It was a sea of red with the energy sector posting the largest drop
Published Oct 06, 2023 • Last updated 2 hours ago • 3 minute read
Osisko Mining Inc. was the top performer on the S&P/TSX composite this week. Photo by Handout/Osisko Mining Inc.
The S&P/TSX composite index closed up 0.57 per cent on Oct. 6, but that wasn’t enough to pull markets into positive territory for the week.
For Oct. 2 to 6, the TSX lost 1.51 per cent and is down 0.72 per cent on the year.
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Among the TSX’s sub-indices, the consumer staples index and information technology index managed to eke out gains during that period.
Otherwise, it was a sea of red with the energy sector posting the largest drop for the week — 4.10 per cent.
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Here are the TSX’s top three performers and biggest losers for the week of Oct. 2 to 6:
Osisko Mining Inc.
One-week change: 9.35 per cent
Year-to-date change: -17.14 per cent
Osisko Mining, a Canadian mineral exploration company with a focus on precious metals, was the top performer on the S&P/TSX, closing 13 per cent above its low for the year.
In late September, Osisko and gold miner Bonterra Resources Inc. announced a joint venture regarding the latter’s properties in Quebec.
Toronto-based Osisko plans to make a $30-million investment over three years and will have the opportunity to earn a 70 per cent interest in the Bonterra properties, according to a report from Mining.com.
Osisko closed Oct. 6 at $2.69.
Celestica Inc.
One-day change: 8.51 per cent
Year-to-date change: 136.37 per cent
The Toronto-based electronic component manufacturer continues to charge ahead.
Shares of the company took a big jump — up 33 per cent — from July 26 to July 31 after it raised its third-quarter guidance and analysts lifted their price targets in response.
Celestica is also likely benefiting from the investor frenzy around artificial-intelligence companies such as Nvidia Corp. and the role that chips could play in AI, Bloomberg said in late May.
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Celestica closed Oct. 6 at $36.07.
Lithium Americas Argentina Corp.
One-day change: 6.62 per cent
Year-to-date change: 6.62 per cent
Investors in Vancouver-based Lithium Americas Argentina, a resource company focused on producing lithium to supply the energy transition, took the stock higher on Oct. 6 — its second day of trading.
The company was spun off recently from Lithium Americas Corp. and both stocks began trading independently on the S&P/TSX on Oct. 5.
Lithium Americas Argentina closed Oct. 6 at $9.02.
Here are the TSX top three losers for the week of Oct. 2 to 6
BlackBerry Ltd.
One-day change: -19.91 per cent
Year-to-date change: 16.78 per cent
It was downhill for the Waterloo, Ont.-based technology company this week, as its stock was clipped by the announcement that it would spin off its Internet of Things division from its cybersecurity unit, Bloomberg said.
The split is expected to happen in the first half of the company’s coming fiscal year.
BlackBerry closed Oct. 6 at $5.15.
Tilray Brands Inc.
One-day change: -13 per cent
Year-to-date change: -23.43 per cent
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Shares of Nanaimo, B.C.-based Tilray, a producer of cannabis products, have dropped significantly from their 2023 high in early September on news that the U.S. Drug Enforcement Administration could relax restrictions on pot.
The cannabis producer also appears to have lost any momentum it gained when it announced it was buying eight beer and beverage brands from Anheuser-Busch InBev SA/NV.
Tilray closed Oct. 6 at $2.81.
Precision Drilling Corp.
One-day change: -10.83 per cent
Year-to-date change: -21.75 per cent
Calgary-based Precision, which provides oilfield drilling and energy services, has fallen well off its 2023 closing high on Jan. 20 of $114.50 as slumping commodity prices chipped into the stock’s performance and the company missed fourth-quarter estimates in February.
Following a three-month lull, shares perked up on a revenue beat.
But tumbling oil prices are back again. Since late September, the price of West Texas Intermediate, the U.S. crude oil benchmark, is down 11.5 per cent.
Precision closed Oct. 6 at $81.15.
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