An intraday recovery in commodity prices helped Canadian equities maintain positive momentum on Thursday, even as Federal Reserve chair Jerome Powell emphasized a cautious approach toward monetary policy adjustments. The S&P/TSX Composite Index advanced by 61 points, or 0.2%, to 25,050, settling above the key 25,000 level for the first time ever.
In his speech on the economic outlook, Powell highlighted that, despite the economy’s resilience, there is “no need to be in a hurry to lower rates,” signalling that the Fed remains focused on balancing inflation control with economic growth. These comments led to a selloff in tech stocks. Nevertheless, gains in other key sectors like energy, mining, and utilities propelled the TSX to a record close.
Top TSX Composite movers and active stocks
AtkinsRéalis Group (TSX:ATRL) soared by 15.7% to $74.24 per share, making it the top-performing TSX stock for the day. This sharp rally in ATRL stock started after the Montréal-headquartered professional services and project management firm announced its upbeat quarterly financial results.
In the quarter ended in September 2024, AtkinsRéalis posted an 11.4% YoY (year-over-year) increase in its total revenue to $2.4 billion. More importantly, strong profitability from its engineering services helped the company post a solid 65.8% YoY jump in its adjusted quarterly earnings to $0.63 per share, surpassing Street analysts’ expectations of $0.59 per share. On a year-to-date basis, ATRL stock now trades with strong 74% gains.
Paramount Resources also surged by more than 15% to $31.46 per share after announcing a $3.3 billion asset sale to Ovintiv, including its Karr, Wapiti, and Zama properties.
Vermilion Energy, Kelt Exploration, and NovaGold Resources were also among the day’s top performers on the Toronto Stock Exchange, with each inching up by at least 6%.
In contrast, Aya Gold & Silver stock crashed by 20% to $11.80 per share after releasing a mixed third-quarter report. In the September quarter, the company’s silver production dropped by 31% YoY to 355,927 ounces, with revenue decreasing 6% to $11 million due to lower grades and a delayed cement backfill issue.
Mattr, Shopify, and OpenText also slipped by at least 4.8% each, positioning them among the session’s worst-performing TSX stocks.
Based on their daily trade volume, Manulife Financial, Enbridge, Cenovus Energy, Suncor Energy, and BCE were the five most active stocks on the exchange.
TSX today
Natural gas and West Texas Intermediate crude oil futures prices were bearish early Friday morning, which could pressure TSX energy stocks at the open today.
While no major domestic economic releases are due, Canadian investors will monitor the monthly retail sales data from the United States this morning.
On the corporate events side, the TSX-listed MDA Space will announce its latest quarterly results today. Street analysts expect the company to report earnings of $0.15 per share for the September quarter with $277.3 million in revenue.
