The Canadian stock market began the new month on a slightly positive note, as the release of largely better-than-expected US job openings and manufacturing data provided further fuel to the ongoing rally. After ending the third quarter with solid 9.7% gains, the S&P/TSX Composite Index It rose 34 points on Tuesday to settle at 24,034, its all-time closing high.
Despite intraday weakness in sectors such as technology and industrials, strong gains in mining and energy stocks helped lift the benchmark TSX index.
Top TSX Composite Moves and Active Stocks
Canadian natural resources, Baytex Energy, imperial oiland donation were the best-performing TSX shares of the day, each rising at least 4.2%.
Actions of MEG Energy (TSX:MEG) also rose 3.8% to $26.37 per share, extending its year-to-date gains to 11.4%. This rally in MEG stock came after the Calgary-based energy company announced which has successfully achieved its debt reduction goal of $600 million and will now return 100% of its free cash flow to shareholders.
In a statement, MEG highlighted how this milestone marks the completion of its multi-year capital allocation strategy. Starting in October 2024, the company plans to expand share buybacks and introduce a quarterly base dividend of $0.10 per share, with the first payment on October 15, 2024. This positive development was welcomed by investors, which drove MEG stock higher.
On the other hand, Blackberry, tilray, Aritziaand celestial fell at least 3.1% each, making them the day's worst performers on the Toronto Stock Exchange.
According to the stock market's daily trading volume data, TD BankCanadian natural resources, Bank of Nova Scotia, Canada Energy Corporationand TC Energy stood out as the five most active stocks.
TSX today
Crude oil, natural gas and copper prices continued to extend their bullish momentum early on Wednesday, suggesting the main TSX index could trade on a firm note today, benefiting especially from gains in the sectors that depend on many resources.
While there are no major national economic releases, Canadian investors may want to keep an eye on monthly nonfarm employment data and weekly U.S. crude oil stockpiles this morning. In addition to this, the escalation of the conflict in the Middle East will continue to be on investors' radar as it could affect global oil supply and further drive commodity prices.
As for corporate events, the TSX-listed exchange NovaGold Resources It is likely to announce its latest quarterly financial results after the market closing bell on October 2.