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Source: Copyright © 2021 Kalkine Media Pty Ltd.
The S&P/TSX Composite Index closed in red on Monday, moments before the most-awaited federal budget announcement by Finance Minister Chrystia Freeland. After setting an all-time high last week, the benchmark index dropped 146.90 points or 0.759 per cent to 19,204.42 points, as investors remained cautious ahead of an earnings-heavy week.
The Toronto Stock Exchange’s main index was pulled back by the information technology sector, which plummeted by 2.812 per cent. However, the telecom sector ended its trading session marginally up by 0.092 per cent. Telecom stocks will be in focus as the federal government allocates C$ 1 billion to broadband funds for remote and rural communities.
Important earnings lined up this week are from Canadian Pacific Railway (TSX:CP), Rogers Communication (RCI.B), and Precision Drilling Corp (TSX:PD).
The energy sector was down 0.61 per cent, despite WTI crude price rise, which was up 0.1% a barrel. Brent oil remained unchanged.
The industrials sector decreased by 0.1% while the financial sector declined 0.375 per cent. The base metals index was down 0.319 per cent, after having an exclusive price rally last week.
The junior exchange TSX Venture also plunged as much as 15.29 points or 1.62 per cent to 929.17 points due to heavy sell-off into junior cannabis and crypto stocks, led by the sharp dip in the global stock markets.
Image Source: ©Kalkine Group 2021
Here are the top two gainers and losers from today’s trade on the TSX:
The largest percentage gainers on the TSX were Loncor Resources Inc. (TSX:LN), which soared 25.3per cent, and Hanwei Energy Services Corp. (TSX:HE), which jumped 25 per cent.
Xanadu Mines Ltd. (TSX:XAM) fell 13.33 per cent, the most on Canada’s main exchange, while the second-biggest loser by percentage was Xanadu Mines Ltd., down 12.45 per cent.
The higher volume stocks were Enbrige Inc. (TSX:ENB) and Bombardier Inc. (TSX:BBD.B), with one-day trading of nearly 19.28 million shares and 9.26 million shares, respectively.
