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The Canadian stock market remained mixed for the second consecutive session on Thursday as investors continued to speculate about the Federal Reserve’s upcoming monetary policy moves after the recently released cooler consumer inflation data. The S&P/TSX Composite Index ended the session with a minor day gain of 15 points at 22,300.
Even as volatile commodity prices pressured mining and energy stocks, strong gains in most other key sectors, primarily healthcare, consumer, and utilities due to renewed rate cut hopes and largely better-than-expected corporate earnings, helped the TSX benchmark remain in the green territory.
Top TSX Composite movers and active stocks
Lightspeed Commerce (TSX:LSPD) jumped by 18.3% to $20.55 per share, making it the top-performing TSX stock for the day. This rally in LSPD stock began after the Montréal-headquartered commerce platform provider announced its upbeat quarterly financial results.
In the March quarter, Lightspeed’s quarterly revenue rose 25% year over year to US$230.2 million, helping its annual revenue figure of US$909.3 million exceed guidance. Its continued focus on the customer base with high gross transaction volume helped the company post adjusted quarterly earnings of US$8.5 million against a loss of around US$402,000 in the same quarter of the previous year. Despite the recent rally, however, LSPD stock is still down 26% on a year-to-date basis.
Similarly, shares of Canada Goose surged by 15.5% to $17.93 per share as its March quarter revenue and earnings exceeded Bay Street analysts’ estimates by a wide margin, driven by robust direct-to-consumer sales and effective inventory management.
ATS and NovaGold Resources were also among the top performers on the Toronto Stock Exchange yesterday as they inched up by at least 4.7% each.
In contrast, International Petroleum and BlackBerry slid by at least 5.7% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Manulife Financial, Enbridge, Tilray, Suncor Energy, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Most commodity prices were mixed early Friday morning, pointing to a flat opening for the resource-heavy main TSX index today. While no major economic or corporate earnings releases are due today, TSX investors may want to remain cautious before going into the long Victoria Day weekend.
Overall, any changes in Street’s expectations from the Fed’s June meeting and the ongoing geopolitical tensions could set the tone and direction of the market in the near term.
Market movers on the TSX today
