TSX Today: What to Watch for in Stocks on Friday, September 9

Rebounding commodity prices could help the commodity-heavy TSX Composite benchmark inch up at the open today.

| More on:
TSX Today

Canadian stocks continued to trade on a positive note for the second consecutive session on Thursday with the help of a sharp rally in commodity prices across the board. The S&P/TSX Composite Index rose by 172 points, or 0.9%, for the day to settle at 19,413, despite the U.S. Federal Reserve chair Jerome Powell’s latest statement indicating continued aggressive rate hikes in the near term. While nearly all key sectors traded on a positive note, shares of metals mining companies and companies from financials, industrials, and technology sectors led the broader market rally.

Top TSX movers and active stocks

Shares of the Canadian uranium firm Nexgen Energy (TSX:NXE)(NYSE:NXE) popped by 10% yesterday to $6.07 per share. In the last few days, news reports have claimed that some countries are trying to reopen their idled nuclear power plants to give a boost to their energy supply amid consistently rising oil prices, which could be the primary reason for a recent rally in uranium stocks.

While the recent movement in NXE stock looks impressive, long-term investors may want to remain cautious due to its seemingly weak fundamental outlook and high stock volatility. Year to date, Nexgen stock now trades with 9.6% gains.

Dye & Durham, Lithium Americas, First Quantum Minerals, and Denison Mines were also among the best-performing TSX Composite components, as they rose by more than 7% each Thursday.

In contrast, North West Company, Bausch Health Companies, Equinox Gold, and Canada Goose were among the worst-performing stocks on the exchange, as they fell by at least 3% each.

Based on their daily trade volume, Suncor Energy, Cenovus Energy, Barrick Gold, and Canadian Natural Resources were among the most active stocks on the TSX.

TSX today

Early Friday morning, commodity prices across the board were trading on a strong bullish note, pointing to a higher opening for TSX stocks today. Canadian investors may want to watch the employment change numbers this morning, which could give further direction to the stock market.

On the corporate events front, the Canadian value retailer Dollarama is expected to report its July quarter results today. Street analysts expect the company to register a 32.4% year-over-year increase in its quarterly earnings to $0.64 per share.

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 CDN NATURAL RES and THE NORTH WEST COMPANY INC. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Metals and Mining Stocks

TSX Today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Friday, September 30

Increasing macroeconomic uncertainties could keep TSX stocks highly volatile in the near term.

Read more »

Nickel ore is mined from the ground.
Energy Stocks

3 Top Commodity Stocks TFSA Investors Can Buy Right Now

Commodity stocks such as Albemarle and Barrick Gold may provide investors an opportunity to deliver outsized gains in the next…

Read more »

gold stocks gold mining
Metals and Mining Stocks

2 Gold Stocks to Buy in 2022

Gold stocks are usually chosen for their ability to act as hedges against the market, but when sold at the…

Read more »

TSX Today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Thursday, September 29

TSX stocks could remain volatile today, as investors react to the latest quarterly U.S. GDP numbers.

Read more »

Nickel ore is mined from the ground.
Metals and Mining Stocks

Offset Market Volatility With a Shiny Investment

Looking to offset market volatility with a shiny investment you can hold for the long-term? Here’s a precious option to…

Read more »

gold stocks gold mining
Metals and Mining Stocks

Is it Time to Grab TSX Gold Stocks at Their Multi-Year Lows?

Gold stocks generally outperform in falling markets. However, this time, it's different.

Read more »

Upwards momentum
Energy Stocks

Gold and Energy: Here Are Two of the Best Stocks to Buy Now

Gold and energy stocks are some of the best to buy now for very different reasons.

Read more »

Nickel ore is mined from the ground.
Metals and Mining Stocks

2 Top Commodity Kingpins to Hedge Your TFSA Portfolio

Consider Nutrien (TSX:NTR)(NYSE:NTR) and another top commodity play to hedge your TFSA portfolio right now.

Read more »