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.

tsx today

Canadian stocks largely remained choppy on Friday, as investors continued to adjust their stock portfolios ahead of the upcoming corporate earnings season. The S&P/TSX Composite Index ended the session with a minor 14-point gain at 20,714. While a downside correction in metals prices drove the shares of mining companies lower on January 27, upward movement in other key market sectors like healthcare, technology, and energy kept optimism alive.

With this, the market benchmark managed to end the fourth consecutive week of 2023 with optimism. During these four combined weeks, the main TSX index has rallied by 6.9%.

Top TSX Composite movers and active stocks

Lightspeed Commerce, Athabasca Oil, Canopy Growth, Westshore Terminals Investment, and MEG Energy were the top-performing TSX Composite components in the last session, as they inched up by at least 5% each.

In contrast, metals and mining stocks like MAG Silver, Fortuna Silver Mines, Ivanhoe Mines, and Endeavour Silver became the worst performers on the Toronto Stock Exchange, plunging by at least 4.6% each.

Based on their daily trade volume, Athabasca Oil, Barrick Gold, Manulife Financial, and Cenovus Energy were the most active stocks on the exchange.

TSX today

After consistently rising in the previous four weeks, the resource-heavy TSX index could start the new week with a downside correction as commodity prices across the board were trading on a bearish note early Monday morning.

While no key economic releases are due today, the stock market may remain highly volatile this week as investors await key economic releases like Canada’s monthly gross domestic product, the U.S. consumer confidence, manufacturing data, and the Federal Reserve’s interest rate decision.

On the corporate events front, several Canadian companies, including Imperial Oil, Canadian Pacific Railway, CGI, Canada Goose, Lightspeed Commerce, BCE, Rogers Communications, Open Text, Brookfield Renewable Partners, and Brookfield Business Partners, are expected to announce their latest quarterly results this week. These earnings events are likely to add to the market volatility.

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 Brookfield Renewable Partners, Canadian Pacific Railway, Lightspeed Commerce, Rogers Communications, and Westshore Terminals Investment Corporation. 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

Gold bars
Metals and Mining Stocks

Why Alamos Gold Jumped 7% on Wednesday

Alamos (TSX:AGI) stock and Argonaut Gold (TSX:AR) surged after the companies announced a friendly acquisition for $325 million.

Read more »

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 »