TSX Today: What to Watch for in Stocks on Wednesday, February 9

Apart from corporate earnings, TSX investors could keep an eye on the U.S. crude oil inventories data today.

| More on:
TSX Today

Canadian stocks resumed their upward journey on Tuesday after witnessing a minor correction in the previous session. The TSX Composite Index rose to 21,377 — up 142 points, or 0.7%, for the day. After reaching their highest level since 2014 last week, crude oil prices remained weak, which drove most Canadian energy stocks downward. Nonetheless, firm gold and silver prices helped most precious metals mining stocks rise on the TSX. Apart from mining, other sectors like financials and technology also showcased minor strength yesterday.

Top TSX movers and active stocks

TFI International (TSX:TFII)(NYSE:TFII) stock surged by 8.1% on Tuesday to $132.16 per share, a day after it released fourth-quarter results. In the December quarter, the Canadian transportation and logistics company’s total revenue rose by 91% year over year to US$2.1 billion, exceeding analysts’ estimates. With the help of solid top-line growth, TFI’s adjusted earnings for the quarter jumped by 60.2% from a year ago to US$1.57 per share — significantly higher than Street’s expectation of US$1.17 per share.

Sprott, Wesdome Gold Mines, Lithium Americas, and Osisko Mining were also among the top-performing TSX stocks yesterday, as they inched up by at least 5% each.

In contrast, the shares of Baytex Energy, Cenovus Energy, ARC Resources, Crescent Point Energy, and Whitecap Resources dived by more than 5% each, making them the worst performers on the Canadian exchange.

Based on their daily trade volume, Enbridge, Cenovus Energy, and Hydro One were the most active TSX Composite components on February 8.

TSX today

On Wednesday morning, crude oil prices eased amid the ongoing U.S.-Iran nuclear negotiations while metals prices were trading on a mixed note. These mixed signs from the commodity market could keep the main TSX index flat at the open today.

Canadian companies like Cameco and Canaccord Genuity will release their latest quarterly results on February 9. Apart from corporate earnings, investors could eye on the U.S. crude oil stockpiles data this morning, which could give further direction to 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.

More on Energy Stocks

Burning gas and electric cooker rings
Energy Stocks

With Natural Gas in Demand, 2 TSX Stocks Are Set to Heat Up

Natural gas stocks such as Tourmaline will see their fortunes rise as natural gas demand and prices rise.

Read more »

Gas pipelines
Stocks for Beginners

3 Reasons to Buy Enbridge Stock Like There’s No Tomorrow

Enbridge (TSX:ENB) is a superb long-term option. Here's why you should buy Enbridge stock right now and hold it for…

Read more »

potted green plant grows up in arrow shape
Energy Stocks

1 Ridiculously Undervalued Growth Stock Down 40% to Buy Hand Over Fist

Don’t miss your chance to load up on this high-yielding, renewable energy growth stock.

Read more »

A solar cell panel generates power in a country mountain landscape.
Energy Stocks

1 Renewable Energy Stock to Buy and Hold

Here's why Brookfield Renewable (TSX:BEP.UN) is a top renewable energy stock long-term investors should consider.

Read more »

financial freedom sign
Energy Stocks

Could Investing $10,000 in Enbridge Make You a Millionaire?

A top-tier dividend stock can help you accumulate wealth or become a millionaire over time.

Read more »

Aerial view of a wind farm
Energy Stocks

Brookfield Renewable Stock Climbs Higher: Time to Buy?

Brookfield Renewable stock (TSX:BEP.UN) continues to climb, but remains below the $40 mark. But that share price looks in view.

Read more »

Nuclear power station cooling tower
Energy Stocks

Up 35%, Is Cameco Stock a Buy in June 2024?

When a stock is bullish, and you have missed the starting point of the trend, it can be challenging to…

Read more »

Oil pumps against sunset
Energy Stocks

4 Top Energy Stocks (With Dividends) to Buy and Hold Forever

These four energy stocks are the best way to get in on long-term income from both growth and dividends.

Read more »