TSX Today: What to Watch for in Stocks on Friday, January 27

The TSX Composite is on track to close the fourth consecutive week on a positive note.

| More on:
tsx today

The Canadian equities market turned positive again on Thursday after witnessing a minor weakness in the previous two sessions. The S&P/TSX Composite Index advanced by 101 points, or 0.5%, for the session to settle at 20,701. With this, the index reached its highest closing level since June 2022, as renewed buying in growth stocks continued.

While key stock market sectors like energy, financials, and technology led the market rally, shares of many utilities and industrials companies plunged.

Top TSX Composite movers and active stocks

Shares of Interfor (TSX:IFP) jumped by more than 10% yesterday to $25.66 per share, making it the top-performing TSX stock for the day. This sharp rally came a day after Canadian Imperial Bank of Commerce upgraded its outlook on the Burnaby-based forest products company’s stock. The bank also raised its target price on IFP stock from $27 per share to $31 per share, leading to a buying spree in the stock. With this, Interfor stock has now risen by 22.2% in January alone.

Canfor Corp, West Fraser Timber, and Athabasca Oil were also among the top-performing TSX stocks on January 26, as they inched up by at least 5.9% each.

On the flip side, NovaGold Resources, MAG Silver, K92 Mining, and Silvercrest Metals were among the worst performers on the Toronto Stock Exchange, as they fell by more than 4% each.

Based on their daily trade volume, Suncor Energy, Barrick Gold, Royal Bank of Canada, and Whitecap Resources were the most active Canadian stocks of the day.

TSX today

Early Friday morning, West Texas Intermediate crude oil futures prices were showcasing good strength, which could help TSX energy stocks to climb at the open today. In contrast, continued weakness in precious metals prices for the second session could drive metals and mining stocks downward this morning and keep the main TSX index under pressure.

While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest monthly pending home sales and personal consumption expenditure data from the U.S. market on January 27. Overall, investors’ sentiments remain positive, as the TSX Composite is on track to close the fourth consecutive week on a positive note.

Market movers on the TSX today

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 West Fraser Timber. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Energy Stocks

Oil pipes in an oil field
Energy Stocks

3 High-Yield Energy Stocks to Earn Passive Income for Years

High-dividend-paying TSX stocks such as Enbridge and two others offer investors the opportunity to generate passive income in 2023.

Read more »

Dollar symbol and Canadian flag on keyboard
Energy Stocks

2 Undervalued Canadian Stocks to Buy in March 2023

With the market on the cusp of a potential rebound, here are two undervalued stocks that should be on any…

Read more »

Gas pipelines
Energy Stocks

Better Energy Stock to Buy: Suncor or Canadian Natural Resources?

Suncor and Canadian Natural Resources are off their recent highs. Are these stocks now good to buy?

Read more »

Financial technology concept.
Dividend Stocks

2 TSX Value Stocks to Buy for Peace of Mind (and a Crazy-Good Deal)

2 TSX stocks that could outperform in the long term.

Read more »

oil and gas pipeline
Energy Stocks

Why Tourmaline Oil Stock Just Fell to 52-week Lows?

The recent correction in Tourmaline Oil stock could be an opportunity.

Read more »

oil and gas pipeline
Energy Stocks

Oil Stocks Are Starting to Get Interesting Again

Oil stocks like Suncor Energy Inc (TSX:SU) are beginning to get interesting again, with oil prices testing new lows.

Read more »

edit Sale sign, value, discount
Energy Stocks

2 Cheap Canadian Stocks You Can Buy for Less Than $50

You can buy Suncor Energy stock, and this gold stock at cheap valuations today

Read more »

green power renewable energy
Energy Stocks

2 Renewable Energy Stocks That Could Put You in the Green

Canadians looking to invest in renewable energy stocks can consider buying shares of Brookfield Renewable Partners and NextEra Energy.

Read more »