The Canadian equity market recovered on Monday as the strengthening oil and base-metals prices helped commodity-linked stock markets inch up. The TSX Composite Index The number of people who moved up by 201 points or 1.1% to 18,596 was increased
WTI crude oil futures prices increased by 4.5% yesterday to close well above $100 for the first time in almost a week. This triggered a sharp rally of Canadian energy stocks. The session ended on a mixed note for precious metals, but a rise in copper prices helped most metals and mining companies gain shares. Other than the commodity-linked stocks listed on the TSX these sectors, as well as key sectors like finance, healthcare, real property, and technology, also showed strength.
Top TSX movers & Active Stocks
Shares of Canopy Growth (TSX:WEED),(NYSE:CGC), jumped by more than 15% to $3.36 per Share in the last session, making it the best-performing TSX stock of the day. This rally was driven by the Ontario-based cannabis firm. announced The exchange transaction was closed. This transaction aims to reduce Canopy’s debt obligations by nearly $263 million, strengthening its balance sheet and preserving cash to support its future growth plans. Despite yesterday’s big rally, WEED stock still trades with heavy 70% year-to-date losses.
Stocks that are commodity-linked include Athabasca Oil, Precision drilling, Ballard Power Systems, Capstone Copper, Headwater Exploration They were also among yesterday’s top gainers, rising by more than 8 percent each.
On the other side, Wesdome Gold Mines Stock fell 4.6% to $9.31 a share, making it the worst-performing component of the TSX composite. Royal Bank of Canada The target price for the stock was lowered from $17 to $15 per shares.
Based on their daily trade volume Suncor Energy, Enbridge, Toronto-Dominion BankThe most active stocks on the exchange were Athabasca Oil and,
Most key Asian and European stock indexes — except Japan’s Nikkei — traded on a mixed to slightly negative note on Tuesday, and commodity prices were going sideways in early morning trade. These mixed signals indicate that TSX stocks are likely remain flat at today’s open. Stocks could be volatile due to speculations about Canadian inflation numbers due Wednesday and expectations from corporate earnings seasons.