After falling for two consecutive sessions, Canadian stocks staged a minor recovery on Thursday as a rebound in commodity prices and stronger-than-expected U.S. economic data boosted investor confidence. The S&P/TSX Composite Index inched up by 114 points, or 0.3%, to settle at 34,850.
Despite weakness in technology stocks, strong gains in most other key market sectors, including healthcare, industrials, and mining, helped lift the TSX benchmark.
Top TSX Composite movers and active stocks
BlackBerry (TSX:BB) surged by more than 19% to $14.62 per share, making it the top-performing TSX stock for the day. This strong rally in BB stock came after the Waterloo-based software firm reported stronger-than-expected fiscal first-quarter results, with its revenue rising 26% year over year to US$153 million and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) jumping 144%.
Investors were also encouraged by BlackBerry’s fifth straight quarter of positive GAAP (generally accepted accounting principles) net profit, its first positive fiscal first-quarter operating cash flow in nine years, and solid growth across its QNX and Secure Communications businesses. On a year-to-date basis, BB stock is now up 182%.
Jamieson Wellness (TSX:JWEL), Aya Gold & Silver, and Bausch Health Companies were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 5.5%.
Gains in Jamieson Wellness followed the company’s confirmation that, after receiving an unsolicited acquisition proposal, its board has started a process to enhance shareholder value and is in talks with interested parties about a potential transaction. However, Jamieson cautioned that there is no guarantee any deal will be reached.
In contrast, MDA Space, NexGen Energy, Energy Fuels, and Constellation Software slid by at least 3.6% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Telus, BlackBerry, Canadian Natural Resources, B2Gold, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Crude oil prices fell in early morning trading on Friday, while gold and silver prices continued to strengthen. Given these mixed commodity price trends, the resource-heavy TSX could see a cautious start to the session today, with strength in precious metals miners potentially offsetting weakness in energy stocks.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest inflation expectations and consumer sentiment data from the U.S. this morning.
Market movers on the TSX today
