Largely stronger-than-expected corporate earnings and hopes of easing trade tensions helped Canadian equities rise for the third consecutive session on Thursday. The S&P/TSX Composite Index jumped by 255 points, or 1%, to settle at 24,728 — marking its eighth winning day out of the previous nine.
While all key market sectors ended the session in the green, with optimism building across the board, the TSX rally was mainly driven by solid gains in healthcare, technology, and mining stocks.
Top TSX Composite movers and active stocks
Cargojet (TSX:CJT) rallied by over 15% to $87.51 per share, making it the top-performing TSX stock for the day. These strong gains in CJT stock came a day after the Mississauga-headquartered air cargo firm posted record first-quarter revenue of $249.9 million, up more than 8% year over year, and a 48% surge in net profit to $48 million.
Investors seemingly cheered Cargojet’s strong domestic and charter revenue growth, with management attributing solid results to its diversified business model and rising demand for direct cargo shipments into Canada amid global trade disruptions. Despite the recent rally, however, CJT stock is still down 19% year to date.
Tilray, TFI International, Energy Fuels, and Calibre Mining were also among the top gainers on the Toronto Stock Exchange, with each climbing by at least 7%.
On the flip side, Aecon Group dived by nearly 10% after the Canadian construction firm reported a much wider-than-expected adjusted net loss of $0.54 per share for the first quarter due mainly to lower gross profit margin in civil operations and urban transportation solutions.
Boyd Group, Aya Gold & Silver, and Wesdome Gold Mines also slipped by over 2% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, TD Bank, Enbridge, Whitecap Resources, Suncor Energy, and Royal Bank of Canada were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures prices showed minor strength in early Friday trading, while most metals were bearish. Given these mixed signals, the resource-heavy TSX could largely remain under pressure 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 retail sales and budget balance data this morning. In addition, any global trade-related developments could influence investor sentiment as markets head into the weekend.
Market movers on the TSX today
