The TSX hit record highs yet again to close out this weeks trading, and Canadian investors who’ve bought into the materials or energy sector, particularly junior energy companies, have reaped the rewards thus far.
At the start of the day, it seemed like popular stocks such as Shopify (TSX:SHOP) and Canada Goose (TSX:GOOS) were determined to finish the week on a high note, but both fell into the red as the TSX finally closed, down 1.75% and 1.85% respectively. Both these stocks have been spinning their tires as of late, and in Canada Goose’s case, is providing excellent value to prospective investors.
So, what stocks came out ahead today on the TSX?
You’ll see a lot of familiar faces if you look at yesterdays biggest movers.
First Quantum Minerals: +9.02%
Nexen Energy: +7.27%
Western Forest Products: +7.03%
Endeavour Mining: +6.30%
Birchcliff Energy: +5.86%
Advantage Oil and Gas: +5.29%
Corus Entertainment: +4.90%
The Saudi Arabia supply scare has caused a mini-boom in the Canadian energy sector, but on a whole most companies traded sideways or in the red today. For junior energy companies like Birchliff, Nexen and Advantage Oil and Gas however, we saw positive movements. With material stocks, we see a continuing trend as the price of gold increased yet again today to $1517 an ounce. 33 major material stocks were in the green today, while only 13 were in the red, with the biggest loser being Teck Resources (TSX:TECK.B) at -2%.
How about the stocks that lost the most ground?
Look no further than the Canadian cannabis industry and a few major energy players.
CES Energy Solutions: -4.65%
Canopy Growth Corporation: -3.78%
Superior Plus Corp: -2.37%
Aurora Cannabis: -2.34%
Inter Pipeline Ltd: -2.29%
Seven Generations Energy: -2.24%
CCL Industries Inc: -2.15%
Canopy Growth (TSX:WEED) continues to take a beating as negative sentiment towards the cannabis industry continues, and major players in the oil and gas industry such as Inter Pipeline (TSX:IPL) and Seven Generations Energy (TSX:VII) took a hit.
It will be interesting to see if the TSX can carry forward this momentum headed into next week, as it is currently returning nearly 18% on the year, a rare outing for an index that typically under performs compared to its American counterparts.