TSX Today: What to Watch for in Stocks on Tuesday, December 7

TSX stocks could open on a positive note today due to overnight rally oil prices and a recovery in precious metals.

| More on:
TSX Today

Canadian stocks started the week on a strong note after falling for the previous three consecutive weeks. A sharp intraday recovery in crude oil and base metals prices helped the TSX Composite Index climb 1.1%, or 228 points, to 20,861 Monday. Consumer cyclicals, healthcare, energy, and real estate were some of the top-performing sectors on the main Canadian market benchmark.

Top TSX news

Dye & Durham (TSX:DND) stock rose by 9.3% in the last trading session to $42.25 per share, making it the top gainer for the day. These gains came after the company announced that it’s acquiring Telus’s financial solutions business in a deal worth $500 million. Dye & Durham expects the deal to strengthen its digital infrastructure for the financial community across Canada. Despite yesterday’s sharp gains, DND stock is still trading with about 16.4% year-to-date losses.

On Monday, Crescent Point Energy (TSX:CPG)(NYSE:CPG) also stood out as another top-performing stock. The stock settled with nearly 8% gains for the day after the company announced a 50% increase in its quarterly dividends with updates about its share-repurchase program. In addition, Crescent Point also slightly raised its 2022 production guidance. These factors boosted investors’ confidence and drove its stock higher.

Other top TSX movers and active stocks

Village Farms International, Mullen Group, and Whitecap Resources were also among the top-performing Canadian stocks yesterday, as their shares rose by at least 6% each.

On the flip side, Real Matters, Wesdome Gold Mines, and Birchcliff Energy were the top three worst-performing stocks on the TSX Composite. While Real Matters stock shed 5.2% in the last session, the other two fell by at least 2.5% each.

Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Enbridge, and Crescent Point Energy remained among the most active Canadian stocks.

TSX today

Given a consistent overnight rally in oil prices and a recovery in precious metals prices, TSX stocks are likely to open on a positive note Tuesday morning. Investors could keep an eye on the Ivey purchasing managers index data due this morning, which would give an idea about the latest trends in economic activity in Canada.

The U.S. Energy Information Administration is expected to release its short-term energy outlook this afternoon. A surprising change in the outlook could have an impact on oil prices, giving further direction to energy stocks on the TSX today.

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 Village Farms International, Inc. The Motley Fool recommends CDN NATURAL RES, Enbridge, MULLEN GROUP LTD., Real Matters Inc, and TELUS CORPORATION. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Energy Stocks

Group of industrial workers in a refinery - oil processing equipment and machinery
Energy Stocks

2 Energy Stocks That Could Hold Up if Oil Prices Turn

Suncor Energy (TSX:SU) and Cenovus Energy (TSX:CVE) are great energy stocks that could continue higher through 2023.

Read more »

oil tank at night
Energy Stocks

2 Sub-$3 TSX Energy Stocks I’d Buy in 2023

Here are two under-$3 TSX energy stocks you can buy in 2023 and hold for the long term.

Read more »

A bull and bear face off.
Energy Stocks

2 Top TSX Energy Stocks to Buy as Crude Oil Is Set to Soar Higher

TSX energy stocks might keep topping charts in 2023 as well.

Read more »

Oil pumps against sunset
Energy Stocks

Is the Oil Boom Over?

The energy boom is over but dividend stocks like ARC Resources (TSX:ARX) are still attractive.

Read more »

Road signs rerouting traffic
Energy Stocks

2 High-Yield Energy Stocks I’d Buy and 1 I’d Avoid

I would buy energy stocks like Enbridge Inc (TSX:ENB) this year.

Read more »

tsx today
Energy Stocks

TSX Today: What to Watch for in Stocks on Friday, January 27

The TSX Composite is on track to close the fourth consecutive week on a positive note.

Read more »

Solar panels and windmills
Energy Stocks

Algonquin Stock Has Broken Investors’ Hearts, but I Think It Will Turn a Corner

AQN stock faces more uncertainty in 2023, but could be a compelling value pickup for income investors.

Read more »

energy industry
Energy Stocks

2 Top Energy Stocks to Buy Right Now

These energy companies remain immune to the economic and commodity down cycles.

Read more »