Canadian stocks started the new week on a slightly negative note, as falling metal prices and rising 10-year Treasury yields hurt investor sentiment. After reaching its highest level since April 2022 in the last session, the S&P/TSX Composite Index fell 89 points, or 0.4%, on Monday to settle at 21,324.
While most market sectors ended the session in the red, heavy losses in utilities, real estate and mining stocks mainly pressured the benchmark TSX index.
Top TSX Composite Moves and Active Stocks
Actions of Orla Mining (TSX:OLA) plunged more than 8% to $4.51 per share, trimming its year-to-date gains to 4.4%. This sell-off in OLA shares began after the Vancouver-based gold miner Announced your intentions to acquire Contact Gold.
The acquisition deal is likely to enhance Orla's land position in Nevada and strategically consolidate properties adjacent to its South Railroad project, including the Pony Creek property. The transaction is valued at approximately $8.1 million and offers Contact shareholders a 77% premium on their shares.
K92 Mining, Lundin Gold, OceanaGoldand Brookfield Infrastructure Partners They were also among the worst performers on the Toronto Stock Exchange, falling at least 4.7% each.
On the other hand, Energy fuels, celestial, GFL Environmentaland Tamarack Valley Energy They inched up just over 3% each, making them the best-performing TSX stocks of the day.
According to the stock market's daily trading volume data, Suncor Energy, Royal Bank of Canada, Enbridge, Great-West Lifecoand Manulife Financial were the five most active stocks.
TSX today
After falling sharply in the previous session, metal prices were recovering early Tuesday morning, which could boost TSX mining stocks at today's open. While there are no major national economic releases, Canadian investors may want to closely monitor the latest data on U.S. consumer confidence and durable goods orders this morning, which could give stocks further direction.
On the corporate events front, TSX-listed companies like Modeled landscape, Element fleet management, Bank of Montreal, Bank of Nova Scotia, Tricón Residentialand RSS Mining They are expected to announce their latest quarterly financial results on February 27.
