Mining, Dream Industrial REIT, MEG Energy, Boardwalk REIT, IAMGOLD, Intact Financial, Suncor Energy, Cargojet, Kinross Gold, iA Financial, Shopify, Fortis, Thomson Reuters, Colliers International, and Pet Valu, will release their latest quarterly earnings reports today. These reports could not only influence individual stock movements but also reveal key trends across major sectors.
Market movers on the TSX today
