Spring Sale
The Canadian stock market trended upward for a second consecutive session on Monday, as investors continued to bet on rate cut expectations following the release of the recent softer-than-expected U.S. wholesale inflation numbers. Even as the markets in the United States remained closed for Martin Luther King Jr. Day, the S&P/TSX Composite Index inched up by 72 points, or 0.3%, to settle at 21,062.
While all main market sectors, except metal mining, ended the session in the green territory, notable gains in utility, consumer noncyclical, and healthcare stocks mainly guided the TSX benchmark higher.
Top TSX Composite movers and active stocks
Denison Mines, Badger Infrastructure Solutions, Athabasca Oil, and Energy Fuels were the top-performing TSX stocks yesterday, as they advanced by more than 4% each.
Shares of First Quantum Minerals (TSX:FM) rose nearly 2% to $13.40 per share after the company announced its preliminary 2023 production results, gave guidance for 2024 to 2026, and announced steps to strengthen its balance sheet.
In 2023, the Vancouver-headquartered company’s copper production fell 9% year over year to 708 thousand tonnes. First Quantum has also adjusted its gold and nickel production strategies to reflect current market conditions. Additionally, it announced the suspension of dividends and a reduction in capital expenditure to preserve financial strength as production at its Cobre Panama mine is halted. After witnessing 61.6% value erosion in 2023, FM stock has risen to 23.5% in January so far.
On the flip side, Filo, Wesdome Gold Mines, IAMGOLD, and Cargojet were yesterday’s worst performers on the Toronto Stock Exchange, as they slipped by at least 2.5% each.
According to the exchange’s daily trade volume data, TD Bank, Denison Mines, Athabasca Oil, TC Energy, and Bank of Montreal were the five most heavily traded stocks.
TSX today
Most commodity prices were largely mixed early Monday morning, pointing to a flat opening for the resource-heavy main TSX index today.
Statistics Canada’s monthly consumer inflation report will remain on investors’ radar today, which could give further direction to TSX stocks by shaping expectations for the Bank of Canada’s forthcoming policy decisions.
Market movers on the TSX today
