Canadian stocks started the new week strong as investors shrugged off early concerns about global trade and macroeconomic uncertainties, fueling a broad-based recovery across most major sectors. As spot gold prices rose above US$4,350 per ounce in intraday trading, the S&P/TSX Composite Index rose 308 points, or 1%, to settle at 30,416.
Nearly all major sectors ended the session in the green, but the TSX rally was mainly driven by solid gains in healthcare, mining and technology stocks.
Top TSX Composite movers and active stocks
NGEx Minerals, Eternal sources, Lundin GoldAnd Energy fuels were the best performing TSX stocks of the day, up at least 7.2% each.
In contrast, shares of Constellation software (TSX:CSU) fell 2.7% even as subsidiary Volaris Group announced another acquisition in the fintech space. Volaris has acquired Fintilect, a UK-based provider of front-end digital banking platforms, which will strengthen its portfolio of financial services technology.
While the acquisition aligns with Volaris’ strategy to build long-term value in vertical markets, investors may react cautiously to ongoing acquisition costs and integration risks. The dip in CSU shares could reflect investors’ wait-and-see attitude toward how quickly the new asset adds to Constellation’s profits. On an annual basis, the stock is down 16.5%.
NFI group, Celt explorationAnd Granite Real Estate Investment Trust were also among the session’s worst performers on the Toronto Stock Exchange, as they fell at least 2% each.
Based on their daily trading volume Canadian natural resources, Capstone Copper, Enbridge, B2GoldAnd Cenovus energy were the five most active stocks on the stock exchange.
TSX today
Gold, silver and copper prices fell sharply in early Tuesday trading, suggesting yesterday’s rally in TSX mining stocks could encounter some resistance today.
In addition to any developments regarding the outlook for global trade, Canadian investors will be closely watching domestic consumer inflation data released this morning. The inflation report could provide new clues about the Bank of Canada’s next move on interest rates and could impact interest rate-sensitive sectors such as real estate and financial services.
In terms of corporate events, the TSX is on the list Waste connections will report third-quarter results after the market closing bell today. Bay Street analysts expect the waste management giant to post quarterly profit of $1.38 per share on revenue of $2.45 billion.
Market movements on the TSX today
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