TSX Today: Why Canadian Stocks Could Rebound on Thursday, August 17

An early morning rally in oil and metals prices could help the main TSX index recover at the open today.

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tsx today

The Canadian stock market remained volatile on Wednesday after posting 2023’s biggest single-day losses in the previous session, as investors continued to assess the minutes of the U.S. Federal Open Market Committee’s (FOMC) July meeting. After opening 43 points lower due mainly to the ongoing commodity market selloff, the S&P/TSX Composite Index trimmed its losses later to settle at 19,899, ending the session with a minor loss of one point from its previous closing.

The FOMC’s latest July meeting minutes highlighted that “the committee remained highly attentive to inflation risks,” hinting that the central bank might further raise interest rates to tame persistent inflationary pressure.

Despite a recovery in healthcare, consumer noncyclical, and utility stocks, losses in other key market sectors like metal mining, real estate, and financials dragged the TSX benchmark.

Top TSX Composite movers and active stocks

Wesdome Gold Mines, Park Lawn, Dye & Durham, and goeasy were the worst-performing TSX stocks yesterday, as they dived by at least 3.4% each.

On the flip side, Nuvei, Tilray Brands, CAE, and Boralex gained at least 3.7% each, making them the top performers on the Toronto Stock Exchange.

Suncor Energy (TSX:SU) was also among the top gainers, as its share prices rose 2.8% in the last session. This rally in SU stock came a day after the Calgary-headquartered oil producer held its second-quarter review conference call. Notably, Suncor Energy’s June quarter revenue fell 27.7% year over year to $11.7 billion but exceeded Street analysts’ expectation of $11.1 billion.

Despite lower revenues and weekly crude oil and refined product realizations, Suncor Energy posted $0.96 per share in adjusted quarterly earnings, beating analysts’ estimates of $0.82 per share. On a year-to-date basis, SU stock hasn’t seen any notable change.

According to the exchange’s daily trade volume data, Enbridge, Manulife Financial, Suncor Energy, and Great-West Lifeco were the most active stocks for the day.

TSX today

Commodity prices across the board, except natural gas, were staging a sharp recovery after falling for three consecutive sessions, which could lift the resource-heavy main TSX index at the open today.

While no key domestic economic releases are due, Canadian investors may want to keep a close eye on the latest monthly manufacturing and weekly jobless claims data from the United States this morning.

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 Enbridge, Nuvei, and Tilray Brands. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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