Canadian stocks continued to rise for a second straight session on Thursday as rising crude oil and base metals prices boosted investor sentiment in resource-heavy sectors, while weaker-than-expected retail sales raised hopes of further near-term rate cuts from the Bank of Canada. The S&P/TSX Composite Index rose 203 points, or 0.7%, to close at 30,186, erasing all losses from earlier in the week.
While consumer staples and utilities stocks retreated, the dip was more than offset by strong rallies in the energy, consumer discretionary and technology sectors.
Top TSX Composite movers and active stocks
Curaleaf Holdings, Baytex energy, International PetroleumAnd Celestica were the best performing TSX stocks of the day, up at least 4.5% each.
Despite the broader market rally, shares of First Service (TSX:FSV) fell almost 10% to $233 each, making it the worst performing TSX stock of the day. This sell-off in FSV shares came after the Toronto-based real estate services company reported a year-over-year decline in third-quarter operating profits and warned of macroeconomic headwinds.
While FirstService posted a 4% increase in quarterly revenue to $1.45 billion and an 8% increase in adjusted earnings per share, GAAP (generally accepted accounting principles) earnings fell to $1.24 from $1.34 a year earlier. The company’s Brands segment underperformed, with organic revenue down 4% due to weak restoration and roofing services, which also led to margin pressure. In addition, FirstService also identified continued macroeconomic headwinds early in the fourth quarter, which weighed on investor sentiment.
Energy fuels, TFI InternationalAnd OR Royalties were also among the worst performers of the session on the Toronto Stock Exchange, dropping at least 2.9% each.
Based on their daily trading volume Cenovus energy, Whitecap Resources, Canadian natural resources, EnbridgeAnd Royal Bank of Canada were the five most active stocks on the stock exchange.
TSX today
After a sharp rally over the past three days, crude oil prices were largely mixed in early morning trading Friday. At the same time, gold and silver prices fell sharply as traders apparently took profits after recent gains and weighed the latest geopolitical developments. The mixed performance in the resources sector could lead to a softer opening for the TSX today, especially in resource-linked sectors.
In another major development, US President Donald Trump accused Canada of using a “fake” ad involving former President Ronald Reagan to influence US judicial decisions. Trump claimed the ad was part of a $75 million campaign and responded by announcing the termination of all trade negotiations with Canada. This unexpected move could inject new uncertainty into cross-border trade negotiations, leading to increased volatility in TSX stocks open today.
Meanwhile, Canadian investors may also want to keep an eye on this morning’s latest U.S. consumer inflation report, which could impact broader market sentiment and interest rate expectations.
Market movements on the TSX today
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