TSX Today: What to Watch for in Stocks on Monday, October 23

Corporate results and the Bank of Canada’s upcoming monetary policy event could keep TSX stocks volatile during the next couple of sessions.

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tsx today

Canadian equities continued to dive for the third consecutive session on Friday, as soaring treasury bond yields in the United States and Canada kept investors wary about the economic growth outlook. The S&P/TSX Composite Index fell 233 points, or 1.2%, in the last session to settle at 19,116, ending the week with 1.8% declines.

Despite a rally in precious metals prices, most commodity-linked stocks slipped as crude oil, natural gas, and base metals trended downward. In addition, a grim economic outlook led to big losses in the shares of large Canadian banks, real estate, and utility companies.

Top TSX Composite movers and active stocks

Dye & Durham, Bombardier, Lithium Americas (Argentina), Tilray Brands, and Boralex were the worst-performing TSX stocks on October 20, as they plunged by more than 4% each.

On the positive side, shares of Osisko Mining and Orla Mining inched up by at least 2.8% each, making them the Toronto Stock Exchange’s top performers.

Mullen Group (TSX:MTL) stock also defied the bear market gravity to continue climbing up for the second day in a row. The recent rally in MTL stock started Thursday after the Okotoks-based logistics firm announced its upbeat third-quarter earnings.

In the September 2023 quarter, Mullen’s revenue weakened by 2.8% year over year to $503.9 million due mainly to lower fuel surcharge revenue and weak general freight demand. Nonetheless, its adjusted quarterly net profit of $39.1 million rose 2.9% from a year ago, beating analysts’ estimate of $33.7 million due partly to foreign currency tailwinds. MTL stock now trades at $13.97 per share with 4% year-to-date losses.

Based on their daily trade volume, Royal Bank of Canada, Enbridge, TC Energy, and Baytex Energy were the most active stocks on the exchange.

TSX today

The prices of energy products and base metals started the new week on a weak note, pointing to a slightly lower open for today’s commodity-heavy main TSX index.

While no major economic releases are due, the stock market is expected to remain volatile in the next couple of sessions, as investors shift their attention to third-quarter corporate earnings season, which will pick up pace this week, and the Bank of Canada’s interest rate decision scheduled for Wednesday.

The TSX-listed Prairiesky Royalty and TFI International are expected to announce their latest quarterly results after the market closing bell on October 23.

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 Mullen Group. The Motley Fool recommends Enbridge 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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