The S&P/TSX Composite Index rose 1,029 points or 4.8 per cent in the past three months. The biggest points detractor from index returns hasn’t changed since our last update – it’s Shopify – but the biggest contributor might come as a bit of a surprise.
Shopify’s SHOP-T 20.5 per cent loss over the past three months cut benchmark returns by 176 points. Alimentation Couche-Tard Inc.’s ATD-T management upheaval resulted in a 9.8 per cent decline which reduced TSX returns by 43 points. Canadian Pacific Kansas City Ltd. CP-T fell 5.4 per cent and its large market cap within the benchmark translated into a 40-point reduction in benchmark returns. TD Bank TD-T dropped 3.9 per cent, taking away 38 points and Rogers Communications’ RCI-B-T 19-point detraction rounds out the bottom five influences on index returns.
Royal Bank of Canada RY-T replaced Canadian Natural Resources CNQ-T as the biggest positive point contributor to three-month benchmark performance thanks to its massive market cap. Royal Bank’s 10.7 per cent appreciation added 139 points to returns. Canadian Natural Resources contributed 112 points with a 16.7 per cent climb.
Royal Bank Thursday morning traded as high as $145.75, an all-time high.
Gold and silver strength is a definite theme recently as Agnico Eagle Mines AEM-T and Wheaton Precious Metals Corp WPM-T positively influenced three-month TSX performance by 100 points and 77 points respectively. Suncor Energy’s SU-T 24.0 per cent rise added 97 points to index returns.
There are some big numbers among the top five best performing S&P/TSX Composite stocks over the past three months. Fortuna Silver Mines FVI-T jumped 112 per cent for the period. Bombardier Inc. BBD-B-T, Hudbay Minerals Inc. HMB-T, New Gold Inc. NGD-T and Silvercrest Metals Inc. SIL-T climbed by between 77 and 81 per cent.
Bausch Health Companies Inc. BHC-T was the worst performing benchmark constituent over the past three months, falling 30 per cent. Boyd Group Services Inc. BYD-T and Shopify Inc. dropped 25 and 21 per cent, respectively. Jamieson Wellness Inc JWEL-T and Open Text Corp OTEX-T both fell 19 per cent.