TSX Today: What to Watch for in Stocks on Thursday, December 23

The ongoing strength in the commodities market could help TSX stocks continue inching up today.

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TSX Today

Stocks continued to inch up for the second day in a row on Wednesday, as a consistent commodity market rally across the board kept investors’ confidence high, despite rising Omicron concerns. The S&P/TSX Composite Index ended the day with 145 points, or 0.7% gains at 21,070. Notably, this was the first time the main Canadian index closed above the 21,000 level since December 8. The metals and mining sector primarily led the market rally, followed by energy stocks.

Top TSX movers and active stocks

Dye & Durham (TSX:DND) was the top gainer stock on the TSX on December 22, as it rose by more than 20% in intraday trading. The stock erased some of these gains later during the session but still settled with solid 11.3% advances at $46.27 per share. These gains came after the Canadian tech solutions provider announced the acquisition of the Australia-based Link Administration Holdings for about $3.2 billion. Dye & Durham’s management expects this deal to help the company expand its profitability in the coming years.

Vermilion Energy and Bombardier stocks were also among the top performers on the main market index, as they rose by at least 5% each.

In contrast, Canopy Growth, Lightspeed, and Cronos Group slipped by around 3% each, making them the worst-performing TSX Composite stocks.

Based on their trade volume, Bombardier, BlackBerry, Suncor Energy, and Toronto-Dominion Bank were the most active stocks on the exchange. While BlackBerry stock opened on a negative note, despite reporting much better-than-expected Q3 results, it showcased a sharp recovery towards the end of the session.

TSX today

TSX stocks could open on a slightly positive note Thursday, given the continued strength in commodity prices. However, some key economic releases from Canada and the U.S. scheduled for today likely to give further direction to the market.

Canada’s October month GDP data will be released this morning. From the U.S. market, investors could keep an eye on durable goods orders, jobless claims, and the new home sales data.

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 Lightspeed Commerce and VERMILION ENERGY INC. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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