The equities market showcased surprising strength on Friday, despite the worries related to the Russian invasion of Ukraine. The TSX Composite Index jumped by 344 points, or 1.7%, to 21,106, posting its second-biggest single-day gains in 2022 so far. Shares across industries staged a sharp recovery, which was mainly led by financials, energy, basic materials, and healthcare sectors.
Despite a weak pending home sales data from the U.S. market, better-than-expected durable goods orders release and corporate earnings seemingly added optimism.
Top TSX movers and active stock
The shares of Baytex Energy (TSX:BTE)(NYSE:BTE) popped by more than 14% in the last session to $5.71 per share, making it the top gainer for the day on the TSX Composite benchmark. The sharp gains in its stock came a day after the company released its Q4 and full-year 2021 financial results. While Baytex Energy’s revenue in the fourth quarter nearly doubled from a year ago to $452.3 million, its adjusted earnings of $0.98 per share crushed Street analysts’ consensus estimate of $0.12 per share by a massive margin.
Advantage Energy, Interfor, Lion Electric, Turquoise Hill Resources, and Equinox Gold were also among the top TSX performers on February 25, as they jumped by at least 6% each.
On the flip side, CCL Industries, Stantec, and K92 Mining fell by more than 3% each, making them the worst-performing shares on the index.
Based on their daily trade volume, Baytex Energy, Manulife Financial, Suncor Energy, and Crescent Point Energy were the most active stocks. More than 20 million shares of Baytex Energy changed hands on the exchange Friday.
TSX today
Most commodities were edging higher early Monday morning, which could help most Canadian energy and mining stocks open slightly higher today. However, stocks might remain highly volatile in the coming days, as investors continue to watch the latest updates related to the Ukraine crisis.
While no major economic releases are due today, investors will eye on the upcoming corporate earnings this week — especially from the banking sector.
