TSX Today: What to Watch for in Stocks on Thursday, August 31

With its 1.4% month-to-date losses, the TSX Composite Index seems on track to end August in the red.

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tsx today

The Canadian stock market edged up for the fourth consecutive session on Wednesday, as more economic data from the United States suggested that recent interest rate hikes have finally started to have an impact on the economy and inflation. With the narrowing possibility of more interest rate hikes, the S&P/TSX Composite benchmark climbed by 40 points, or 0.2%, yesterday to settle at 20,330, its highest closing level in more than two weeks.

Despite negative movement in consumer and utility stocks, considerable gains in other main market sectors like healthcare and technology helped the TSX index end the session with optimism.

Top TSX Composite movers and active stocks

Shares of cannabis giant Tilray Brands (TSX:TLRY) inched up over 10% to $3.59 per share after some news reports claimed that the U.S. Department of Health and Human Services is in favour of easing restrictions on marijuana. Interestingly, TLRY stock now trades with 2.2% year-to-date losses after rallying by more than 60% in the last 30 days.

Energy Fuels, Tamarack Valley Energy, and Advantage Energy were also among the top performers on the Toronto Stock Exchange yesterday, rising at least 2.5% each.

In contrast, National Bank of Canada (TSX:NA) dived by 3.9% to $96.54 per share after announcing its dismal quarterly financial results. In the quarter ended in July 2023, the Montréal-headquartered lender’s revenue grew positively by 3.7% year over year to $2.58 billion.

Despite positive revenue growth in all its key business segments, National Bank’s adjusted quarterly earnings 6% from a year ago to $2.21 per share due mainly to a weakness in its financial markets segment. Year to date, NA stock is now up 5.8%.

Aritzia, Brookfield Renewable Partners, and Quebecor were also among the worst-performing TSX stocks yesterday, as they plunged by at least 3.2% each.

According to the exchange’s daily volume data, Suncor Energy, Great-West Lifeco, Sun Life Financial, and Manulife Financial were the most heavily traded stocks.

TSX today

While oil and gas prices were trading on a positive note early Thursday morning, metals prices were largely mixed. Given these contradictory signals from the commodity markets, I expect the main TSX index to remain flat at the open today.

Even though there are no major economic releases from Canada, TSX investors may want to pay close attention to monthly personal consumption expenditure and weekly jobless claims numbers from the U.S. market this morning.

On the corporate events front, more Canadian banks like Laurentian Bank of Canada and Canadian Imperial Bank of Commerce are expected to announce their quarterly results on August 31.

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 Aritzia, Brookfield Renewable Partners, Laurentian Bank Of Canada, 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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