TSX Today: What to Watch for in Stocks on Monday, January 17

TSX stocks could largely remain mixed, as the U.S. stock market will be closed Monday for Martin Luther King Day.

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TSX Today

Stocks remained volatile on Friday to end the week with 1.3% gains. The TSX Composite Index settled at 21,358 with minor 0.3% advances for the day. A sharp rally in crude oil prices pushed Canadian energy stocks higher, despite worse-than-expected latest retail sales numbers from the United States. An intraday weakness in precious and base metals prices, however, pressurized the shares of mining companies on the TSX.

Top TSX movers and active stocks

MEG Energy, Enerplus, Methanex, and Vermilion Energy were the biggest gainers among TSX Composite components, as they rose by at least 5% each on January 14.

On the flip side, falling metals prices took mining shares like Wesdome Gold Mines and K92 Mining lower, as they lost at least 4.5% each.

Suncor Energy, Toronto-Dominion Bank, Enbridge, and Royal Bank of Canada were the most active stocks on the exchange based on their daily trade volume.

TSX today

I expect TSX stocks to open on a slightly positive note today with the help of consistent strength in crude oil and recovering metals prices. However, the Canadian stocks could largely remain mixed as the U.S. stock market will be closed Monday for Martin Luther King Day.

Investors could take advantage of the recent drop in tech stocks to add some fundamentally strong stocks to their portfolio at a bargain. For example, Shopify (TSX:SHOP)(NYSE:SHOP) stock has dived by nearly 21% in January so far after witnessing more than 10% value erosion in the previous month. Its financial growth trend has slowed down in the recent quarters amid the reopening of physical stores. Nonetheless, its long-term growth outlook remains strong, as the overall demand for e-commerce is services is expected to gradually rise in the coming years after a big push it experienced during the pandemic period. Currently, SHOP stock is trading 50% lower than analysts’ consensus target price for the next 12 months.

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 and recommends Shopify. The Motley Fool recommends Enbridge, METHANEX CORP, and VERMILION ENERGY INC. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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