TSX Today: What to Watch for in Stocks on Wednesday, December 14

The U.S. Fed’s latest interest rate decision and economic projections are likely to set the tone for TSX stocks today.

| More on:
tsx today

The latest U.S. inflation data came out slightly cooler than expected, which helped the TSX Composite benchmark open with solid 289 gains on Tuesday. The seasonally adjusted American consumer price index for all urban consumers advanced by 0.1% in November compared to its previous reading of 0.4% — raising the possibility that the Fed could slow the pace of future interest rate hikes.

The main Canadian market index, however, whipsawed towards the end of the session, as most consumer cyclicals, healthcare, and financial stocks turned negative. At the same time, the technology and industrial sectors also gave up most of their gains. Despite high volatility, the TSX index managed to settle at 20,023 without any major change from its previous closing — thanks to a sharp rally in metal mining and energy stocks due mainly to a recovery in commodity prices.

Top TSX movers and active stocks

Shares of OceanaGold (TSX:OGC) popped by 11.6% to settle at $2.70 per share after announcing the results from its 2022 resource conversion program and the resource growth program. OceanaGold’s chief executive officer and president Gerard Bond said that “the discovery of two new mineralized structures outside of the existing resource represents potential upside to our current mine plan and will be a key focus area for the exploration program in 2023” while highlighting the strong results from the company’s 2022 drill programs. After this rally, OGC stock now trades with 22.7% year-to-date gains.

Torex Gold Resources, Spartan Delta, and B2Gold were also among the top-performing TSX stocks yesterday, as they inched up by at least 6.6% each.

On the flip side, Nuvei, Toronto-Dominion Bank, Air Canada, Intact Financial, and Denison Mines were among the worst performers on the Toronto Stock Exchange, as they slipped by at least 2.5%.

Based on their daily trade volume, Barrick Gold, Suncor Energy, Canadian Imperial Bank of Commerce, and Canadian Natural Resources were the most active stocks on the exchange.

TSX today

Commodity prices, especially crude oil, were trading on a slightly positive note early Wednesday morning, pointing to a higher open for the resource-heavy TSX index today, with expected gains in energy stocks.

The U.S. Federal Reserve is set to announce its latest interest rate decision this afternoon, followed by a press conference and the release of its economic projections, which could keep stocks volatile and set the tone for the market. Street experts expect the American central bank to slightly slow down the pace of monetary tightening in the December meeting by raising the key interest rate by 50 basis points.

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 Nuvei. The Motley Fool recommends B2Gold, Canadian Natural Resources, and Intact Financial. 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

Engineers walk through a facility.
Metals and Mining Stocks

Why Cameco Stock Rose 22% in January 2023: Should You Buy Now?

Cameco (TSX:CCO) stock may be up right now, but how long can that last if uranium proves to be a…

Read more »

People walk into a dark underground mine.
Metals and Mining Stocks

2 Canadian Mining Stocks Worth a Dig in February 2023

These two Canadian mining stocks are among the best options for long-term investors looking to add some defensiveness right now.

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Wednesday, February 1

The Fed’s interest rate decision and other important economic releases may keep TSX index highly volatile today.

Read more »

stock market
Metals and Mining Stocks

Gold Prices Are Rising: 2 Mining Stocks to Buy Today

Gold mining stocks offer a great way to tap into the resilience of this shiny metal in weak markets, but…

Read more »

A miner down a mine shaft
Metals and Mining Stocks

3 Growth Stocks to Buy With $1,000 Right Now

Each of these growth stocks have climbed over 50% in just six months! And there's still room to grow on…

Read more »

A tractor harvests lentils.
Metals and Mining Stocks

Here’s Why Nutrien Stock Is 1 of my Top Stock Picks This Year

Not all food stocks are equally attractive, and if you are in this for the long haul, it's a good…

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Monday, January 30

Corporate earnings and the Fed’s interest rate decision will remain on Canadian investors’ radar this week.

Read more »

Electric car being charged
Tech Stocks

Is Now The Time to Buy EV Stocks?

EV stocks may be down now, but don't count them out. They'll soon be back up again, so now may…

Read more »