Canadian stocks continued to drift down on Friday, as the commodities market weakness took most metals and mining stocks down. With this, the TSX Composite Index ended the second consecutive week in the negative territory for the first time after February 2021. The index settled at 20,490 on September 17 — down 112 points, or 0.5%, from the previous day’s closing. Similarly, iShares S&P/TSX 60 Index ETF fell by 0.7% for the day.
While the copper futures and oil prices dived 0.8% and 0.9%, respectively, gold prices largely remained unchanged in the last session. Let’s take a closer look at some top TSX movers and active stocks from the last session.
Top TSX movers and active stocks
Uranium stocks like Nexgen Energy, Denison Mines, and Cameco were among the top losers on the TSX on Friday.
The shares of New Gold, Ballard Power Systems, Methanex, and Lithium Americas were the top gainers.
Bombardier, Birchcliff Energy, Suncor Energy (TSX:SU)(NYSE:SU), Enbridge (TSX:ENB)(NYSE:ENB), and Canadian National Railway were the top five active stocks on the TSX based on their trading volume in the last session.
Top TSX stocks to watch today
The TSX is likely to open on a negative note on Monday, September 20, as a consistent drop in oil and base metal prices should keep Canadian energy and mining stocks under pressure. While there are no major economic or corporate events scheduled for today, investors could remain cautious in the next couple of sessions ahead of Fed’s upcoming meeting and interest rate decision due for Wednesday.
As the commodities prices continue to correct, Motley Fool investors may want to keep a close eye for an opportunity to buy some fundamentally strong TSX energy and metal stocks at a bargain. For example, Enbridge and Suncor Energy could be two such energy stocks to watch right now. ENB and SU stocks have risen by about 24.4% and 15.6% in 2021, respectively, as their post-pandemic financial recovery continues.
After facing pandemic blows last year, both the companies are expected to report a strong recovery in their revenue and earnings growth in 2021. Despite the ongoing correction in the crude oil prices, the shares of Enbridge and Suncor could continue to outperform the broader market in the long term due to their improving financial outlook amid strong energy demand. Apart from their strong long-term financial growth outlook, Enbridge’s 6.6% and Suncor’s 3.4% dividend yields make their stocks even more attractive.
Canadian companies like Aurora Cannabis and BlackBerry will release their latest earnings this week on Tuesday and Wednesday, respectively. Investors’ expectations from their upcoming results could keep their stocks volatile.
