TSX Today: What to Watch for in the Market on Tuesday, November 16

TSX stocks are likely to open on a slightly positive note today after losing 0.4% in the last session.

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TSX Today

Canadian equities market turned slightly negative Monday after ending a previous couple of weeks with solid gains. The S&P/TSX Composite Index dropped by 0.4%, or 85 points, to 21,683. An intraday weakness in base metals prices kept mining stocks under pressure. Healthcare, industrials, and technology were the worst-performing sectors in Canada yesterday.

Top TSX movers and active stocks

Canopy Growth, Cronos Group, and Aurora Cannabis were the worst-performing stocks on the TSX, as they lost more than 5% each in the last session. Notably, Cannabis stocks are continuing to be highly volatile these days amid reports of an expected bill to legalize marijuana in the United States.

Turquoise Hill, Intertape Polymer, Fortuna Silver, and Iamgold Corp were the top four gainers on the main Canadian stock gauge. All these stocks rose by at least 3% each.

Enbridge (TSX:ENB)(NYSE:ENB) and Suncor Energy remained among the most heavily traded stocks on the TSX Composite for another session. Nearly 30.8 million Enbridge shares and 14.7 million Suncor shares changed hands on the exchange on November 15.

TSX today

Early Tuesday morning, crude oil and precious metals prices are trading on a bullish note. In contrast, base metals are continuing to slide for the second consecutive day. Given that, TSX stocks are likely to open on a slightly positive note today. While no big Canadian corporate earnings events are scheduled for today, investors may want to pay attention to the key U.S. retail sales data due this morning.

The ongoing correction in energy stocks could be an opportunity for long-term investors to buy some fundamentally strong stocks like Enbridge cheap. ENB reported its much better-than-expected Q3 results on November 5. Its revenue for the quarter was 15% better than Street’s estimates, and its earnings were also slightly higher compared to expectations. Despite these positive factors, ENB stock has dived by 4% in the last five sessions.

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 Enbridge. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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