The Canadian stock market continued to climb for the third consecutive session as investors’ high hopes for upcoming corporate earnings and the Bank of Canada’s interest rate decision fueled optimism, pushing the TSX to yet another record high. The S&P/TSX Composite Index advanced by 132 points, or 0.5%, on Friday to settle at 24,823.
Although some sectors like healthcare and real estate showed minor weaknesses, the market benchmark primarily inched up due to solid gains in mining and technology stocks. With this, the TSX Composite has rallied for six consecutive weeks to trade with a strong 18.3% year-to-date gain.
Top TSX Composite movers and active stocks
Strong gains in metals prices across the board drove mining stocks IAMGOLD, First Majestic Silver, Pan American Silver, and Fortuna Mining up each by over 10%, making them the top-performing TSX stocks for the day.
Despite a rally in most shares of mining companies, Calibre Mining (TSX:CXB) dived by 3.9% to $2.68 per share. This sell-off in CXB stock came after the Vancouver-headquartered gold producer announced its third-quarter consolidated gold sales of 46,076 ounces and slashed its full-year 2024 production guidance range to 230,000–240,000 ounces.
The latest revision of Calibre’s guidance is due to higher-than-expected artisanal mining at the Volcan open pit and sequencing challenges at the Limon mine in Nicaragua. Nonetheless, the company expects its production to significantly improve in the fourth quarter. Despite the recent losses, CXB stock is still up about 97% year-to-date.
Bombardier, Interfor, and Bausch Health were also among the session’s bottom performers on the Toronto Stock Exchange as they slipped by at least 2.4% each.
Based on their daily trade volume, Toronto-Dominion Bank, Enbridge, BlackBerry, Royal Bank of Canada, and Calibre Mining were the five most heavily traded stocks on the exchange.
TSX today
After reaching their highest level in over a decade last week, silver prices extended their rally early Monday morning. At the same time, gold spot prices were also trading at their record highs, pointing to another strong session for precious metal miners on the TSX today.
With no major domestic economic data expected today, Canadian investors will likely keep an eye on corporate earnings reports, which could set the tone for broader market sentiment.
The TSX-listed TFI International is likely to announce its latest quarterly results after the market closing bell on October 21. Bay Street analysts expect the transportation and logistics company to report earnings of US$1.78 per share for the September quarter with revenue of $2.6 billion.
