A day after posting their worst single-day performance, Canadian stocks rebounded after the U.S. on Wednesday sanctions over Russia’s two largest oil producers led to a sharp recovery in global crude oil prices. The S&P/TSX composite index rose 94 points, or 0.3%, to close at 29,983.
Despite weakness in some healthcare stocks, most other major market sectors ended the session in the green, with energy, consumer staples and utilities leading the way.
In particular, the US Treasury Department has imposed sweeping sanctions on Russia’s largest oil producers, Rosneft and Lukoil, with the aim of limiting the Kremlin’s access to energy revenues. The move raised supply concerns in global markets, sending oil prices sharply higher and boosting Canadian energy stocks.
Top TSX Composite movers and active stocks
Energy fuels, Canadian packers, CES Energy SolutionsAnd Athabasca oil were the best performing TSX stocks of the day, up at least 4.6% each.
On the other hand, shares of Curaleaf Holdings, BlackBerry, TFI InternationalAnd Stella Jones fell at least 2.5% each, making them the worst performers of the session on the Toronto Stock Exchange.
Mullen Group (TSX:MTL) also fell 1.4% to $14.22 per share after the Okotoks-based transportation and logistics company posted weaker-than-expected third-quarter earnings. While revenue rose 5.6% year-over-year to a record $561.8 million, quarterly net profit still fell 13% to $33.2 million due to higher financing costs, depreciation costs and currency headwinds.
In its latest earnings report, Mullen highlighted that recent acquisitions continued to drive revenue growth despite continued weakness in private capital investment and fewer large industrial projects in Canada. While the company’s management showed confidence in its acquisition-led growth strategy, it acknowledged margin pressure from weaker demand and competitive pricing.
Based on their daily trading volume Cenovus energy, Canadian natural resources, Barrick Mining, Whitecap ResourcesAnd TC Energy were the five most active stocks on the stock exchange.
TSX today
Commodity prices, especially crude oil, silver and copper, continued to gain ground in early Thursday trading, building on Wednesday’s momentum. Given these signals, the resource-heavy TSX index could see further support from energy and materials stocks today.
In addition to domestic retail sales data, Canadian investors will also be keeping an eye on weekly jobless claims data and monthly existing home sales data from the United States this morning. These data points could provide insight into the strength of consumer demand and labor market trends, both of which could influence interest rate expectations on both sides of the border.
On the corporate events side, the TSX is on the list Rogers Communications And First Service will release their latest quarterly earnings reports today, which could keep their shares on edge.
Market movements on the TSX today
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