2-for1 Sale
Heightened volatility continued to dominate Canadian stocks on Monday as speculation about the Bank of Canada’s (BoC) next policy move kept investors on edge. Despite reaching an all-time high of 25,843 in intraday trading, the S&P/TSX Composite Index slipped back to close 66 points, or 0.3%, lower at 25,625.
Although a sharp recovery in metals prices across the board helped mining stocks inch up, heavy losses in other key sectors like utilities, technology, and industrials dragged the TSX index into negative territory by the end of the session.
Top TSX Composite movers and active stocks
Bird Construction, Capital Power, Cameco, and Denison Mines were the worst-performing TSX stocks, with each plunging by over 5%.
On the flip side, shares of BlackBerry, SSR Mining, Fortuna Mining, and SilverCrest Metals inched up by at least 7.3% each, making them the day’s top performers on the Toronto Stock Exchange.
Shares of Torex Gold Resources (TSX:TXG) also surged by over 6% to $29.87 per share after providing an update on the recent fatalities at its El Limón Guajes underground mine. The Canadian miner highlighted that operations at ELG underground resumed after a 24-hour stand down, and its 2024 production guidance and the Media Luna Project schedule are likely to remain unaffected by the incident.
However, in another important update after the market closing bell, Torex acknowledged receiving a temporary suspension order from Mexico’s Ministry of Economy to facilitate inspections, which is expected to take place on Tuesday. As a result, all operations and project activities within its Morelos Complex in Mexico are temporarily halted. On a year-to-date basis, TXG stock is currently up 104%.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Enbridge, Toronto-Dominion Bank, and BlackBerry were the five most active stocks on the exchange.
TSX today
Precious metals prices continued to extend their recent rally early Tuesday, which could continue to provide support for the mining sector on the TSX today.
While no major economic releases are due today, Canadian investors may remain cautious ahead of the BoC’s interest rate decision and press conference scheduled for tomorrow.
North West Company (TSX:NWC) stock could remain in focus today following the release of its October quarter financial results after Monday’s market close. The company’s quarterly sales rose 3.3% year over year, driven by a 4% increase in its same-store sales. However, its adjusted net profit for the quarter fell 3.1% from a year ago to $40.1 million.
Market movers on the TSX today
