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.

| More on:
You Should Know This

Image source: Getty Images

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

Hands protect a sprout in fertile soil.
Metals and Mining Stocks

Nutrien Stock: How High Could it Go in 2023?

After Nutrien's record 2022 driven by strong pricing power, 2023 should see more of the same, driving the stock much…

Read more »

Gold bullion on a chart
Metals and Mining Stocks

Silver and Gold Stocks: Worth Owning in 2023?

The stock market took a breather from bears as inflation slowed. But recession fears still loom. Should you buy gold…

Read more »

Metals
Metals and Mining Stocks

BUY ALERT: Why I’m Snagging Russel Metals (TSX:RUS) Stock Today

Russel Metals Inc. (TSX:RUS) has started hot in 2023 and boasts nice value and a strong dividend in late January.

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Wednesday, January 25

TSX investors may want to keep a close eye on the Bank of Canada’s monetary policy event today.

Read more »

silver metal
Metals and Mining Stocks

How to Invest in Precious Metals Without Buying a Mining Stock

Do you want to invest in precious metals without buying a mining stock? This unique business can offers a lower-risk,…

Read more »

A tractor harvests lentils.
Metals and Mining Stocks

5 Things to Know About Nutrien Stock in January 2023

Nutrien Ltd. (TSX:NTR) stock has put together a nice run on the back of strong fundamentals and geopolitical tensions.

Read more »

gold stocks gold mining
Metals and Mining Stocks

Why Is Everyone Talking About Barrick Gold Stock?

Barrick Gold stock has soared 32%, while gold has surged around 17% since November 2022.

Read more »

Gold bars
Metals and Mining Stocks

Yamana Gold Stock: How High Could it Go in 2023?

Yamana Gold Inc. (TSX:YRI) stock may still have room to run above its 52-week high, as the yellow metal continues…

Read more »