TSX Today: What to Watch for in Stocks on Thursday, January 19

Falling oil prices could pressure TSX energy stocks at the open today.

| More on:
tsx today

Canadian stocks turned negative on Wednesday after consistently posting gains in the previous eight sessions. As the latest U.S. wholesale price and retail sales came out much weaker than expected, renewed concerns about slowing economic growth seemed to trouble investors. Despite opening with minor gains in the morning, the S&P/TSX Composite Index turned negative later to end the session at 20,376 with 81 points, or 0.4% losses.

Crude oil and natural gas prices plunged sharply yesterday, driving a selloff in Canadian energy stocks. Besides that, big losses in other key market sectors like healthcare, consumer cyclicals, and industrials pressured the TSX benchmark downward.

Top TSX movers and active stocks

Shares of Wesdome Gold Mines (TSX:WDO) dived 16.7% to $6.47 per share, making it the worst performer on the Toronto Stock Exchange for the day. This big selloff in WDO stock came after the Toronto-headquartered gold producer released its fourth-quarter production results and provided dismal 2023 guidance.

At its Eagle River mine, Wesdome missed its production expectations last quarter, as it couldn’t truck enough high-grade ore to the mill due to severe snowstorms. Supply chain disruptions also delayed its commercial production schedule at its Kiena mine. Moreover, Wesdome expects 2023 to be a consolidation year. After yesterday’s declines, WDO stock now trades with 13.5% month-to-date losses.

Pason Systems, Tilray Brands, Birchcliff Energy, and BELLUS Health were also among the bottom performers, as they fell by more than 4% each yesterday.

On the positive side, MTY Food Group’s share prices rose 6.1% to $64.44 per share after the company announced a 19% increase in its quarterly dividends from $0.21 to $0.25 per share.

Dundee Precious Metals, Algoma Steel Group, Capstone Copper, Ero Copper, and Kinaxis were also among the top-performing TSX Composite components, as they inched up by at least 4.5% each.

Based on their daily trade volume, Enbridge, TC Energy, TD Bank, Scotiabank, and Cenovus Energy were the five most active stocks on the Canadian exchange.

TSX today

West Texas Intermediate crude oil futures prices were showcasing weakness for a second consecutive session early Thursday morning, which could pressure TSX energy stocks at the open today. Meanwhile, metals prices were largely mixed.

While no important domestic economic releases are due, investors may want to keep a close eye on the latest building permits, manufacturing, jobless claims, and crude oil stockpiles data from the U.S. market on January 19.

On the corporate events front, the Montréal-based specialty hardware firm Richelieu Hardware is expected to announce its November quarter results today. Bay Street analysts expect its quarterly earnings to be around $0.75 per share with revenue of $463.1 million. In 2023 so far, RCH stock has underperformed the broader market, as it currently trades with only 2.1% year-to-date gains against the TSX Composite’s 5.1% advances this year.

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 MTY Food Group and Pason Systems. The Motley Fool recommends Bank Of Nova Scotia, Enbridge, Kinaxis, and Richelieu Hardware. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Energy Stocks

sale discount best price
Energy Stocks

Time to Pounce: 1 Phenomenal TSX Stock That Hasn’t Been This Cheap in a While

Now could be the time to get into Cameco (TSX:CCO) stock, which is up 81% in the last year but…

Read more »

Oil industry worker works in oilfield
Energy Stocks

Want Decades of Passive Income? 2 Energy Stocks to Buy Now and Hold Forever

These energy stocks offer attractive passive income and plenty of long-term growth potential, making them two of the best to…

Read more »

pipe metal texture inside
Energy Stocks

Should You Load Up on Enbridge Stock?

Enbridge stock remains undervalued despite its predictable, low-risk cash flows and strong dividend growth.

Read more »

A solar cell panel generates power in a country mountain landscape.
Energy Stocks

Brookfield Renewable vs. NextEra Energy: Which Clean Energy Stock Is a Better Buy?

Clean energy giants such as NextEra Energy and Brookfield Renewable are top long-term investment options in 2024.

Read more »

Gas pipelines
Energy Stocks

Buy, Sell, or Hold Enbridge Stock

Are you considering Enbridge (TSX:ENB)? Enbridge stock is a popular holding, but not all investors agree on whether you should…

Read more »

Burning gas and electric cooker rings
Energy Stocks

With Natural Gas in Demand, 2 TSX Stocks Are Set to Heat Up

Natural gas stocks such as Tourmaline will see their fortunes rise as natural gas demand and prices rise.

Read more »

Gas pipelines
Stocks for Beginners

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

Enbridge (TSX:ENB) is a superb long-term option. Here's why you should buy Enbridge stock right now and hold it for…

Read more »

potted green plant grows up in arrow shape
Energy Stocks

1 Ridiculously Undervalued Growth Stock Down 40% to Buy Hand Over Fist

Don’t miss your chance to load up on this high-yielding, renewable energy growth stock.

Read more »