TSX Today: What to Watch for in Stocks on Tuesday, April 11

An early morning recovery in metals prices could lift TSX mining stocks today.

| More on:
tsx today

The stock market in Canada started the second Week of April on a positive note, as investors expect that the recent weakness in the U.S. employment market could prompt the Federal Reserve to reconsider its approach to tightening monetary policy. With this, the S&P/TSX Composite Index rose 79 points, or 0.4%, on Monday to settle at 20,276.

Despite weakness in mining stocks due to declining metals prices, strong gains in other key market sectors, like healthcare, cyclicals, and technology, primarily led the Canadian market index up.

Top TSX Composite movers and active stocks

Tilray Brands (TSX:TLRY) shares climbed 6.3% to $3.73 per share due mainly to investors’ high expectations from its quarterly results, which it announced after the market closing bell yesterday. However, its February quarter top and bottom line failed to meet Street analysts’ estimates.

While Tilray’s revenue for the quarter fell US$145.6 million due mainly to a weakness in its cannabis and wellness segments. As a result of these challenges and an increase in operating expenses, the New York-based marijuana company registered an adjusted net loss of US$1.90 per share in the last quarter, compared to an adjusted net profit of US$0.09 per share in the same quarter of the previous year.

Despite is dismal results, Tilray surprised investors by announcing its intentions to acquire its smaller rival, HEXO, for about US$56 million. But its quarterly results and this acquisition announcement couldn’t impress investors as TLRY’s NASDAQ-listed shares dived more than 5% in the extended trading on Monday.

Brookfield Business Partners, Nutrien, and Cronos Group were also among the top gainers on the Toronto Stock Exchange yesterday, as they inched up by at least 4.8% each.

In contrast, Colliers International, Hudbay Minerals, and Teck Resources were the worst-performing TSX Composite components, as they slipped by at least 2.5% each.

Based on their daily trade volume, Canadian Natural Resources, TC Energy, TD Bank, and Crescent Point Energy were the most active stocks for the day.

TSX today

Most commodity prices, especially metals, were trading on a bullish note early Tuesday morning, which could help mining stocks on the TSX inch up higher at the open today. While no key domestic economic releases are due, energy investors may want to closely monitor the U.S. Energy Information Administration’s short-term outlook report this afternoon.

Overall, most TSX sectors may remain volatile on April 11, as traders adjust their open positions ahead of Wednesday’s Bank of Canada’s interest rate decision, U.S. inflation report, and the Fed’s meeting minutes.

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 Canadian Natural Resources, Colliers International Group, HEXO Corp., and Nutrien. 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

Arrowings ascending on a chalkboard
Metals and Mining Stocks

If This Fast-Rising Stock Isn’t Yet on Your Radar, it Should Be

This stock is up 44% in the last year and climbing, and yet there is even more to come with…

Read more »

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

Is Agnico Eagle Mines a Buy in July 2024?

Although quite a few gold stocks are worth looking into for their dividends, the less-than-modest capital-appreciation potential can be a…

Read more »

Gold bars
Metals and Mining Stocks

The Best Gold Stock to Invest $1,000 in Right Now

Want to invest in precious metals? Here's the best gold stock to buy right now, and it isn't a traditional…

Read more »

A worker wears a hard hat outside a mining operation.
Metals and Mining Stocks

1 Canadian Mining Stock Worth a Long-Term Investment

This mining stock has a huge future ahead of it, especially as copper surges in demand around the world. And…

Read more »

People walk into a dark underground mine.
Metals and Mining Stocks

How to Turn Your TFSA Into a Gold (or Copper) Mine Starting With $10,000  

These two top stocks can turn any TFSA into a gold mine -- or a copper mine, if you really…

Read more »

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

1 Canadian Mining Stock to Buy and Hold Forever

Canadian investors can consider gaining exposure to quality mining stocks such as Wheaton Precious Metals in June 2024.

Read more »

A stock price graph showing growth over time
Metals and Mining Stocks

Why Cameco Stock Soared 23% This Year

Cameco stock continues to ride high on strong supply/demand fundamentals and growing momentum in the nuclear industry.

Read more »

growing plant shoots on stacked coins
Stocks for Beginners

1 Copper Stock to Buy as Copper Prices Shine

The price of copper continues to climb, and more copper production is on the way for this top stock up…

Read more »