Canadian stocks started the new week on a slightly negative note as re-escalation in the U.S.-Iran conflict and its potential impact on global energy supplies weighed on investor sentiment. After climbing for three consecutive weeks, the S&P/TSX Composite Index slipped by 53 points, or 0.1%, on Monday to close at 35,253.
Even as a sharp rise in crude oil prices drove the shares of energy companies higher, with some other key market sectors like healthcare, technology, and real estate also ending the session in positive territory, heavy losses in consumer cyclical and mining stocks more than offset those gains, leaving the TSX benchmark modestly lower.
Top TSX Composite movers and active stocks
Shares of AbraSilver Resource (TSX:ABRA) jumped by 5% to $14.71 apiece, making it one of the top-performing TSX stocks for the day. This rally in ABRA stock came after the company reported strong new drilling results from its Diablillos silver-gold project in Argentina.
AbraSilver said the results confirmed mineralization in a previously undrilled area at Oculto West and also extended mineralization beneath the current conceptual open pit. The potential for these discoveries to support further mineral resource growth beyond the project’s existing mine plan boosted investor confidence, triggering a buying spree in ABRA stock.
Similarly, Curaleaf Holdings (TSX:CURA) was among the day’s top gainers on the Toronto Stock Exchange, as it climbed by 4.8% after becoming the first to register standardized cannabis preparations under Spain’s new medical cannabis framework.
Notably, Spain’s medicines regulator approved Curaleaf’s THC-dominant and CBD-dominant preparations, clearing the way for them to be supplied to hospital pharmacies for use in prescription-based formulations. This approval cheered investors because it gives Curaleaf an early-mover advantage in a major European market with nearly 50 million people.
Thomson Reuters, Methanex, and Kelt Exploration were also among the top TSX performers, with each climbing by at least more than 4%.
In contrast, Montage Gold, First Quantum Minerals, MDA Space, and G Mining Ventures slid by at least 7% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, Cenovus Energy, Telus, and Whitecap Resources were the five most active stocks on the exchange.
TSX today
Crude oil prices continued to rally in early trading on Tuesday, which could further lift TSX energy stocks at the open today as traders weighed the risk of tighter global supplies.
At the same time, base metals prices also jumped as investors awaited the latest U.S. consumer inflation report for fresh clues on the Federal Reserve’s interest rate path.
In addition, market participants will continue tracking developments in the U.S.-Iran conflict after reports of another round of U.S. airstrikes and renewed attacks on commercial shipping in and around the Strait of Hormuz raised concerns about the security of one of the world’s most important energy trade routes. Any further escalation or signs of diplomatic progress could influence commodity prices and set the tone for trading on the TSX today.
