Spring Sale
The Canadian stock market staged a minor recovery on Wednesday after witnessing a massive selloff across sectors in the previous session. The S&P/TSX Composite Index rose by 81 points, or 0.4%, during the day to close at 19,726. Despite weakness in sectors like real estate and industrials, shares of energy, healthcare, and metal mining companies recovered to help the index post minor gains. While the latest weekly crude oil stockpiles stood much higher than expected, WTI (West Texas Intermediate) futures prices continued to soar yesterday amid growing supply concerns ahead of the looming rail strike in the United States.
Top TSX movers and active stocks
New Gold, Secure Energy Services, and Bausch Health Companies were among the top-performing TSX stocks yesterday, as they rallied by at least 6.5% each.
BRP (TSX:DOO)(NASDAQ:DOOO) stock also popped by 9.1% Wednesday to $97.60 per share after announcing its better-than-expected July quarter results. During the quarter, the Canadian powersports products maker’s total revenue rose 28% year over year to a record $2.4 billion, exceeding analysts’ estimates. Similarly, BRP reported a record quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) of around $418.3 million. Overall, its strong quarterly results boosted investors’ confidence and drove its stock higher. Despite yesterday’s sharp gains, BRP stock still trades with nearly 12% year-to-date losses.
In contrast, shares of companies like Stelco Holdings and Corus Entertainment fell by more than 6% each in the last session, making them the worst-performing TSX Composite components for the day.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Barrick Gold, and BCE were the most active stocks on the exchange.
TSX today
Early Thursday morning, commodity prices across the board were trading on a bearish note, which could take metal mining and energy shares on the TSX lower at the open today. While no major domestic economic releases are due this morning, Canadian investors may want to keep a close eye on the latest weekly jobless claims and monthly manufacturing and retail sales data from the U.S. market.
The Canadian Food retail and real estate firm Empire Company is expected to release its latest quarterly results on September 15. Street analysts expect the company’s July quarter earnings to be around $0.74 per share.
