TSX Today: Why Stocks Could Fall This Black Friday

TSX stocks are likely to open lower today, following a selloff in the global equities market and falling commodity prices.

The positive momentum in Canadian stocks continued on November 25 for the third day in a row. Despite the U.S. market holiday for Thanksgiving, the S&P/TSX Composite Index rose by 0.3%, or 65 points, yesterday to 21,613. Apart from precious metal mining stocks, all other major sectors on the main Canadian index traded positively — led by a rally in healthcare, tech, and real estate shares.

While the market volatility largely remained low due to the U.S. market holiday, the following TSX stocks were in focus.

TSX Today

Top TSX movers and active stocks

Tech stocks like Dye & Durham and Lightspeed Commerce were the top two gainers on the index Thursday, as they popped by at least 3% each. Enghouse Systems, Brookfield Business Partners, and Real Matters also rose by a minimum of 2% each.

In contrast, OceanaGold, Dundee Precious Metals, LifeWorks, and Docebo were among the worst-performing stocks on the TSX as they lost at least 1.5% each in the last session.

Based on their daily trade volume, Manulife Financial and Sun Life Financial were the most active stocks on the Canadian exchange.

TSX today

After remaining completely closed Thursday, the U.S. markets will reopen today but close early for Black Friday. Following a sharp drop in equities markets across the globe due to renewed worries about new COVID variants, TSX stocks are likely to open lower on November 26. I recommend investors remain cautious, as an overnight slide in oil and base metals prices could trigger a selloff in Canadian energy and base metals mining stocks.

What investors can do

On the positive side, an early-morning recovery in precious metals prices should help gold stocks rise on the TSX today. In one of my recent articles, I’d highlighted why it could be the right time to buy some cheap gold stocks like New Gold (TSX: NGD)(NYSE:NGD) and IAMGOLD. I expect investors’ rising worries about high inflation, supply chain disruptions, and new COVID variants to drive gold prices higher, leading to a rally in gold stocks.

Notably, New Gold stock has consistently been crushing analysts’ consensus earnings estimates by a wide margin for the last couple of quarters. While its stock has seen a massive rally in the ongoing quarter, it’s still trading with 33% year-to-date losses.

The Motley Fool owns shares of and recommends Enghouse Systems Ltd. The Motley Fool recommends Docebo Inc., Lightspeed POS Inc., and Real Matters Inc. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Metals and Mining Stocks

Investor reading the newspaper
Stocks for Beginners

Steel is Back in the Headlines: This Iron Ore Royalty Pays You to Watch

Labrador Iron Ore Royalty offers a variable dividend, with mine recovery carrying more weight than steel-policy headlines.

Read more »

financial chart graphs and oil pumps on a field
Dividend Stocks

This TSX Royalty Stock Pays Its Monthly Dividend Today: The Payout Math Behind It

Freehold pays eligible shareholders today, with a $10,000 investment offering about $52 monthly at the current dividend.

Read more »

panning for gold uncovers nuggets and flakes
Stocks for Beginners

Gold Pulled Back From Its Record: This Royalty Stock Raised Its Dividend 18%

OR Royalties offers a different way to own gold exposure, with strong dividend coverage and a modest starting yield.

Read more »

gold prices rise and fall
Stocks for Beginners

Gold is Near $4,200: This Miner Pays You to Wait

Agnico's cash position supports its dividend, but gold-price sensitivity and a modest starting yield define what investors actually receive.

Read more »

Nuclear power station cooling tower
Stocks for Beginners

Canada and India Are Talking Nuclear Power: Is Cameco Stock Still a Buy?

Cameco’s India agreement is real business, but its uranium volumes were already included in broader contracting disclosures.

Read more »

A plant grows from coins.
Stocks for Beginners

Brazil’s Election Could Move Commodity Markets: I’d Watch This Canadian Miner

Lundin’s Brazilian operations create a direct link between the election, currency movements and mine costs.

Read more »

nugget gold
Stocks for Beginners

Gold Just Had a Rough Week: Is This Canadian Miner Still Worth Buying?

Agnico Eagle shares had a rough week, but record cash flow and a net-cash balance sheet keep the thesis interesting.

Read more »

panning for gold uncovers nuggets and flakes
Metals and Mining Stocks

Gold, Silver, and Copper Prices Are Gaining Steam: 2 Mining Stocks Back in Favour

Mining stocks are back in favour driven by higher average realized prices as gold, silver, and copper gained steam and…

Read more »