TSX Today: What to Watch for in Stocks on Monday, September 11

An early morning rally in metals prices could lift TSX mining stocks at the open today.

| More on:
tsx today

The Canadian stock market plunged for the fourth session in a row on Friday, as the Bank of Canada governor Tiff Macklem suggested that the central bank could hike interest rates further to curb underlying inflation. The S&P/TSX Composite Index gave up 57 points, or 0.3%, of its value in the last session to settle at 20,075, extending its weekly losses to 2.3%.

Despite positive movement in the shares of healthcare and consumer noncyclical companies, a heavy selloff in some technology stocks primarily drove the TSX index downward on September 8.

Top TSX Composite movers and active stocks

Wesdome Gold Mines, Filo, ATS, Ero Copper, and Shopify were the worst-performing TSX stocks for the day, as they dived by at least 3% each.

On the positive side, shares of Enghouse Systems (TSX:ENGH) rallied by 5% to $31.49 per share a day after announcing its upbeat quarterly results. In the third quarter of its fiscal year 2023 (ended in July), the Markham-headquartered enterprise software company’s revenue rose 8.7% year over year to $111 million due mainly to its increased focus on product enhancements and new acquisitions.

Even as Enghouse’s quarterly adjusted earnings fell 3% from a year ago to $0.32 per share amid the challenging macroeconomic environment, it managed to beat Street analysts’ estimate of $0.30 per share. Despite this rally, however, ENGH stock is still down 12.5% on a year-to-date basis.

OceanaGold, Bausch Health Companies, and Jamieson Wellness were also among the top gainers on the Toronto Stock Exchange, as they inched up by at least 2% each.

Based on their trade volume, Canadian Natural Resources, Suncor Energy, Enbridge, and Nexgen Energy were the most heavily traded stocks on the exchange.

TSX today

Metals prices across the board were trading on a bullish note early Monday morning, which could help TSX mining stocks start the new week on a positive note today.

While no major economic releases are due this morning, stocks may remain volatile in the next few sessions, as investors continue to assess the Bank of Canada’s latest monetary policy statement and await the important consumer inflation data from the United States due later this week.

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 Enghouse Systems and Shopify. The Motley Fool recommends Canadian Natural Resources and Enbridge. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks

Digital background depicting innovative technologies in (AI) artificial systems, neural interfaces and internet machine learning technologies
Tech Stocks

2 Cheap-Looking Stocks to Could Win in the AI Revolution

It's about time we gave firms like Thomson Reuters (TSX:TRI) a bit more of an AI premium.

Read more »

bulb idea thinking
Tech Stocks

The Smartest Canadian Stock to Buy With $1,000 Right Now

Strong financials, booming demand for its services, and an expanding presence in AI and cloud computing hardware make Celestica the…

Read more »

doctor uses telehealth
Tech Stocks

3 Tech Stocks I’m Looking to Buy in February

These tech stocks will deliver solid gains driven by the deployment of AI and investments in omnichannel commerce and digital…

Read more »

Burning semiconductor CPU
Tech Stocks

Is AMD in Trouble After Wednesday’s Stock Drop?

Shares took a painful hit after the chip designer's fourth-quarter report.

Read more »

An investor uses a tablet
Tech Stocks

If I Could Only Buy and Hold a Single Stock, This Would Be it

Despite more than doubling in value over the last six months, I still find BlackBerry stock undervalued based on its…

Read more »

chip with the letters "AI" on it
Tech Stocks

Celestica Stock Trading at All-Time High: What’s Next?

Celestica stock is beating Nvidia, surging 1,358% since October 2022. Today, it is trading at its all-time high. Is there…

Read more »

dividend growth for passive income
Tech Stocks

2 Growth Stocks That Could Turn $10,000 Into $24,800 by 2030

These resilient growth stocks could grow your money.

Read more »

Credit card, online shopping, retail
Tech Stocks

Where Will Shopify Shares Be in 5 Years?

In addition to Shopify’s consistently growing sales and expanding profit margins, its focus on long-term growth initiatives could help its…

Read more »