After witnessing more than 5% value erosion in the previous four sessions combined, the Canadian stock market staged a sharp recovery on Thursday as investors shifted their focus to largely better-than-expected corporate earnings. The S&P/TSX Composite Index inched up by 345 points, or 1.6%, to settle at 22,226, posting its biggest single-day percentage gains since mid-February.
While all main sectors ended the day in the green, the market recovery was mainly driven by solid gains in healthcare, consumer cyclical, and tech stocks.
Top TSX Composite movers and active stocks
Shares of MDA Space (TSX:MDA) jumped by 12.4% to $13.57 per share, making it the top-performing TSX stock for the day. This rally in MDA stock came after the Toronto-headquartered robotics and satellite systems company announced its second-quarter financial results.
In the quarter ended June 2024, MDA’s revenue climbed by 23.5% year over year to $242 million due to increased work volumes across its business areas, including in robotics & space operations. Major contracts also helped the company post a solid 318% rise in its backlog. As a result, the company posted adjusted quarterly earnings of nine cents per share, reflecting a 12.5% increase from a year ago. On a year-to-date basis, MDA stock is now up around 18%.
OceanaGold, First Quantum Minerals, Canadian Tire, and Shopify were also among the session’s top performers on the Toronto Stock Exchange, soaring each by over 7%.
On the flip side, Maple Leaf Foods, SilverCrest Metals, Pan American Silver, and Equinox Gold dived by at least 4.2% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, Enbridge, Suncor Energy, Baytex Energy, Tourmaline Oil, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures and natural gas prices were mostly bullish early Friday morning, pointing to a slightly higher opening for TSX energy stocks today.
While no major economic data from the United States is due, Canadian investors will closely monitor the domestic employment change and unemployment rate figures this morning, which could give further direction to stocks.
On the corporate events side, some TSX-listed companies, including Filo Mining, Algonquin Power & Utilities, Constellation Software, Emera, and AtkinsRéalis, are likely to announce their latest quarterly results on August 9, which could keep their share prices volatile.
Market movers on the TSX today
