Despite a slight decline in utility stocks, a consistent rally in most other major market sectors, including healthcare, technology and financials, has pushed the TSX benchmark into new record territory.
Top TSX Composite movers and active stocks
Descartes Systems Group (TSX:DSG) rose 14.4% to $132.45 per share, making it the best performing TSX stock of the day. This rally in DSG shares came after the Waterloo-based logistics software company posted record numbers for the October quarter, with revenue up 11% year-over-year to $187.7 million.
Last quarter, Descartes’ operating profit rose 24% year-on-year, thanks to strong growth in its services business, which also resulted in solid cash flows. However, despite the recent rally, DSG shares are still down 19% this year.
Also shares of EQB (TSX:EQB) rose nearly 13% to $98.01 apiece after the digital financial services company posted strong fourth-quarter results (ending in October) and an optimistic outlook despite one-time restructuring charges.
Investors also cheered EQB’s announcement of a 16% dividend increase, confirmation of continued share buybacks and solid deposit growth at EQ Bank.
MDA space And Curaleaf were also among the biggest gainers on the Toronto Stock Exchange, rising at least 9.7% each.
On the other hand First majestic silver, Ivanhoe Mines, Aya gold and silverAnd easy each fell at least 3%, making them the worst-performing TSX stocks of the day.
Based on their daily trading volume Canadian natural resources, Suncor Energy, Cenovus energy, EnbridgeAnd Telus were the five most active stocks on the stock exchange.
TSX today
Metal prices, especially silver and copper, witnessed a strong rally in early trading on Friday, which could lift the main TSX index at its open today, with gains expected in mining stocks.
In addition to domestic employment data, Canadian investors will be keeping a close eye on U.S. personal consumption expenditure (PCE) price indices this morning as they serve as a key inflation gauge for the Federal Reserve. A softer-than-expected outcome could further strengthen the case for rate cuts in the near term, potentially fueling further gains in stock markets on both sides of the border.
On the corporate events side, TSX-listed Laurentian Bank of Canada will report its latest quarterly results today, which could lead to more trading activity in the stock, especially after its recent strategic pivot to commercial banking.
Market movements on the TSX today
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