TSX Today: What to Watch for in Stocks on Thursday, March 9

TSX investors may continue to react positively to the Bank of Canada’s decision to keep interest rates unchanged.

| More on:
tsx today

The stock market in Canada turned positive Wednesday, as investors seemingly welcomed the Bank of Canada’s decision to keep interest rates unchanged. Also, significantly stronger-than-expected U.S. non-farm employment and job openings data boosted investors’ confidence, temporarily calming recession fears. As a result, the S&P/TSX Composite Index rose 71 points, or 0.4%, during the session to settle at 20,347.

Despite continued losses in healthcare and energy stocks, big gains in other key Canadian stock market sectors like metal mining, industrials, and technology kept the optimism alive.

Top TSX Composite movers and active stocks

Shares of ECN Capital (TSX:ECN) jumped 16.6% yesterday to $3.59 per share, making it the top-performing TSX stock for the day. These sharp gains in ECN stock came after the Toronto-headquartered financial services company announced a review of strategic alternatives to maximize value for its shareholders. Among other options, these strategic alternatives include “strategic funding and capital relationships,” ECN said in a press release. Due to this ongoing review process, the company also postponed its Investors Day event, which was earlier scheduled for March 8. Year to date, ECN stock has now risen 29.1%.

Nuvei (TSX:NVEI) stock popped by about 12% in the last session to $50.29 per share after the tech company released its largely better-than-expected fourth-quarter earnings. During the December quarter, the Canadian payment services firm’s total revenue increased by 4% year over year, despite macroeconomic challenges.

Nuvei’s adjusted quarterly earnings stood at US$0.47 per share, exceeding Street analysts’ estimates of US$0.43 per share. Notably, NVEI stock has surged by 46% this year so far.

Cargojet and Stella-Jones were also among the top gainers on the Toronto Stock Exchange, as they inched up by at least 4.3% each.

On the flip side, shares of Transcontinental and Labrador Iron Ore Royalty tanked by at least 7.7% each, making them the worst-performing stocks on the exchange.

Based on their daily trade volume, Suncor Energy, Great-West Lifeco, Canadian Natural Resources, and ECN Capital were the most active stocks.

TSX today

Commodity prices were largely trading on a weak note early Thursday morning, which could pressure the main TSX index at the open today. While no major domestic economic releases are due, Canadian investors may want to watch the latest weekly jobless claims data from the U.S. market this morning.

On the corporate events front, TSX-listed businesses, like Enghouse Systems, Wheaton Precious Metals, and Maple Leaf Foods are expected to announce their latest quarterly results on March 9.

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 has positions in and recommends Cargojet, Enghouse Systems, and Nuvei. The Motley Fool recommends Canadian Natural Resources, Stella-Jones, and Transcontinental. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks

Businessman holding AI cloud
Tech Stocks

Could Investing $20,000 in Nvidia Make You a Millionaire?

Nvidia stock has made investors millionaires in the last 10 years. Is it too late to invest to become a…

Read more »

Business man on stock market financial trade indicator background.
Tech Stocks

1 Growth Stock Down 50 Percent to Buy Right Now

There are plenty of growth stocks in the market worth considering, but Shopify (TSX:SHOP) looks like one of the best…

Read more »

Woman has an idea
Tech Stocks

Prediction: 1 Stock That Could Trounce the Market 

The TSX has been favouring tech stocks, but not this one. However, it has the potential to trounce the market…

Read more »

clock time
Tech Stocks

Long-Term Investing: 3 Top Canadian Stocks You Can Buy for Under $20 a Share

These three under-$20 stocks offer excellent buying opportunities for long-term investors.

Read more »

Businessman holding AI cloud
Tech Stocks

AI Will Transform Everything: Investors, Be Early Adopters and Buy These 3 Stocks

Investors looking to invest in companies doing big things in AI should consider these three stocks for their portfolios.

Read more »

stock research, analyze data
Tech Stocks

Forget Shopify: These Unstoppable Stocks Are Better Buys Today 

Should you consider buying Shopify stock while rivals consider a buyout or should you go for stocks with a stronger…

Read more »

A colourful firework display
Tech Stocks

2 Potentially Explosive Stocks to Buy in March

These two growth stocks are destined for many more years of market-crushing returns.

Read more »

edit CRA taxes
Tech Stocks

TFSA Millionaires Are Learning They Can Still Be Taxed

If you day trade stocks like Shopify (TSX:SHOP) in a TFSA, you may be taxed.

Read more »