TSX Today: What to Watch for in Stocks on Tuesday, August 1

TSX Composite benchmark has advanced by 5.4% in the last two months.

Jitendra Parashar

Author Bio Jitendra Parashar is a financial journalist who has been writing for The Motley Fool Canada since June 2020. With more than 13 years of experience in financial journalism, equity research, and market analysis, he helps investors understand market developments and identify long-term investment opportunities. Before joining The Motley Fool Canada, Jitendra spent several years at Market Realist covering U.S. equities, major economic developments, and developments in the automotive and technology industries. He also worked in commodity and currency research at brokerage firms, gaining insight into how economic trends, central bank decisions, and geopolitical events influence financial markets. Jitendra writes for beginner investors, dividend seekers, and Canadians looking to build wealth over the long term. He also contributes to the daily TSX Today series, explaining key Canadian market developments and highlighting news investors should watch. Based in India, Jitendra follows Canadian and U.S. markets closely. Outside of work, he enjoys travelling in the Himalayas, street and nature photography, and exploring programming and artificial intelligence. Education MBA in Finance and International Business Bachelor's degree in Journalism Areas of Expertise Canadian and U.S. financial markets, long-term equity investing, dividend investing, macroeconomic and geopolitical trends, automotive stocks, emerging technologies, and artificial intelligence. Social Media Profiles LinkedIn Muck Rack Favorite Investment Quote “Simplicity is the master key to financial success.” — John C. Bogle

Published August 1, 2023 8:35 am EDT

Canadian equities inched up for a second consecutive session, as largely stronger-than-expected corporate results and strengthening commodity prices kept optimism alive. The S&P/TSX Composite Index rose 107 points, or 0.5%, yesterday to settle at 20,627, its highest closing level since April 24.

Despite a minor weakness in some industrial and utility stocks, other key market sectors like healthcare, mining, and technology added solid gains, helping the TSX benchmark trend upward. With this, the index ended July 2023 with strong 2.3% gains.

Top TSX Composite movers and active stocks

Shares of BlackBerry (TSX: BB) climbed nearly 7% in the last session to $6.71 per share after announcing an update related to its software segment. In a press release, the Waterloo-headquartered tech firm said that a Foxconn-initiated Group called Mobility in Harmony (MIH) consortium will use BlackBerry’s various software and services, including its popular QNX software and the IVY vehicle data platform, as a foundation for its electric vehicle (EV) platform.

This news boosted BlackBerry investors’ confidence, as MIH is expected to unveil multiple EVs in the coming years. Year to date, BB stock has rallied by more than 52%.

Tilray, Energy Fuels, and Pan American Silver were also among the top gainers on the Toronto Stock Exchange yesterday, as they surged by more than 6% each.

In contrast, Definity Financial and Laurentian Bank of Canada slipped by more than 3% each, making them the worst-performing TSX Composite components.

Based on their daily trade volume, Suncor Energy, Toronto-Dominion Bank, TC Energy, and Baytex Energy were the most heavily traded Canadian stocks for the day.

TSX today

After rallying sharply in the last session, metals prices were trading with heavy losses early Tuesday morning, which could pressure TSX mining stocks at the open today. While no major domestic economic releases are due, Canadian investors may want to keep an eye on the monthly manufacturing and job openings data from the United States this morning.

On the corporate events side, several TSX-listed companies, including EQB, Dream Industrial REIT, RioCan REIT, First Capital REIT, Dundee Precious Metals, George Weston, OceanaGold, and International Petroleum, are expected to release their latest quarterly earnings reports on August 1.