TSX Today: Stocks on Track to End Q1 2023 in Green

The main TSX index remains on track to end the first quarter of 2023 in positive territory.

| More on:
tsx today

The Canadian stock market continued to rally for the sixth session in a row as weaker-than-expected growth in the U.S. GDP (gross domestic product) lowered the possibility of aggressive interest rate hikes in the near term. The S&P/TSX Composite Index climbed 103 points, or 0.5%, on Thursday to 19,941, extending the benchmark’s week-to-date gains to a solid 2.3%.

While all major stock market sectors, except healthcare, ended the day in green, strong gains in utility, real estate, and consumer-noncyclical stocks primarily drove the market up.

Top TSX Composite movers and active stocks

Filo Mining, Denison Mines, Capstone Copper, and Endeavour Silver were the top-performing TSX Composite components yesterday, as they inched up by at least 4.9% each.

On the flip side, shares of K92 Mining (TSX:KNT) dived 4.3% to $7.80 per share after its weaker-than-expected fourth-quarter results came out. Although the Vancouver-headquartered metal miner’s revenue in the December quarter rose 14.9% year over year to US$62 million, it missed Street analysts’ estimate of US$66.7 million.

Despite its record quarterly ore processed, K92 Mining’s adjusted earnings fell 14.3% from a year ago to US$0.06 per share, partly due to weaker commodity prices. With this, its quarterly earnings figure also missed Street’s estimate of US$0.08 per share. On a year-to-date basis, KNT stock now trades with 1.7% year-to-date gains.

Cronos Group, NuVista Energy, and Tilray Brands were also among the bottom performers on the Toronto Stock Exchange in the last session, as they slipped by at least 2.6% each

Based on their daily trade volume, TC Energy, Algonquin Power & Utilities, Bank of Nova Scotia, and TD Bank were the most active Canadian stocks of the day.

TSX today

The resource-heavy TSX index could open slightly lower from its previous closing today, as commodity prices across the board were trading on a bearish note early Friday morning. Nonetheless, the market index remains on track to end the first quarter of 2023 in positive territory, as it has already gained 2.9% on a quarter-to-date basis.

Besides domestic monthly GDP numbers, Canadian investors may also want to closely monitor the latest personal consumption expenditure data from the U.S. market this morning.

On the corporate events side, the Toronto-headquartered NorthWest Healthcare Properties REIT is expected to announce its fourth-quarter results on March 31.

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 Bank Of Nova Scotia and NorthWest Healthcare Properties Real Estate Investment Trust. 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

Super sized rock trucks take a load of platinum rich rock into the crusher.
Metals and Mining Stocks

First Quantum Minerals: A Copper-Clad Investment Opportunity?

Here are some key factors why First Quantum Minerals could be a great TSX stock to buy in 2023 and…

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Wednesday, May 24

TSX investors will focus on Canadian bank earnings, U.S. debt ceiling talks progress, and Fed’s meeting minutes today.

Read more »

Gold bars
Metals and Mining Stocks

Franco-Nevada Stock: A Golden Opportunity for Precious Metal Investors?

Franco-Nevada is a top TSX stock that has surged 1,000% in the last 15 years. But is it a good…

Read more »

Nuclear power station cooling tower
Metals and Mining Stocks

Cameco’s Nuclear Renaissance: How Uranium Could Power Your Portfolio

Cameco is a popular Canadian stock for uranium exposure. Here's how I'd take it to the next level.

Read more »

Profit dial turned up to maximum
Metals and Mining Stocks

3 Stocks That Can Supercharge Your TFSA in 2023

Maximize your TFSA growth in 2023 with three high-potential stocks. Unleash the power of tax-free investing and accelerate your wealth.

Read more »

Safety helmets and gloves hang from a rack on a mining site.
Metals and Mining Stocks

TFSA: Investing in These 3 Mining Stocks Unlocks Real Benefits

TSX investors can stash their TFSA portfolio with quality mining stocks such as Lithium Americas and Barrick Gold right now.

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Friday, May 19

Besides Canadian retail sales, U.S. debt ceiling negotiations and Fed chair Jerome Powell’s comments will remain on TSX investors’ radar…

Read more »

Super sized rock trucks take a load of platinum rich rock into the crusher.
Energy Stocks

Better Buy: Cameco Stock or NexGen Energy Stock?

Cameco stock may outperform as NexGen Energy stock falls short on supply contract portfolios, industry experience, revenue and cash flow…

Read more »