TSX Today: What to Watch for in Stocks on Tuesday, September 13

TSX investors are likely to closely watch the latest U.S. inflation numbers today.

| More on:
TSX Today

Canadian stocks started the new week on a bullish note, extending last week’s rally. The S&P/TSX Composite Index rose by 214 points, or 1.1%, during the session to close at 19,987 — its highest closing level since August 25. While all key sectors on the exchange contributed to the index’s sharp gains yesterday, shares of Canadian real estate, energy, consumer cyclicals, and healthcare companies led the market rally. With this, the main Canadian market benchmark has recovered by 4.7% in the last four sessions combined, trimming its year-to-date losses to less than 6%.

Top TSX movers and active stocks

New Gold, Topaz Energy (TSX:TPZ), Equinox Gold, First Majestic Silver, and Aritzia were among the top-performing TSX stocks on September 12, as they inched up by at least 5% each.

Yesterday’s 6.3% gains in Topaz Energy’s shares came after the company entered a definitive agreement with a privately held Canadian oil producer Deltastream Energy Corp. This agreement would allow Topaz to buy “a newly created 5% gross overriding royalty on all current and future oil production from Deltastream’s entire Clearwater acreage in Alberta” in a deal worth $265.3 million. Topaz Energy also announced a 7% increase in its quarterly dividends to $0.30 per share starting from the fourth quarter of 2022. Year to date, TPZ stock now trades with 20.3% gains.

In the last session, the Canadian metal miner Equinox Gold revealed that it resumed operations at its Mexico-based Los Filos Mine on September 10.  This news comes days after Equinox temporarily suspended its mining activities at the Los Filos Mine on September 8 after an illegal blockade by the nearby Mezcala community members prevented the delivery of certain supplies.

In contrast, Corus Entertainment, Nutrien, and Home Capital Group were the worst-performing TSX stocks Monday, as they fell by more than 4% each.

Based on their daily trade volume, Suncor Energy, Barrick Gold, Manulife Financial, and Enbridge were the most active stocks on the exchange.

TSX today

Early Tuesday morning, commodity prices across the board continued bullish movement, pointing to a slightly higher opening for the commodity-linked stocks on the TSX today. While no major domestic economic releases are due this morning, Canadian investors may want to keep a close eye on the key inflation data from the U.S. market, which could give further direction to stocks. These latest inflation numbers will also help economists set their expectations for the U.S. Federal Reserve’s upcoming policy moves.

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 has positions in and recommends ARITZIA INC. The Motley Fool recommends Enbridge, Nutrien Ltd, and Topaz Energy Corp. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Energy Stocks

Solar panels and windmills
Energy Stocks

How Brookfield Renewable Stock Gained 40% in a Month

Brookfield Renewable stock (TSX:BEP.UN) surged in share price from a landmark deal and strong earnings, leading to a 40% jump.

Read more »

analyze data
Energy Stocks

Check Out This Soaring Stock, up 469% in 5 Years, With More Gains Likely to Come

If there is perhaps one growth stock that's just taken over in the last five years, it's this monster of…

Read more »

gas station, car, and 24-hour store
Energy Stocks

Is it Too Late to Buy Suncor Stock?

Suncor Energy stock has rallied big in the last year, but expect it to move higher as efficiencies keep rolling…

Read more »

Oil pipes in an oil field
Energy Stocks

TSX Energy Sector: Best Stocks to Buy in May 2024

Energy stocks like Suncor are generating massive amounts of cash flows and paying out significant dividends.

Read more »

Man holding magnifying glass over a document
Energy Stocks

Bargain Hunters: Is it Too Late to Buy Enbridge Stock?

Enbridge is up about 10% in recent weeks. Are more gains on the way?

Read more »

Oil pumps against sunset
Energy Stocks

A Dividend Giant I’d Buy Over Suncor Energy Stock

Suncor Energy stock has crushed the broader markets in the last 20 years. But this TSX energy stock has beaten…

Read more »

oil tank at night
Energy Stocks

2 Incredibly Cheap Energy Stocks to Buy Now

Two cheap energy stocks are the best deals in TSX’s top-performing sector in 2024.

Read more »

grow dividends
Energy Stocks

Growth Spurt: 2 TSX Stocks Set to Skyrocket

Two growth stocks in expanding, niche markets are set to skyrocket further in 2024 and beyond.

Read more »