TSX Today: What to Watch for in Stocks on Monday, August 8

Continued strength in metals prices could help mining stocks on the TSX open slightly higher today.

| More on:
TSX Today

Canadian stocks continued to trade on a slightly positive note for the third consecutive session on Friday. The TSX Composite Index rose by 43 points, or 0.2%, for the session to settle at 19,620. With this, the main market benchmark outperformed its U.S. peers for the second session in a row.

While sectors like technology, utilities, and consumer non-cyclicals fell, a bounce back in commodity prices across the board helped mining and energy stocks inch up. Other key sectors like healthcare and industrials also showcased strength despite weaker-than-expected domestic employment data.

Top TSX movers and active stocks

Ero Copper’s (TSX:ERO) stock rallied nearly 10% in the last session to $12.21 per share, making it the top-performing TSX stock for the day. Apart from a rebound in copper prices, the company’s recently released Q2 results could be the primary reason for this optimism. While Ero Copper missed analysts’ revenue and earnings estimates in the second quarter, it posted record quarterly copper and gold production. Despite its recent rally, ERO stock is still down 37% year to date.

Bausch Health Companies, Bombardier, and Brookfield Business Partners were also among the top gainers on Friday, as they rose by more than 9% each.

In contrast, shares of Canaccord Genuity Group (TSX:CF) dived by 14% on August 5 to $8.55 per share. This massive selloff in CF stock came a day after the company announced its much worse than expected quarterly results. In the June quarter, Canaccord’s total revenue fell by 30.8% year over year. Similarly, its adjusted earnings for the quarter tanked by 84.9% to $0.11 per share, missing Street’s expectation of $0.31 per share by a wide margin. Canaccord stock has now seen 43.3% value erosion in 2022 so far.

IAMGOLD, Equinox Gold, and Ritchie Bros Auctioneers were also among the worst-performing TSX Composite components, as they fell by at least 6% each in the last session.

Based on their daily trade volume, Enbridge, Suncor Energy, TC Energy, and Cenovus Energy were the most active stocks on the exchange.

TSX today

Early Monday morning, metals prices — especially silver and copper — were showcasing strength, while oil prices were trading on a mixed note. Given these slightly positive signals, I expect the main TSX index to open slightly higher from its previous closing level today with strength in metals and mining stocks.

While no major economic releases are due today, investors may want to focus on the ongoing corporate earnings season. Canadian companies like Hudbay Minerals, RioCan REIT, CT REIT, WSP Global, and Barrick Gold are expected to announce their latest quarterly results on August 8.

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, Ritchie Bros. Auctioneers, Ritchie Bros. Auctioneers Incorporated, and WSP GLOBAL INC. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Metals and Mining Stocks

ETF chart stocks
Metals and Mining Stocks

3 Best Commodity ETFs to Buy Now

Investors looking to get in on security during volatility should consider these three commodity ETFs, which do well no matter…

Read more »

gold stocks gold mining
Metals and Mining Stocks

Gold Prices Are on the Rise: Time to Invest?

Gold prices are rising, but short of buying up some bullion, what are some ways that Canadian investors can get…

Read more »

silver metal
Metals and Mining Stocks

Silver Surge: 2 Mining Stocks to Play the Recent Rally

Pan American Silver (TSX:PAAS) stock and another top value play to ride the silver bull run.

Read more »

gold stocks gold mining
Metals and Mining Stocks

With Gold Soaring, Here’s 1 Mining Stock I’d Buy Now

Barrick Gold (TSX:ABX) stock could continue to move higher as the precious metal skyrockets in 2024.

Read more »

silver metal
Metals and Mining Stocks

Why Endeavour Silver Stock Jumped 10% on Friday

Endeavour (TSX:EDR) stock rose significantly last week after earnings that blew past estimates and a drawdown that means more growth.

Read more »

Metals
Stocks for Beginners

Steel Is in Demand: 2 Canadian Stocks That Should Benefit

Steel stocks are making a comeback, with 2024 and 2025 marked as huge years for the industry. And these two…

Read more »

Dice engraved with the words buy and sell
Metals and Mining Stocks

Canadian Mining Stocks: Buy, Sell, or Hold?

Teck Resources is a Canadian mining stock that likely has a bright future due to the company's focus on copper.

Read more »

Paper airplanes flying on blue sky with form of growing graph
Tech Stocks

2 Soaring Stocks I’d Buy Now With No Hesitation

Sure, these soaring stocks have already climbed by immense amounts. But I would all but guarantee these companies have more…

Read more »