In this article, we will discuss what to watch for in TSX on July 7.
Canadian stocks were mostly flat on Friday, as trading activity slowed due to U.S. markets being closed for Independence Day. The S&P/TSX Composite Index edged up by just two points to close at 27,036, but that slight gain was enough to set a new record high for the fourth straight session.
Losses in sectors like industrials, consumer discretionary, and energy were offset by strong performances in real estate and consumer staples, helping the index stay marginally in the green.
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Notable TSX Movers and Most Active Stocks
H&R Real Estate Investment Trust (TSX:HR.UN) led the day’s gains, surging over 17% to $12.46. The rally followed confirmation that the North York-based REIT is exploring strategic options, which could include a full or partial sale of its assets. The company had formed a special committee earlier this year after receiving an unsolicited proposal and has since received several additional non-binding offers. While no final decision has been made, the market reacted positively to the possibility of a transaction that could unlock shareholder value. H&R REIT shares are now up 34% year-to-date and currently offer a 4.8% annualized yield, paid monthly.
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Other top real estate performers included Allied Properties REIT, Boardwalk REIT, and Primaris REIT, each of which gained at least 2.6% on the session.
On the downside, NGEx Minerals and Ivanhoe Mines fell more than 1.5% each, ranking among the weakest performers of the day.
In terms of trading volume, Canadian Natural Resources, TC Energy, TD Bank, Manulife Financial, and Cenovus Energy were the most actively traded names on the TSX.
Market Outlook
On Monday morning, West Texas Intermediate (WTI) crude oil prices were ticking higher, offering some potential support to Canadian energy stocks. However, a stronger U.S. dollar and falling metal prices could pressure mining shares, leading to a potentially mixed start for the TSX.
Although no major economic reports or earnings announcements are expected in Canada today, investors should keep a close watch on international trade headlines, particularly as the U.S. approaches its July 9 tariff decision deadline, which could influence global market sentiment.
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