Even as financial and technology stocks staged a notable recovery a day after the sharp decline, weakness in most other key market sectors, including healthcare, mining and energy, put pressure on the TSX benchmark, while oil and gold prices retreated slightly.
Top TSX Composite movers and active stocks
Shares of easy (TSX:GSY) fell almost 6% to $129.08 each, making it the worst performing TSX stock of the day. This sell-off of GSY shares came after the Mississauga-based lender said its CEO, Dan Rees, will step down at the end of the year due to a personal health issue.
While goeasy appointed Patrick Ens as Rees’ successor with effect from January 1, investors reacted negatively to the unexpected leadership transition. On a year-over-year basis, GSY stock is now down 23%.
Curaleaf, CelesticaAnd Imperial oil were also among the worst performers on the Toronto Stock Exchange, dropping at least 3.5% each.
On the plus side, Laurentian Bank of Canada (TSX:LB) stood out as the best-performing TSX stock, rising more than 18% to $39.97 per share. The sharp move came after the bank announced its withdrawal from retail and small business banking as part of a strategic shift to focus solely on commercial lending.
As part of the transition, Fairstone Bank will acquire all of Laurentian’s common shares National Bank of Canada will take over its retail and SME (small and medium-sized enterprises) portfolios. Investors appeared to welcome this all-cash offer of $40.50 per share from Fairstone and the clear path forward for Laurentian’s commercially focused future.
Energy fuels, ShopifyAnd Bombardier also rose at least 4.4% each, making them among the top gainers of the day.
Based on their daily trading volume Canadian natural resources, Suncor Energy, Manulife financial, Cenovus energyAnd Enbridge were the five most active stocks on the stock exchange.
TSX today
Commodity prices were largely mixed in early trading Wednesday as investors awaited key U.S. economic data. These mixed signals could lead to a flat open for the TSX today.
While no major domestic economic data is on the horizon, Canadian investors will be closely watching changes in non-farm employment, the non-manufacturing managers’ index (PMI) and the global services PMI in the U.S. market this morning.
In addition, there are several TSX-listed companies, including Royal Bank of CanadaNational Bank of Canada, Descartes SystemsAnd EQBwill report their latest quarterly results today, which could keep their shares active throughout the session.
Market movements on the TSX today
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