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There were 164 gainers versus 62 decliners
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The S&P/TSX composite index rose for the second day in a row on Oct. 5, gaining 0.54 per cent to close at 19,137.81.
The index’s main sectors closed broadly in positive territory with utilities and communication services jumping the most at 1.98 per cent each, followed by materials, up 0.91 per cent, financials, which rose 0.69 per cent, energy at 0.58 per cent and consumer staples at 0.10 per cent. Sectors that closed in the red included information technology, down 0.11 per cent.There were 164 gainers versus 62 decliners. Here are the TSX’s top three performers:
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One-day change: 6.96 per centYear-to-date change: -2.31 per cent
TransAlta is an non-regulated utility providing coal and gas-generated electricity in countries including Canada, Australia, Mexico and the U.S.
On Oct. 5, shares of the Calgary-based company rose the most since January after it said it closed a deal to acquire TransAlta Renewables Inc., which will be delisted from the Toronto Stock Exchange, Bloomberg said.
Shares in the company are down 15 per cent from their August high, likely due to the hit from high interest rates.
Higher rates pose a risk to utilities, since they make bonds look more attractive to investors and increase borrowing costs in the sector, which typically carry high debt levels.
TransAlta closed at $11.83.
One-day change: 5.43 per centYear-to-date change: 131.72 per cent
The Toronto-based electronic component manufacturer has so far had a winning year.
Shares of the company took a major leap — up 33 per cent — from July 26 to 31 after it raised guidance for its third quarter and analysts raised their price targets in response.
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Analysts on Bloomberg currently have a 12-month consensus target price of $34.74 for the stock
Celestica closed at $35.36.
Innergex Renewable Energy Inc.
One-day change: 4.67 per centYear-to-date change: -39.07 per cent
Longeuil, Que.-based Innergex is an independent power producer that owns, develops and operates hydroelectric facilities, wind and solar farms in Canada, the United States, France and Chile.
Shares of Innergex have had a tough year, falling on fourth-quarter earnings in February that missed analyst expectations. Innergex took another earnings hit in May when it missed sales estimates.
More recently, the stock took a 21 per cent hit closing at its lowest level of the year on Oct. 2 at $9.38.
Innergex closed Oct. 5. at $9.87.
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