Canada’s stock market remained largely subdued on Thursday as mixed corporate earnings and uncertainty over future rate cuts kept investors on edge, despite a sharp intraday recovery in precious metals prices. The S&P/TSX composite index rose 34 points, or 0.1%, to settle at 30,179, as rollercoaster trading in key sectors reflected the market’s cautious mood.
Even as real estate and technology stocks continued to post sharp declines for a second straight session, healthy gains in healthcare and mining offset broader weakness, keeping the market benchmark marginally in positive territory.
Before the last trading day of October, the TSX Composite is now trading with a small gain of 0.5% year to date.
Top TSX Composite movers and active stocks
Shares of Allied Properties Real Estate Investment Trust (TSX:AP.UN) fell more than 17% to $15.26 on Thursday, making it the worst performing stock on the Toronto Stock Exchange. The sharp decline followed the company’s third-quarter results, which showed a net loss of $113.4 million – much worse than expected.
Allied management blamed delays in office space leasing, lower building occupancy and higher interest costs as the main reasons for the weak performance. Although the company has been selling properties to reduce its debt, it now expects full-year profits available for distribution to fall by around 10%. The gloomy outlook and weaker performance were the main reasons for the sharp decline in the stock, which is now posting losses of 11% year-to-date.
MDA space And Cogeco communication were also among the biggest TSX losers of the day, as both fell at least 7.4%.
On the plus side, Bausch Health (TSX:BHC) rose 12.5% to $9.25 per share, making it the best performing TSX stock of the day. The rally in BHC shares came after the company posted strong third-quarter results, with total revenue rising 7% to $2.68 billion, led by solid growth in the Salix and Solta Medical segments.
Even after research and development costs of $81 million, Bausch Health’s net income last quarter was $179 million. The company also raised its full-year forecast, boosting investor confidence.
Discovery of silver, Aris MiningAnd Eternal sources were also among the best-performing TSX stocks of the session, rising at least 7.4% each.
Based on their daily trading volume Canadian natural resources, Cenovus energy, Manulife financial, ScotiabankAnd Suncor Energy were the five most active stocks on the stock exchange.
TSX today
Commodity prices moved sideways across the board in early Friday trading, indicating a flat to cautious open for the commodity-rich TSX index today.
Canadian investors will keep an eye on the latest monthly budget balance and gross domestic product figures released this morning, which could provide new insight into the health of the domestic economy.
In the corporate events space, there are many TSX listed companies including Imperial oilCenovus energy, Magna InternationalAnd Canadian National Railwaywill announce their latest quarterly financial results today, which could keep their shares in the spotlight as markets look for positive catalysts to end the month in the green.
Market movements on the TSX today
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