TSX Today: What to Watch for in Stocks on Monday, August 14

Weak commodity prices could pressure the main TSX index at the open today.

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 14, 2023 8:51 am EDT

The Canadian equities market inched up for the third consecutive session on Friday, as largely strong corporate results boosted investors’ confidence, despite the release of hotter-than-expected U.S. wholesale inflation data. The S&P/TSX Composite Index rose 65 points, or 0.3%, in the last session to 20,408, its highest closing level since August 2.

Despite a selloff in sectors like consumer cyclicals, utilities, and technology, a strong rally in real estate, industrials, and commodity-linked stocks lifted the market benchmark.

Top TSX Composite movers and active stocks

Altus Group (TSX: AIF) stock popped more than 16% to $50.86 per share on August 11, making it the top-performing TSX stock for the day. This spectacular rally in AIF stock came a day after the Toronto-headquartered commercial real estate-focused company announced its upbeat second-quarter results.

In the quarter ended in June 2023, Altus Group’s revenue remained nearly flat on a year-over-year basis at $205.2 million, with a notable increase in its analytics segment sales. It posted adjusted quarterly earnings of $0.53 per share, down 31.2% from a year ago but exceeding Street analysts’ expectation of $0.44 per share by a healthy margin. Despite this rally, however, AIF stock is still down nearly 6% on a year-to-date basis.

Wesdome Gold Mines, Trisura Group, and Denison Mines on top performers on the Toronto Stock Exchange in the last session, as they soared by at least 6.3% each.

In contrast, Northland Power, Canadian Tire, Boralex, and Nuvei slipped by at least 4.3% each, making them the worst-performing TSX stocks for the day.

Based on their daily trade volume, Suncor Energy, Enbridge, Canadian Natural Resources, TC Energy, and Manulife Financial were the top five active stocks on the exchange.

TSX today

Commodity prices, especially crude oil, copper, and silver, were trading on a bearish note early Monday morning, which could weigh on the resource-heavy main TSX index at the open today.

While no major economic releases are due, Canadian investors will continue to focus on more corporate earnings reports. TSX-listed companies Suncor Energy, Premium Brands, Boralex, and Cargojet are likely to announce their latest quarterly financial results on August 14.