TSX Today: What to Expect From Canadian Stocks on September 8

Here’s what you should know before starting your trading day on the TSX on Wednesday, September 8.

Canadian stocks traded on a mixed note on Tuesday. While the S&P/TSX Composite Index notched another intraday record high near 20,897 yesterday, it couldn’t sustain these gains. The index settled at 20,806 — with a minor 0.7% decline from the previous session’s closing. Minor weakness in commodity prices coupled with fears about the slowing pace of the economic recovery could be the main factor taking a toll on investors’ sentiments.

Top TSX movers and active stocks

The shares of uranium mining firms like Denison Mines (TSX:DML)(NYSE:DNN) and Cameco (TSX:CCO)(NYSE:CCJ) were among to top gainers on the TSX yesterday.

Denison Mines stock rose by about 7.4%, with a 240% jump in its daily trading volume compared to its three-month average trading volume. With this, DML stock marked the seventh consecutive session of rally. Similarly, Cameco stock inched up for the 12th session in a row, as it surged by 7.1% on Tuesday. Nearly 2.5 million shares of Cameco changed hands on Tuesday — more than double compared to its three-month average trading volume of 1.1 million.

The recent rally in these Canadian uranium stocks could be attributed to the ongoing strength in uranium spot prices, which is likely to boost uranium miner’s profitability.

In contrast, gold mining companies like New Gold and OceanaGold turned negative in the last session — mainly due to a sharp decline in the yellow metal prices. Both these stocks tumbled more than 4% on Tuesday. Interestingly, New Gold stock was among the top TSX gainers in the previous session, as it surged by nearly 14% that day.

Top TSX stocks to watch today

TSX stocks might open on a mixed note on Wednesday, September 8, as investors might prefer to remain cautious ahead of the Bank of Canada’s interest rate decision and press conference later today. The central bank is likely to continue with the loose monetary policy and keep the interest rate unchanged at 0.25%.

Investors can watch the TSX-listed shares of the following three Canadian companies, as they’re scheduled to announce their latest quarterly results today:

The Waterloo-based tech company Descartes Systems Group (TSX:DSG)(NASDAQ:DSGX) will release its July quarter results today after the market closing bell. Street analysts expect the company’s earnings for the quarter to be around US$0.25 per share — more than double on a year-over-year basis. According to the latest estimates, its revenue for the quarter could grow by nearly 20% from a year ago.

Transcontinental (TSX:TCL.A) — the Canadian packaging and printing company — will also announce results for the third quarter of its fiscal 2021 later today. Analysts expect its quarterly earnings to be around $0.57 per share — down 27% from the same quarter a year ago.

While the shares of Descartes Systems have risen by 38% in 2021 so far, Transcontinental stock is trading with nearly 19% year-to-date gains.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

The Motley Fool recommends TRANSCONTINENTAL INC A. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Metals and Mining Stocks

nugget gold
Metals and Mining Stocks

Kinross Gold: Buy, Sell, or Hold in 2025?

Kinross Gold (TSX:K) stock: Buy the dip as gold nears $3k? 2025 investment opportunities outlook and analysis

Read more »

construction workers talk on the job site
Metals and Mining Stocks

3 Top Materials Sector Stocks for Canadian Investors in 2025

These three materials stocks can be excellent bets to consider for long-term investors.

Read more »

Investor wonders if it's safe to buy stocks now
Metals and Mining Stocks

Billionaires Are Selling D-Wave Quantum and Picking Up This TSX Stock Instead

TSX mining stock Lundin Mining (TSX:LUN) is attracting billionaire-backed confidence.

Read more »

Safety helmets and gloves hang from a rack on a mining site.
Metals and Mining Stocks

What to Know About Canadian Mining Stocks for 2025

Several factors, including global economic stability and trade policies, could play an important role in driving Canadian mining stocks in…

Read more »

top TSX stocks to buy
Metals and Mining Stocks

Trump’s Tariffs: 2 Canadian Stocks That Could Explode in 2025

These two Canadian stocks may not just do well; they could explode under Trump's tariffs.

Read more »

todder holds a gold bar
Metals and Mining Stocks

2 Ways to Bet on Gold if Precious Metals Surge

Agnico Eagle Mines (TSX:AEM) and another shining gold stock to buy for the year.

Read more »

Rocket lift off through the clouds
Stocks for Beginners

1 Canadian Stock Set to Skyrocket as Trump’s Trade War Heats Up

This one Canadian stock is set to skyrocket, even amidst US tariffs.

Read more »

Pile of Canadian dollar bills in various denominations
Metals and Mining Stocks

How Investors Should Think About the Drop in the Canadian Dollar

The Canadian dollar has dropped to a 21-year low against the U.S. dollar. Is there an investment opportunity?  

Read more »