Despite weakness in commodity prices amid ongoing U.S.-Iran tensions, Canadian stocks maintained their upward momentum for the fifth straight day as strong corporate earnings and much cooler-than-expected U.S. wholesale inflation data gave investors some relief about persistent price pressures and the interest rate outlook. The S&P/TSX Composite Index inched up by 97 points, or 0.3%, on Thursday to settle at yet another record high of 36,759 — reaching new heights for the fourth consecutive session.
On the one hand, a downside reversal in oil and metals prices drove shares of energy and mining companies lower. On the other hand, solid gains in most other key market sectors, including technology, industrials, and financials, helped the TSX finish at another fresh record high.
Top TSX Composite movers and active stocks
Bird Construction (TSX:BDT) was the top-performing TSX stock for the day, as its shares jumped 11.4% to $71.88 each. This rally in BDT stock came a day after the Etobicoke-headquartered construction and maintenance firm posted strong second-quarter results, with revenue rising 22.6% year over year as all three of its major businesses contributed to growth.
Last quarter, Bird’s net profit surged 49.3% to $30.3 million, while it also reported a record $6.1 billion backlog, up 30.6% from a year ago, helped by significant new project awards and conversions from pending backlog. Strong revenue growth, higher earnings, improving margins, and a record order backlog boosted investor confidence and drove the sharp rally in BDT stock.
TerraVest Industries, Shopify, and Lightspeed Commerce were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 5%.
However, Boyd Group Services, Pan American Silver, CAE, and Hudbay Minerals slid by more than 5% each, making them among the session’s worst-performing TSX stocks.
Based on their daily trade volume, Enbridge, Telus, Manulife Financial, Canadian Natural Resources, and Suncor Energy were the five most active stocks on the exchange.
TSX today
Crude oil prices staged a rebound in early trading on Friday, while metals prices were largely mixed. Given these mixed commodity trends, TSX energy stocks could see some support at the open, while mining shares may remain volatile.
Canadian investors will also keep an eye on developments in the Strait of Hormuz after Abu Dhabi National Oil Company said two of its vessels were attacked while transiting the key waterway on Thursday. Shipping traffic through the strait remains far below pre-war levels, while sharply higher maritime insurance costs continue to highlight the risks facing commercial vessels. These developments could keep crude oil prices and Canadian energy shares sensitive to geopolitical headlines throughout Friday’s session.
While no major domestic economic releases are due, Canadian investors will keep an eye on the latest U.S. retail sales, consumer sentiment, and inflation expectations data this morning.
In addition, earnings releases from TSX-listed companies like Aya Gold & Silver and Montage Gold will also remain on investors’ radar today.
Market movers on the TSX today
