TSX Today: What to Watch for in the Market on Monday, November 15

The TSX could start this week on a flat note after posting solid gains in a previous couple of weeks.

| More on:
TSX Today

The ongoing market rally intensified, as the TSX Composite Index inched up by 187 points, or 0.9%, on Friday to settle at a fresh record high of 21,769. With this, the index ended the week with 1.5% gains after posting 2% advances in the previous week. A massive rally in technology and cannabis stocks primary took the index higher. In contrast, continued correction in crude oil prices pressurized energy stocks, limiting the broader market gains.

Top TSX movers and active stocks

Cannabis stocks such as Canopy Growth, Aurora Cannabis, and Cronos Group were among the top TSX gainers, as they rose by 12.8%, 12.5%, and 10.4%, respectively, on November 12.

The shares of Canadian e-commerce giant Shopify (TSX:SHOP)(NYSE:SHOP) popped by 11.6% Friday to a record high of $2,095 per share on a closing basis. While there was no company-specific news, a sharp recovery across the tech sector for a second consecutive day likely helped its stock surge. Also, retail traders’ rising interest in Shopify stock on social media could be another reason for its massive gains in the last session. Tech stock SHOP has now risen by 45.8% on a year-to-date basis.

Fortuna Silver Mines and Intertape Polymer were the two worst-performing stocks on the main TSX index, as they saw 22.3% and 11.8% value erosion in the last session, respectively. Fortuna Silver missed Street analysts’ revenue and earnings expectations in Q3. While Intertape’s managed to beat estimates in the latest quarter, its Q3 earnings fell year over year. These could be the primary reasons for a massive drop in their stocks.

Based on their daily trade volume, Enbridge, B2Gold Corp, Suncor Energy, and Fortuna Silver were the most heavily traded stocks on the TSX.

TSX today

I expect Canadian stocks to open on a flat note on Monday, November 15, due to mixed movement in the commodity prices. While gold prices remain near their multi-month highs, oil prices continue to trade on a weak note early this morning.

No major economic data is due today, but Canadian mining companies like Ivanhoe Mines and K92 Mining will release their latest quarterly results today before the market opens.

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 owns shares of and recommends Shopify. The Motley Fool recommends Enbridge. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks

stock analysis
Tech Stocks

Investing in AI: 1 Cheap Tech Stock Poised for Growth

Docebo is a little-known Canadian tech firm that's unlocking the power of next-generation AI technologies.

Read more »

Businessman holding AI cloud
Tech Stocks

5 Tech Stocks You Can Buy and Hold for the Next Decade

Don't make the mistake of thinking all tech stocks are alike. These five have a strong future both behind and…

Read more »

funds, money, nest egg
Tech Stocks

TFSA Investors: 2 TSX Stocks for a Legit Shot at $1 Million in 20 Years

Undervalued TSX tech stocks such as Neighbourly Pharmacy can help investors to turn a $100,000 investment into $1 million in…

Read more »

Dividend Stocks

TFSA: 3 Value Stocks to Buy in April

The March dip is a synopsis of the mild recession banks anticipate as high interest rates trickles down. It is…

Read more »

Growing plant shoots on coins
Tech Stocks

Got $5,000? These Are 2 of the Best Growth Stocks to Buy Right Now

If you've got $5,000 to invest, buying growth stocks like Lightspeed Commerce and Microsoft is a smart decision.

Read more »

edit Colleagues chat over ketchup chips
Tech Stocks

2 Easy TSX Stocks for Beginners in April 2023

You don’t need to think twice about loading up on these two Canadian stocks in April.

Read more »

calculate and analyze stock
Tech Stocks

Growth Stocks: A Once-in-a-Decade Opportunity to Get Rich

Growth stocks are generally cheap now. So, this year is a good opportunity to shop for growth stocks, perhaps through…

Read more »

grow money, wealth build
Tech Stocks

$10,000 Invested in These Growth Stocks Could Make You a Fortune Over the Next 10 Years

Growth stocks such as Dollarama and Chewy are well poised to deliver outsized gains to long-term investors.

Read more »