TSX Today: What to Watch for in the Market on Wednesday, November 24

The TSX Composite benchmark is likely to open with minor optimism today due to consistent overnight gains in oil and base metals prices.

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TSX Today

Canadian stocks turned slightly positive on Tuesday after consistently falling in the previous four sessions. The TSX Composite Index ended the day with minor gains of 33 points, or 0.2%, at 21,454. While tech stocks continued to slide down, sharp gains in crude oil and base metals prices helped Canadian mining and energy stocks climb up. Here are some of the most popular stocks on the TSX from the last session.

Top TSX movers and active stocks

Lightspeed Commerce (TSX:LSPD)(NYSE:LSPD), Kinaxis, BRP, Centerra Gold, and Fortuna Silver Mines were the worst-performing stocks on the TSX yesterday. While the shares of Lightspeed tumbled 8%, the other four shares dived by at least 5% each.

With this, LSPD stock has now seen 57% value erosion to $67.67 per share in the last couple of months, erasing all its gains for the year. In September, a short report blamed Lightspeed’s management for misstating some key business metrics. These allegations are continuing to badly hurt investors’ sentiments. That’s one of the key reasons why LSPD stock, which was trading with solid 56% year-to-date gains at the end of August, is now down 25% in 2021.

In contrast, the shares of companies like OrganiGram Holdings, Enerplus, Denison Mines, Crescent Point Energy, and Cenovus Energy soared in the last session, making them the top five performers on the Canadian market benchmark for the day.

Based on their daily trade volume, Suncor Energy, Manulife Financial, Cenovus Energy, and Enbridge were the most active Canadian stocks on November 23. Nearly 10 million shares of Suncor changed hands on the exchange during the session.

TSX today

Considering consistent overnight gains in some commodities, including crude oil and copper, TSX stocks might open on a slightly positive note today. While no major domestic economic data are due Wednesday, Canadian investors should keep a close eye on some important releases from the U.S. market. These releases include third-quarter U.S. GDP, jobless claims, and new home sales data.

Also, the U.S. Energy Information Administration will release weekly crude oil stockpiles data this morning. An unexpected change in oil inventory levels could have an impact on oil price movement, giving near-term direction to Canadian energy stocks.

On the corporate earnings side, Alimentation Couche-Tard (TSX:ATD.B)(TSX:ATD.A) will hold its Q2 earnings conference call this morning after reporting its quarterly results Tuesday after the market closing bell. The retail giant posted adjusted earnings of about $0.65 per share in the October quarter — slightly lower than analysts’ consensus estimates. Couche-Tard stock is currently trading with 16.5% 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 owns shares of and recommends ALIMENTATION COUCHE-TARD INC. The Motley Fool recommends Enbridge, KINAXIS INC, Lightspeed POS Inc., and OrganiGram Holdings. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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