Despite a sharp intraday decline in crude oil prices, the Canadian stock market rallied sharply on Wednesday, as the U.S. House of Representatives passed the temporary funding bill to end the government shutdown. This move, coupled with soaring metals prices, drove the S&P/TSX Composite Index up by 418 points, or 1.4%, to 30,828 — marking a new all-time high for the market benchmark and its fourth consecutive daily gain.
While all key market sectors ended the session in positive territory, the strongest performances came from mining, consumer staples, and financial stocks.
Top TSX Composite movers and active stocks
Baytex Energy (TSX:BTE) climbed nearly 14% to $4.25 per share, making it the top-performing TSX stock for the day. This rally in BTE stock came after the Calgary-based energy firm announced a US$2.3 billion deal to sell its U.S.-based Eagle Ford assets, a move expected to sharpen its focus on its higher-return Canadian operations.
Also, the sale is likely to significantly strengthen Baytex’s financial base by eliminating debt and enabling share buybacks or other shareholder returns. The company also outlined plans for disciplined production growth and an improved cost structure. On a year-to-date basis, BTE stock is now up 15%.
Orla Mining, Northwest Healthcare Properties REIT, and Discovery Silver were also among the day’s top gainers on the Toronto Stock Exchange, with each rising by at least 8.4%.
In contrast, Aecon Group, Vermilion Energy, BCE, and Kelt Exploration slid by at least 2.7% each, making them the session’s worst-performing TSX stocks.
According to the exchange’s daily trade volume data, Baytex Energy, Enbridge, Cenovus Energy, Tourmaline Oil, and Suncor Energy were the five most active stocks.
TSX today
Commodity prices across the board edged higher in early Thursday trading, which could lift the resource-heavy main TSX index at the open today.
While no major domestic economic releases are due, Canadian investors will closely watch the latest U.S. consumer inflation report this morning. The data is expected to play a key role in shaping expectations for future interest rate moves by the Federal Reserve.
On the corporate events front, several TSX-listed companies, including Stantec, Sienna Senior Living, Superior Plus, CES Energy Solutions, H&R REIT, Freehold Royalties, Discovery Silver, Hydro One, Atkinsrealis, and Brookfield, will release their third-quarter earnings today. Earnings from these firms may add stock-specific volatility throughout the session.
Market movers on the TSX today
