TSX Today: What to Watch for in Stocks on Monday, October 24

An intraday weakness in commodity prices could push the main TSX index downward today.

Jitendra Parashar

Author Bio Jitendra Parashar is a financial journalist who has been writing for The Motley Fool Canada since June 2020. With more than 13 years of experience in financial journalism, equity research, and market analysis, he helps investors understand market developments and identify long-term investment opportunities. Before joining The Motley Fool Canada, Jitendra spent several years at Market Realist covering U.S. equities, major economic developments, and developments in the automotive and technology industries. He also worked in commodity and currency research at brokerage firms, gaining insight into how economic trends, central bank decisions, and geopolitical events influence financial markets. Jitendra writes for beginner investors, dividend seekers, and Canadians looking to build wealth over the long term. He also contributes to the daily TSX Today series, explaining key Canadian market developments and highlighting news investors should watch. Based in India, Jitendra follows Canadian and U.S. markets closely. Outside of work, he enjoys travelling in the Himalayas, street and nature photography, and exploring programming and artificial intelligence. Education MBA in Finance and International Business Bachelor's degree in Journalism Areas of Expertise Canadian and U.S. financial markets, long-term equity investing, dividend investing, macroeconomic and geopolitical trends, automotive stocks, emerging technologies, and artificial intelligence. Social Media Profiles LinkedIn Muck Rack Favorite Investment Quote “Simplicity is the master key to financial success.” — John C. Bogle

Published October 24, 2022 8:01 am EDT

Canadian stocks turned positive again on Friday after better-than-expected retail sales data and a rally in gold and silver prices seemingly boosted investors’ confidence, despite macroeconomic uncertainties. The TSX Composite Index rose by 282 points, or 1.5%, in the last session to settle at 18,861. While strengthening metals prices drove the shares of mining companies higher, healthcare, energy, and industrials sectors also led the broader market rally. With this, the main TSX benchmark ended the week with strong 2.9% gains, posting its best performance in 10 weeks.

Top TSX movers and active stocks

Metal mining stocks like First Quantum Minerals, Lithium Americas, Hudbay Minerals, Fortuna Silver Mines, and IAMGOLD rose by at least 7% each to become the best-performing TSX stocks on October 21.

In contrast, Home Capital Group, ARC Resources, and Turquoise Hill Resources were among the worst-performing stocks for the day, as they fell by at least 2.7% each.

Shares of Corus Entertainment (TSX: CJR.B) also slipped by 3.6% on Friday to $2.15 per share after the company announced its worse-than-expected August quarter earnings report. The Canadian media and content firm’s revenue fell 6% year over year in the last quarter, as it registered an adjusted quarterly net loss of eight cents per share. Corus cited low advertising demand due mainly to ongoing economic uncertainties for its poor financial performance. Corus stock has now lost nearly 55% of its value on a year-to-date basis.

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

TSX today

Early Monday morning, commodity prices across the board were trading on a negative note, which could drive the main TSX index downward at the open today. While no major economic releases are due today, Canadian investors might want to remain cautious in the next couple of sessions ahead of the Bank of Canada’s upcoming interest rate decision scheduled for Wednesday.

On the corporate events front, Prairiesky Royalty and Celestica are expected to release their latest quarterly reports after the market closing bell on October 24.