Mixed U.S. economic data and volatile commodity prices kept the Canadian equities market largely flat on Tuesday as investors awaited important corporate earnings. After falling by over 100 points in intraday trading, the S&P/TSX Composite Index staged a recovery later during the session to settle at 24,563, with a minor three-point decline from its previous closing.
While the continued record-breaking rally in gold spot prices drove the shares of precious metal miners higher, big losses in many key sectors, such as utilities, consumer cyclicals, and energy, offset these gains, keeping the TSX index relatively flat.
Top TSX Composite movers and active stocks
Innergex Renewable Energy, Brookfield Renewable Partners, Linamar, and West Fraser Timber fell by at least 3.3% each, making them the worst-performing TSX stocks for the day.
On the flip side, mining stocks Eldorado Gold, K92 Mining, Lundin Mining, First Majestic Silver, and OceanaGold were the top-performing TSX stocks, with each climbing by at least 4.1% due to a rally in gold and silver prices.
Shares of New Gold (TSX:NGD) also traded positively ahead of its earnings report, which was released after the market closing bell. The Canadian gold miner produced 78,369 ounces of gold and 12.6 million pounds of copper in the third quarter of 2024 with all-in-sustaining costs of US$1,195 per gold ounce.
This low-cost production environment boosted New Gold’s cash flow from operations last quarter to a record US$128 million, with its free cash flow reaching US$57 million. However, the company slightly lowered its annual gold production guidance due to fewer high-grade tonnes at Rainy River and a temporary suspension of operations. These results could keep NGD stock volatile today as it currently trades with 111% year-to-date gains.
Based on their daily trade volume, Cenovus Energy, Bank of Nova Scotia, TD Bank, Royal Bank of Canada, and Bank of Montreal were the five most active stocks on the exchange.
TSX today
Gold and crude oil prices were bullish early Wednesday morning, which could lift the commodity-heavy TSX index at the open today.
While no major domestic economic releases are due, Canadian investors will closely watch the important non-farm employment change and quarterly GDP (gross domestic product) growth from the United States this morning, which could impact market sentiment.
As the corporate earnings season in Canada gains steam, several TSX-listed companies, including Parkland, Agnico Eagle Mines, Badger Infrastructure, Bausch Health, Kinaxis, Spin Master, Athabasca Oil, TMX, Secure Energy, Ivanhoe Mines, Capital Power, and Allied Properties REIT, are expected to announce their latest quarterly results on October 30.
