TSX Today: What to Watch for in Stocks on Tuesday, December 19

Canada’s important consumer inflation report will remain on TSX investors’ radar today.

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tsx today

The Canadian stock market started the new week with minor optimism as commodity prices, especially crude oil and gold, strengthened amid hopes of stronger demand. The S&P/TSX Composite Index rose 94 points, or 0.5%, on Monday to settle at 20,623, extending its quarter-to-date gains to 5.5%.

Even as utility, healthcare, and tech stocks traded on a weak note, solid gains in other key market sectors like consumer cyclicals, energy, and industrials guided the main TSX index upward.

Top TSX Composite movers and active stocks

Shares of IAMGOLD (TSX:IMG) jumped 4.6% to $3.41 per share after announcing key updates related to its gold deliveries. In a press release, the Toronto-headquartered gold producer told investors that it has entered a new forward gold sale agreement, while partially amending one of its existing gold prepay agreements.

This development effectively postpones IAMGOLD’s gold delivery obligations, which could help it increase cash flow in the first quarter of 2024 by about US$72.5 million if the gold prices remain at current levels. The arrangements involve receiving a prepayment of $59.9 million in the first quarter of 2024 for delivering 31,250 ounces of gold in the first quarter of 2025 and deferring the delivery of an additional 6,250 ounces from 2024 to 2025. The recent gains helped IMG stock trim its year-to-date losses to 1.7%.

Algoma Steel, Interfor, and Dollarama were also among the top-performing TSX stocks yesterday, as they inched up by at least 3.7% each.

In contrast, Dundee Precious Metals (TSX:DPM) tanked 8.8% to $8.90 per share, making it the worst-performing TSX Composite component for the day. This selloff in DPM stock came after the Canadian mining firm revealed its intentions to acquire all shares of Osino Resources, adding the Twin Hills gold project and other exploration assets in Namibia to its portfolio. On a year-to-date basis, Dundee stock is now up 36.7%.

Canada Goose, BlackBerry, and Ballard Power Systems were also among the bottom performers on the Toronto Stock Exchange, as they plunged by more than 4% each.

Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, TC Energy, National Bank of Canada, and Pembina Pipeline were the five most active stocks on the exchange.

TSX today

Commodity prices were largely mixed early Tuesday morning, pointing to a flat open for the resource-heavy TSX index today. Besides the release of Canada’s important consumer inflation report for November, investors want to keep a close eye on the latest monthly building permit data from the United States this morning.

Overall, TSX stocks may remain volatile, as investors continue to speculate about the upcoming U.S. consumer confidence, growth in gross domestic product, and personal consumption expenditure data scheduled to be released 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 recommends Canadian Natural Resources and Pembina Pipeline. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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