A significantly weaker-than-expected domestic consumer inflation data for September drove Canadian stocks higher on Tuesday, supported by a firmness in commodity prices across the board. Despite a rise in 10-year Treasury bond yields, these positive factors drove the S&P/TSX Composite Index up by 72 points, or 0.4%, yesterday to 19,693 — its highest closing level in three weeks.
Although industrial and utility stocks witnessed minor losses, solid gains in healthcare, mining, and consumer cyclical sectors took the TSX benchmark higher.
Top TSX Composite movers and active stocks
Bausch Health Companies, First Majestic Silver, Wesdome Gold Mines, and Orla Mining were the top-performing TSX stocks on October 17, as they climbed by at least 4.6% each.
Shares of Bombardier (TSX:BBD.B) dived by 5% to $44.67 per share, making it the worst-performing TSX stock for the day. This decline in the Canadian business jet manufacturer’s shares came after a Reuters report cited J.P.Morgan analyst Seth Seifman saying, “As a pure-play business jet provider with financial leverage, Bombardier is most exposed to any weakness in demand, followed by Textron,” in a recent note.
In the June quarter, Bombardier reported a 7.6% year-over-year increase in revenue amid sustained demand for new and preowned business jets. However, experts now worry that a worsening macroeconomic scenario might affect the future demand for private business jets. On a year-to-date basis, Bombardier stock is now down 14.5%.
Labrador Iron Ore Royalty and Algonquin Power & Utilities were also among the bottom performers on the Toronto Stock Exchange as they fell at least 3.3% each in the last session.
Based on their daily trade volume, Enbridge, Tourmaline Oil, Toronto-Dominion Bank, TC Energy, and Suncor Energy were the day’s most active stocks on the exchange.
TSX today
Most commodities, especially oil and metals, were largely trading on a bullish note early Wednesday morning, pointing to a higher open for the TSX index today.
While no major domestic economic releases are due, Canadian investors may want to closely monitor the monthly U.S. building permits and weekly crude oil stockpiles data this morning. Besides that, corporate results from the U.S. market will also remain on TSX investors’ radar today, which could keep stocks volatile.
Market movers on the TSX today
