TSX Today: What to Watch for in Stocks on Wednesday, November 23

Investors may want to limit their risk exposure ahead of the U.S. Thanksgiving holiday.

| More on:
tsx today

Canadian stocks extended their November rally, as investors hoped for slower rate hikes in the coming months amid signs of cooling inflation. The S&P/TSX Composite Index climbed by 243 points, or 1.2%, to settle at 20,220. With this, the market benchmark posted its second-biggest single-day gains in over a month, despite the release of Canada’s slightly weaker-than-expected core retail sales numbers. While all key sectors on the Toronto Stock Exchange, except healthcare, ended the session in the green territory, the rally was mainly led by shares of metal mining, energy, consumer noncyclical, and real estate companies.

Top TSX movers and active stocks

Shares of Converge Technology Solutions (TSX:CTS) jumped by 8.7% to $3.99 per share. This sharp rally in CTS stock came after the Canadian information technology and cloud solutions company announced the commencement of a review and evaluation process to maximize shareholder value. For this, Converge Technology’s board of directors has formed a special committee, which will explore ways to unlock shareholder value in consultation with its financial and legal advisors. Despite these recent gains, Converge stock still trades with massive 63.3% year-to-date losses.

Metal mining stocks Eldorado Gold, K92 Mining, IAMGOLD, and Wesdome Gold Mines were also among the top performers on the TSX yesterday, as they rose by at least 6.7% each.

On the flip side, Badger Infrastructure Solutions, Canopy Growth, Ritchie Bros Auctioneers, and EQB were the worst-performing TSX Composite components in the last session, as they fell by more than 3% each.

Based on their daily trade volume, Enbridge, Algonquin Power & Utilities, Suncor Energy, and Manulife Financial were the most active stocks on the exchange.

TSX today

Early Wednesday morning, oil and gold prices were largely trading on a negative note, pointing to a slightly lower open for the main TSX index today. While no important domestic economic releases are due, Canadian investors must keep an eye on monthly building permits, durable goods orders, and new home sales data from the U.S. market this morning. In addition, the American weekly jobless claims and crude oil stockpiles data are due in the morning.

Later in the afternoon, the federal open market committee’s latest meeting minutes are expected to be released, which could give further direction to TSX stocks. Overall, investors may want to remain cautious ahead of the U.S. Thanksgiving holiday.

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 EQB Inc., Enbridge, Ritchie Bros. Auctioneers, and Ritchie Bros. Auctioneers Incorporated. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Metals and Mining Stocks

Nuclear power station cooling tower
Metals and Mining Stocks

If You’d Invested $1,000 in Cameco Stock 5 Years Ago, This Is How Much You’d Have Now

Cameco (TSX:CCO) stock still looks undervalued, despite a 258% rally. Can the uranium miner deliver more capital gains to shareholders?

Read more »

Super sized rock trucks take a load of platinum rich rock into the crusher.
Stocks for Beginners

Cameco Stock and More: 3 TSX Commodity Titans to Watch in 2024

Cameco stock and these others will provide you with growth that goes beyond just a year or two, with all…

Read more »

Handwriting text writing Are You Ready For Tomorrow question. Concept meaning Preparation to the future Motivation Stand blackboard with white words behind blurry blue paper lobs woody floor.
Stocks for Beginners

3 Reasons to Buy Lundin Stock Like There’s No Tomorrow

Lundin stock (TSX:LUN) has been killing its production of copper and plans on blowing its records out of the water…

Read more »

Gold bars
Stocks for Beginners

TSX Materials in March 2024: The Best Stock to Buy Right Now

Materials have been quite volatile, though the price of gold has surged to all-time highs. That makes this stock a…

Read more »

Gold bars
Metals and Mining Stocks

Will Gold Stocks Rally in 2024?

Down almost 30% from all-time highs, Franco-Nevada is a gold mining stock trading at a discount to consensus price target…

Read more »

A miner down a mine shaft
Stocks for Beginners

Canadian Mining Stocks: Buy, Sell or Hold?

Canadian mining stocks have seemed like such a strong investment, but with shares down significantly this year, what should we…

Read more »

Gold king in chess game face with the another silver team on black background (Concept for company strategy, business victory or decision)
Stocks for Beginners

Great News for Gold Stock Investors!

Gold has hit an all-time high! Which is good news for some gold stocks, and really good news for others.

Read more »

Gold bullion on a chart
Metals and Mining Stocks

If Gold Prices Continue to Climb, These 3 Stocks Could Skyrocket

Market certainty and geopolitical tensions typically enhance the demand for gold, and this rise is reflected in a wide range…

Read more »