TSX Today: Why Canadian Stocks Could Rise on Friday, December 5

Canadian stocks continued to climb for a second consecutive session on Thursday as strong corporate earnings and rising hopes of more interest rate cuts in the near term kept investors firmly in buying mode. The S&P/TSX Composite Index jumped by 317 points, or 1%, for the day to settle at 31,478 — reaching a new all-time high and marking its best single-day performance in over a week.

Despite a slight decline in utility stocks, a consistent rally in most other key market sectors, including healthcare, technology, and financials, pushed the TSX benchmark to fresh record territory.

Top TSX Composite movers and active stocks

Descartes Systems Group (TSX:DSG) climbed by 14.4% to $132.45 per share, making it the top-performing TSX stock for the day. This rally in DSG stock came after the Waterloo-based logistics software firm posted record financials for the October quarter, with revenue rising 11% year over year to US$187.7 million.

Last quarter, Descartes’s income from operations surged 24% from a year ago with the help of strong growth in its services business, also resulting in solid cash flows. Despite the recent rally, however, DSG stock is still down 19% on a year-to-date basis.

Similarly, shares of EQB (TSX:EQB) rallied by nearly 13% to $98.01 apiece after the digital-finance services company posted strong fourth-quarter results (ended in October) and an upbeat outlook despite one-time restructuring charges.

Investors also cheered EQB’s announcement of a 16% dividend hike, confirmation of continued share buybacks, and solid deposit growth at EQ Bank.

MDA Space and Curaleaf were also among the top gainers on the Toronto Stock Exchange, with each rising by at least 9.7%.

In contrast, First Majestic Silver, Ivanhoe Mines, Aya Gold & Silver, and goeasy slipped by at least 3% each, making them the day’s worst-performing TSX stocks.

Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Cenovus Energy, Enbridge, and Telus were the five most active stocks on the exchange.

TSX today

Metal prices, especially silver and copper, witnessed a strong rally in early trading on Friday, which could lift the main TSX index at the open today, with expected gains in mining stocks.

In addition to the domestic jobs data, Canadian investors will closely monitor PCE (personal consumption expenditure) price index data from the U.S. this morning, as it serves as a key inflation gauge for the Federal Reserve. A softer-than-expected reading could further strengthen the case for near-term interest rate cuts, potentially fueling further equity market gains on both sides of the border.

On the corporate events side, the TSX-listed Laurentian Bank of Canada will announce its latest quarterly results today, which could lead to increased trading activity in the stock, especially following its recent strategic pivot toward commercial banking.

Market movers on the TSX today

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  More reading

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  • Transform Your TFSA Into a Cash-Generating Machine With Just $10,000
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