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Despite a recovery in commodity prices and falling domestic Treasury bond yields, the Canadian stock market continued to dive for a second consecutive session on Friday as the Federal Reserve’s latest economic projections and decision to hold interest rates steady in the June meeting kept investors on edge. The S&P/TSX Composite Index slipped by 59 points, or 0.3%, during the session to settle at 21,639, its lowest closing level in over three months.
Even as some mining and technology stocks witnessed upward movement, big losses in most other main sectors like energy, consumer, and utilities pressured the market index. With this, the main TSX benchmark fell 1.7% in the week ended on June 14, marking its worst weekly performance in more than seven months.
Top TSX Composite movers and active stocks
BlackBerry, Ballard Power, Alimentation Couche-Tard, Badger Infrastructure Solutions, and BCE were the worst-performing TSX stocks for the day, as they fell by at least 3.2% each.
On the positive side, Shopify (TSX:SHOP) climbed by 4.6% to $92.94 per share, making it the day’s top-performing TSX stock. This rally in SHOP stock came after Evercore ISI upgraded its rating on the stock from “in line” to “outperform.”
Evercore ISI analysts called the recent decline in Shopify stock “an attractive entry point for investors.” Notably, the Canadian e-commerce giant’s sales rose around 23% year over year in the March quarter, helping it post a solid US$256 million in adjusted quarterly profit compared to a profit of just US$12 million a year ago. On a year-to-date basis, SHOP stock is currently down about 10%.
Cargojet, goeasy, and Capital Power were also among the session’s top performers on the Toronto Stock Exchange, rising at least 2.8% each.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Enbridge, Cenovus Energy, and BCE were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were bearish early Monday morning, pointing to a lower opening for the resource-heavy main TSX index today.
While no major economic releases are due, speculation about possible further delays in the Fed’s monetary policy easing move could continue to hurt investors’ sentiments and keep stocks volatile.
Market movers on the TSX today
