TSX Today: What to Watch for in the Market on Thursday, November 18

Inflation woes could continue weighing on TSX stocks in the near term.

Canadian stocks turned negative again on Wednesday, as concerns about rising inflation seemingly haunted investors. Canada’s October core consumer price index stood at 0.6% — higher than 0.3% in the previous month. The S&P/TSX Composite Index fell by 64 points, or 0.3%, in the last session to settle at 21,653. Healthcare, technology, and energy were some of the worst-hit sectors on the market benchmark.

TSX Today

Top TSX movers and active stocks

Real Matters (TSX: REAL), Ballard Power, Intertape Polymer, Aurora Cannabis, and Canopy Growth were the worst-performing stocks on the TSX. While Real Matters stock tanked by 14% in the last session, the other four companies’ shares lost at least 5% each.

Real Matters reported its Q4 results yesterday. While the Canadian network management services firm’s revenue and earnings for the quarter were slightly better than Street analysts’ estimates, they fell on a YoY (year-over-year) basis. Its fourth-quarter revenue stood at US$35 million — 25.5% down from a year ago. Similarly, its adjusted earnings of US$0.09 per share were down 50% YoY. Including yesterday’s big losses, Real Matters stock is trading with 58% losses in 2021.

On the positive side, the shares of Canadian companies like Osisko Mining, Fairfax Financial, Trisura, and Fortuna Silver rose sharply on October 17, making them the top-performing stocks on the TSX.

Bombardier, Manulife Financial, Enbridge, and Suncor Energy were the most traded stocks on the index. Nearly 23.7 million shares of Bombardier changed hands yesterday.

TSX today

Despite strengthening gold and silver prices, the main TSX index could open slightly lower today due to continued declines in base metals and oil prices. Even much lower than expected U.S. crude oil stockpiles data released yesterday couldn’t help oil prices rise.

Canadian investors could keep an eye on the U.S. jobless claims and manufacturing numbers this morning, as no major domestic economic releases are due Thursday. While the long-term market outlook remains positive, investors may want to remain cautious, as I expect inflation woes to continue weighing on stocks across North America in the near term.

The Motley Fool owns shares of and recommends TRISURA GROUP LTD. The Motley Fool recommends Enbridge, FAIRFAX FINANCIAL HOLDINGS LTD., and Real Matters Inc. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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