TSX Today: What to Watch for in Stocks on Friday, December 8

Rebounding commodity prices could lift the TSX index at the open today, as investors await important labour market data from the United States.

| More on:
tsx today

Canadian equities remained mixed on Thursday, as weakening crude oil and natural gas prices weighed on investors’ sentiments. Nonetheless, renewed buying in most other key market sectors helped the S&P/TSX Composite Index post a minor gain of four points to 20,279, ending its three-day-long losing streak.

Even as energy stocks tanked sharply, strong gains in technology, consumer noncyclicals, and utility stocks kept optimism alive.

Top TSX Composite movers and active stocks

Despite weakness in the prices of energy products, Athabasca Oil (TSX:ATH) jumped more than 10% to $3.70 per share, making it the top-performing TSX Composite component for the day. This rally in ATH stock came a day after the Calgary-headquartered energy firm released its 2024 budget update.

In a press release, Athabasca Oil told investors that its 2024 budget’s main focus remains on profitable production growth and strong free cash flow generation. The budget includes capital expenditures of $175 million, with activities centred on completing a 28,000 barrel-per-day “expansion project at Leismer, sustaining capital at Hangingstone, and three Duvernay pads at Kaybob.” After this rally, ATH stock is now up 53.5% year to date.

Bombardier, North West Company, and Dye & Durham were also among the top gainers on the Toronto Stock Exchange yesterday, as they jumped by at least 4.6% each.

On the flip side, Osisko Mining, Interfor, Laurentian Bank of Canada (TSX:LB), and Canfor dived by over 4% each, making them the day’s worst-performing TSX stocks.

The latest round of selloffs in Laurentian Bank stock came after the Montréal-headquartered lender announced its weaker-than-expected October quarter results. During the quarter, Laurentian Bank’s total revenue fell 3.8% year over year to $247.5 million. More importantly, weak financial markets revenues and higher provisions for credit losses drove its adjusted quarterly earnings down by 23.7% from a year ago to $1 per share, missing Bay Street analysts’ estimate of $1.16 per share. On a year-to-date basis, LB stock is now down 21.7%.

Based on their daily trade volume, Canadian Natural Resource, Cenovus Energy, Suncor Energy, Athabasca Oil, and Toronto-Dominion Bank were the five most active stocks on the exchange.

TSX today

Commodity prices were largely bullish early Friday morning, pointing to a slightly higher open for the resource-heavy main TSX index today. While no key domestic economic releases are due, Canadian investors will closely monitor monthly non-farm payrolls, unemployment rate, and average hourly earnings data from the United States this morning, which could give further direction to TSX stocks.

On the corporate events side, Canadian Western Bank will announce its latest quarterly results on December 8. Street analysts expect the bank to adjusted quarterly earnings of $0.88 per share with $291.1 million in revenue.

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 Canadian Natural Resources, Canadian Western Bank, Laurentian Bank Of Canada, and North West. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Bank Stocks

Bank Stocks

3 Reasons to Buy TD Bank Stock Like There’s No Tomorrow

Looking for a great bank stock to add to your portfolio? Here are three reasons why TD (TSX:TD) may be…

Read more »

Stocks for Beginners

Value Investors: Are You Buying and Holding Forever? Think Again

Value stocks are great, but if you don't have a goal in mind that stock can quickly turn from value…

Read more »

question marks written reminders tickets
Bank Stocks

Is Bank of America Stock a Good Buy Right Now?

Down 40% from all-time highs, Bank of America stock is very cheap and may outpace the broader markets this year.

Read more »

Bad apple with good apples
Bank Stocks

A U.S. Bank Stock Just Tanked: Is Canada Next?

A U.S. bank stock just plunged from downgrades, so how are Canadian bank stocks faring, and could they be next…

Read more »

Man holding magnifying glass over a document
Bank Stocks

Bank Stocks Are a Deep Value Today: 2 Top Choices to Watch

TD Bank (TSX:TD) and another stock are intriguing bank stocks with deep value propositions for long-term investors.

Read more »

protect, safe, trust
Dividend Stocks

Want Super-Safe Dividend Income in 2024? Invest in the Following 2 Ultra-High-Yield Stocks

High-return investments are usually high risk but two generous dividend payers are exceptions if you want super-safe dividend income in…

Read more »

Man data analyze
Bank Stocks

Is it Now Too Late to Buy Bank of Montreal Stock?

Bank of Montreal is up 20% from the 2023 low. Are more gains on the way?

Read more »

woman analyze data
Bank Stocks

RRSP Investors: Is Royal Bank of Canada Stock a Buy Now?

Royal Bank is up 20% from the 2023 low. Are more gains on the way?

Read more »