The Canadian stock market resumed its rally on Friday with the help of a recovery in crude oil and base metals prices, as investors continued to react positively to the recent weakness in the U.S. inflation data. The S&P/TSX Composite Index climbed up by 123 points, or 0.6%, in the last session to 20,176, its highest closing level in more than eight weeks.
Even as falling precious metals prices pressured shares of gold and silver miners, strong gains in most other market sectors, including healthcare, energy, and consumer cyclicals, drove the index higher. With this, the TSX benchmark ended the week with strong 2.7% gains.
Top TSX Composite movers and active stocks
Park Lawn, Bausch Health, Tilray, Suncor Energy, and Precision Drilling were the top-performing TSX stocks on November 17, as they inched up by at least 3.9% each.
Shares of BlackBerry (TSX:BB) also rose 1.8% to $5.05 per share after announcing key developments related to its cybersecurity segment. In a press release, the Waterloo-based software firm told investors that it has entered “a long-term software and services agreement to strengthen Malaysia’s cybersecurity posture.”
This deal includes providing a full suite of BlackBerry cybersecurity solutions to protect the Malaysian Communications and Multimedia Commission and upskilling the workforce with advanced technology and training on cybersecurity. In addition, the company revealed its plan to build a Cybersecurity Center of Excellence in Kuala Lumpur next year. On a year-to-date basis, BB stock is now up 14.5%.
In contrast, Wesdome Gold Mines, Dundee Precious Metals, Endeavour Silver, and Stella-Jones were the session’s worst performers on the Toronto Stock Exchange, as they slipped by at least 2.6% each.
According to the exchange’s daily trade volume data, Manulife Financial, Suncor Energy, Great-West Lifeco, Crescent Point Energy, and Canadian Natural Resources stood out as the five most active Canadian stocks.
Commodity prices were largely bullish early Monday morning, which could help the resource-heavy main TSX index extend its last week’s rally at the open today.
While no major economic releases are due this morning, Canadian investors may remain cautious, as they await the domestic consumer inflation data and the Federal Open Market Committee’s latest meeting minutes, which are expected to be released on Tuesday.