TSX Today: What to Watch for in Stocks on Wednesday, August 9

A continued rally in oil prices could lift TSX energy stocks at the open today while most investors remain focused on corporate earnings.

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The Canadian equities market remained under pressure on Tuesday, as largely dismal corporate results and falling metals prices weighed on investors’ sentiments. Even as optimism in oil and gas prices after the release of the U.S. Energy Information Administration’s latest short-term outlook report, the S&P/TSX Composite Index fell 30 points in the volatile session to settle at 20,206.

Weakness in some market sectors, like technology, mining, and financials, pulled the main index downward, despite solid intraday gains in healthcare and energy stocks.

Top TSX Composite movers and active stocks

Shares of Pet Valu Holdings (TSX:PET) tanked 10% to $27.28 per share, making it the worst-performing TSX stock for the day. This selloff in PET stock came after the Markham-headquartered pet food retailer posted a 7.7% year-over-year decline in its adjusted earnings for the second quarter to $0.36 per share.

Although Pet Valu’s quarterly revenue rose 12.6% from a year ago to $256.4 million, rising net interest expenses and currency headwinds primarily affected its bottom line in the last quarter. Year to date, Pet Valu stock is now down 30.3%.

Endeavour Silver, Kinaxis, and K92 Mining were also among the bottom performers on the Toronto Stock Exchange yesterday, as they plunged by more than 5% each.

On the positive side, shares of Tilray Brands (TSX:TLRY) rocketed 31% in the last session to $4.06 per share after announcing a new acquisition. In a press release, the cannabis giant told investors that it intends to purchase eight beer & beverage brands from the American brewer Anheuser-Busch.

After this all-cash transaction, which is likely to close this year itself, Tilray expects to become the fifth-largest craft beer brewer in the United States. With this rally, TLRY stock is now up 10.6% year to date.

Westshore Terminals Investment and Energy Fuels also rallied by more than 5% each, bringing them among the top gainer TSX Composite components.

Based on their daily trade volume, Suncor Energy, Manulife Financial, Tilray Brands, and Enbridge were the most active stocks on the Canadian exchange.

TSX today

West Texas Intermediate crude oil futures prices reached their highest level in more than eight months early Wednesday morning, which could lift TSX energy stocks at the open today. While no major domestic economic releases are due, Canadian investors may want to closely monitor weekly crude oil stockpiles data from the U.S. this morning.

On the corporate events side, several TSX-listed companies, including Sprott, NexGen Energy, Brookfield Asset Management, Ballard Power Systems, Metro, Stella-Jones, Hydro One, Nuvei, CAE, ATS, Stelco, Fortuna Silver Mines, Denison Mines, Pan American Silver, goeasy, Manulife Financial, CCL Industries, Stantec, and Lundin Mining, are expected to announce their latest quarterly results on August 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 Nuvei. The Motley Fool recommends ATS Corp., Brookfield Asset Management, CCL Industries, Enbridge, Kinaxis, Pet Valu, Stella-Jones, Tilray Brands, 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.

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