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.

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.

TSX Today

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.

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

Investor reading the newspaper
Stocks for Beginners

Steel is Back in the Headlines: This Iron Ore Royalty Pays You to Watch

Labrador Iron Ore Royalty offers a variable dividend, with mine recovery carrying more weight than steel-policy headlines.

Read more »

financial chart graphs and oil pumps on a field
Dividend Stocks

This TSX Royalty Stock Pays Its Monthly Dividend Today: The Payout Math Behind It

Freehold pays eligible shareholders today, with a $10,000 investment offering about $52 monthly at the current dividend.

Read more »

panning for gold uncovers nuggets and flakes
Stocks for Beginners

Gold Pulled Back From Its Record: This Royalty Stock Raised Its Dividend 18%

OR Royalties offers a different way to own gold exposure, with strong dividend coverage and a modest starting yield.

Read more »

gold prices rise and fall
Stocks for Beginners

Gold is Near $4,200: This Miner Pays You to Wait

Agnico's cash position supports its dividend, but gold-price sensitivity and a modest starting yield define what investors actually receive.

Read more »

Nuclear power station cooling tower
Stocks for Beginners

Canada and India Are Talking Nuclear Power: Is Cameco Stock Still a Buy?

Cameco’s India agreement is real business, but its uranium volumes were already included in broader contracting disclosures.

Read more »

A plant grows from coins.
Stocks for Beginners

Brazil’s Election Could Move Commodity Markets: I’d Watch This Canadian Miner

Lundin’s Brazilian operations create a direct link between the election, currency movements and mine costs.

Read more »

nugget gold
Stocks for Beginners

Gold Just Had a Rough Week: Is This Canadian Miner Still Worth Buying?

Agnico Eagle shares had a rough week, but record cash flow and a net-cash balance sheet keep the thesis interesting.

Read more »

panning for gold uncovers nuggets and flakes
Metals and Mining Stocks

Gold, Silver, and Copper Prices Are Gaining Steam: 2 Mining Stocks Back in Favour

Mining stocks are back in favour driven by higher average realized prices as gold, silver, and copper gained steam and…

Read more »