After surging for eight straight days, Canadian equities climbed to new heights on Monday as recently released cooler-than-expected U.S. inflation reports reignited hopes of interest rate cuts in the coming months. The S&P/TSX Composite Index advanced by 62 points, or 0.3%, yesterday to settle at 23,116 — its highest closing level in history.
Despite minor weakness in some main sectors, such as energy and healthcare, solid gains in mining, consumer cyclical, and real estate stocks guided the TSX benchmark higher.
Top TSX Composite movers and active stocks
Seabridge Gold, SilverCrest Metals, Torex Gold Resources, and Canada Goose were the top-performing TSX stocks for the day, with each rallying by at least 4.8%.
In contrast, shares of Alimentation Couche-Tard (TSX:ATD) slipped by 2.2% to $81.77 per share after the Laval-headquartered company confirmed that it has recently made a friendly, non-binding proposal to Seven & i Holdings aiming to create a mutually beneficial transaction for both companies’ stakeholders.
In another update, Couche-Tard announced intentions to acquire GetGo Café + Markets from Giant Eagle. This deal is expected to add nearly 270 convenience retail and fueling locations to Couche-Tard’s North American network, helping expand its presence in Pennsylvania, Ohio, West Virginia, Maryland, and Indiana. With this, ATD stock is up 4.8% year to date.
Richelieu Hardware and ARC Resources were also among the day’s bottom performers on the Toronto Stock Exchange as they slipped by at least 2.2% each.
According to the exchange’s daily trade volume data, Enbridge, Canadian Natural Resources, Manulife Financial, Suncor Energy, and Cenovus Energy were the five most active stocks.
TSX today
Metals prices were largely flat early Tuesday morning. Still, West Texas Intermediate crude oil futures prices extended their losses, which could continue to pressure TSX energy stocks at the open today.
While no major economic releases from the United States are due, Canadian investors may want to keep an eye on the domestic monthly consumer inflation report this morning. More signs of cooling in Canada’s consumer price index could give the Bank of Canada more room to continue easing its monetary stance in the near term, which may lead to more buying in growth stocks, especially from the tech sector.
Market movers on the TSX today
