TSX Today: What to Watch for in Stocks on Tuesday, January 11

TSX stocks may remain volatile today due to the U.S. Fed chair Jerome Powell’s testimony before the Senate.

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TSX Today

Canadian stocks remained mixed on Monday, a day ahead of the Fed chair Jerome Powell’s testimony. While the mining stocks soared amid a sharp recovery in metals prices, the shares of companies from other major sectors like industrials, real estate, utilities, and technology moved lower. As a result, the S&P/TSX Composite Index settled at 21,072 with a 12-point, or 0.1%, drop for the day.

Top TSX movers and active stocks

Tilray (TSX:TLRY)(NASDAQ:TLRY) stock jumped by 13.5% to $9.23 per share on January 10 after reporting its much better-than-expected November quarter results. In the second quarter of its fiscal year 2022, the cannabis giant’s total revenue rose by nearly 20% from a year ago to US$155.2 million. Tilray achieved cost synergies from its merger with Aphria, which helped it post a surprise adjusted profit of US$0.03 per share in Q2 against analysts’ expectations of a US$0.09 per share loss. Year to date, TLRY stock has risen by 3.5%.

Aurora Cannabis, Sandstorm Gold, Ivanhoe Mines, and Birchcliff Energy were also among the top TSX gainers yesterday, as they rose by at least 4% each.

In contrast, the shares of goeasy, ATS Automation, Aritzia, Ballard Power Systems, CI Financial, and Equitable Group fell by at least 4% each, making them the worst performers on the index.

Based on their daily trade volume, Suncor Energy, TD Bank, Enbridge, and Crescent Point Energy were the most active stocks among TSX Composite components.

TSX today

TSX stocks have consistently been moving sideways for the last three sessions. While overnight gains in the commodity prices across the board could help equities open slightly higher on Tuesday, the U.S. central bank chair’s testimony before the senate could keep them volatile later during the day.

The U.S. energy information administration is expected to release its short-term energy outlook report today, which could give further direction to crude oil prices and TSX energy stocks.

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 Enbridge. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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