The S&P/TSX Composite Index rose 619 points or 2.9 per cent for the three months ended with Wednesday’s close. In sector terms, precious metals companies were the biggest positive influence on benchmark returns, while technology stocks were the clear laggards.
Royal Bank was by far the biggest single positive point contributor, adding 147 positive points to returns with an 11 per cent appreciation. Interestingly, Royal Bank competitor TD Bank was among the biggest point detractors for the period, removing 35 points from performance.
Agnico Eagle Mines Ltd. and Wheaton Precious Metals Corp. are both among the top five contributors to returns, adding 67 and 50 points respectively. Cameco Corp. rose 37 per cent, adding 57 points on Russian uranium supply disruptions and nuclear power optimism. Dollarama Inc. rounds out the top five, adding 49 points over three months with a 24 per cent rally.
Shopify Inc. is again the biggest detractor from benchmark returns, subtracting 136 index point with a 16 per cent drop. Two other technology companies, CGI Inc. and Open Text Corp., are also in the top five biggest three month detractors, removing 26 and 24 points respectively. TD Bank is on the detractor list as noted above. Canadian Pacific Kansas City was the second biggest point drag on the S&P/TSX Composite, falling nine per cent and removing 68 points.
The second chart above displays the top and bottom five percentage returns for index constituents over the past three months. Precious metals stocks again dominate the top performers with Fortuna Silver Mines Inc. (+71 per cent), Pan American Silver Corp (58 per cent), and Novagold Resources Inc (57 per cent). Bombardier Inc. was the very top performer, adding 79 per cent. Copper producer Hudbay Minerals Inc. was up 54 per cent.
Lithium Americas was the worst performer for the period, falling 36 per cent. Bausch Health Co.s Inc. dropped 34 per cent and Boyd Group Services Inc. was down 25 per cent. Open text Corp. and MDA Space Ltd. fell 25 per cent and 19 per cent respectively.