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On Thursday, the Canadian stock market faced a decline for the third consecutive session, driven by falling precious metals prices and mixed corporate earnings. Despite a positive reaction to the Bank of Canada’s recent interest rate cut, the S&P/TSX Composite Index experienced a volatile trading day. After an intraday drop of 176 points, the index managed to recover somewhat, ending with a decrease of 32 points at 22,608.
The decline was particularly evident in the metal mining and industrial sectors, which saw sharp declines. However, gains in real estate, healthcare, and technology sectors helped to moderate the TSX’s overall losses.
Top TSX Composite Movers and Active Stocks
Underperformers:
- Boyd Group Services (TSX:BYD)
- StorageVault Canada (TSX:SVI)
- Pan American Silver (TSX:PAAS)
- Bombardier
- Fortuna Mining (TSX:FVI)
These stocks were the worst performers of the day, each falling by at least 4.9%.
Top Performers:
- Mullen Group (TSX:MTL) saw significant gains, rallying by 9.3% to $14.50 per share. This increase followed the company's positive second-quarter financial results, where revenue grew by 0.3% year-over-year to $495.6 million. Despite a 5.1% drop in adjusted earnings to $0.37 per share due to adverse foreign exchange movements and higher finance costs, results exceeded analysts’ expectations of $0.29 per share. Mullen Group's stock is up 3.3% year-to-date and offers a 5.4% annualized dividend yield.
- Seabridge Gold, West Fraser Timber, FirstService, and CES Energy also performed well, each rising by at least 5%.
Most Active Stocks:
- Royal Bank of Canada (TSX:RY)
- Scotiabank (TSX:BNS)
- Bank of Montreal (TSX:BMO)
- Veren
- TD Bank (TSX:TD)
These stocks were the most active based on trade volume.
TSX Outlook for Today
Commodity prices showed mixed movements early Friday morning, suggesting a flat opening for the TSX. Investors will be attentive to Canada’s monthly budget balance figures and U.S. personal consumption expenditure data, which could influence market direction.
