On Tuesday, Canadian stocks increased slightly for the third session. The TSX Composite Index increased by 179 points during the session, or 0.9%, to close at 19,097, which was a record high for the index in more than two weeks. Despite October’s lower-than-expected U.S. consumer confidence figures, generally, better-than-expected business profits appear to have increased investors’ confidence. While all significant TSX sectors saw gains, the healthcare, real estate, consumer, and technology sectors dominated the advance.
Top TSX movers and active stocks
The best-performing TSX stock yesterday was Canopy Growth (TSX:WEED), whose shares rose by about 26% to $3.96 per. After announcing the creation of a new holding company with U.S. legal status, Canopy USA, WEED shares had a remarkable surge. To enhance its entry into the biggest cannabis market in the world, Canopy Growth will use this new company structure to house its U.S. cannabis investments. Canopy stock continues to trade with enormous 64% year-to-date losses despite this sudden rebound.
After announcing its better-than-expected third-quarter results, Celestica (TSX:CLS) saw a 16% increase in price during the most recent session, ending the day at $15.10. With the support of new project ramps in its advanced technology solutions segment and strong demand for its hardware platform solutions, the company’s overall revenue increased by 31.1% from a year ago in the third quarter. Celestica’s quarterly adjusted earnings increased by 48.6% year over year to $0.52 per share as a result of these factors, beating analysts’ expectations of about $0.45 per share. The price of CLS stock has increased by 7% so far this year.
On October 25, Tilray Brands, Cronos Group, Nuvei, and IAMGOLD all outperformed the market, increasing by at least 6% each.
On the other hand, shares of Parkland, NovaGold Resources, NFI Group, and Turquoise Hill Resources all saw at least a 2% decline, making them the TSX Composite components that performed the worst for the day.
The most traded equities on the Toronto Stock Exchange, in terms of daily trade volume, were Royal Bank of Canada, Canopy Growth, Suncor Energy, and Toronto-Dominion Bank.
Oil and metals prices were trading strongly optimistic early on Wednesday, which could support today’s higher opening for the heavily commodity-weighted TSX benchmark. This morning, when the Bank of Canada releases its most recent interest rate decision, the market may become more volatile. Most experts anticipate that the central bank will increase the policy rate by an additional 75 basis points. Investors in the TSX may also want to keep an eye on today’s statistics on new home sales and crude oil stocks in addition to corporate earnings.
On October 26, a number of Canadian businesses are expected to release their most recent quarterly results, including Methanex, Agnico Eagle Mines, TMX Group, Canadian Pacific Railway, Allied Properties REIT, Alamos Gold, Crescent Point Energy, FirstService, West Fraser Timber, and OceanaGold.