TSX Today: What to Watch for in Stocks on Tuesday, January 9

The main TSX index just reached its highest closing level in more than 20 months.

Jitendra Parashar

Author Bio Jitendra Parashar is a financial journalist who has been writing for The Motley Fool Canada since June 2020. With more than 13 years of experience in financial journalism, equity research, and market analysis, he helps investors understand market developments and identify long-term investment opportunities. Before joining The Motley Fool Canada, Jitendra spent several years at Market Realist covering U.S. equities, major economic developments, and developments in the automotive and technology industries. He also worked in commodity and currency research at brokerage firms, gaining insight into how economic trends, central bank decisions, and geopolitical events influence financial markets. Jitendra writes for beginner investors, dividend seekers, and Canadians looking to build wealth over the long term. He also contributes to the daily TSX Today series, explaining key Canadian market developments and highlighting news investors should watch. Based in India, Jitendra follows Canadian and U.S. markets closely. Outside of work, he enjoys travelling in the Himalayas, street and nature photography, and exploring programming and artificial intelligence. Education MBA in Finance and International Business Bachelor's degree in Journalism Areas of Expertise Canadian and U.S. financial markets, long-term equity investing, dividend investing, macroeconomic and geopolitical trends, automotive stocks, emerging technologies, and artificial intelligence. Social Media Profiles LinkedIn Muck Rack Favorite Investment Quote “Simplicity is the master key to financial success.” — John C. Bogle

Published January 9, 2024 9:00 am EST

Despite continued weakness in commodity prices, the Canadian equities market started the new week on a positive note, with investors eagerly awaiting key consumer inflation data from the United States, which is due later this week. The S&P/TSX Composite Index inched up by 137 points, or 0.7%, on Monday to settle at 21,075 — its highest closing level in more than 20 months.

While all market sectors, barring mining and energy, closed in the green territory, it was the robust gains in healthcare, consumer cyclical, and technology stocks that primarily drove the TSX benchmark upward.

Top TSX Composite movers and active stocks

Bombardier, Altus Group, Canada Goose, and Shopify were the top-performing TSX stocks yesterday, as they climbed by at least 4.2% each.

Brookfield Renewable Partners (TSX: BEP.UN) also rose 4.1% to $36.47 per share. This rally in its share prices came a day after the Bermuda-based renewable energy giant announced the issuance of $400 million in green bonds, with a maturity date of January 10, 2054, and an annual interest rate of 5.318%.

These bonds, representing Brookfield Renewable’s 12th green securities issuance in North America and the first under its 2024 Green Financing Framework, will be used to fund eligible investments and repay related debts. After ending 2023 with a minor 1.5% gain, the TSX-listed Brookfield Renewable stock has risen 4.8% in January 2024 so far.

In contrast, Athabasca Oil, Pason Systems, Tamarack Valley Energy, and Kelt Exploration slipped by at least 3.4% each in the last session, making them the worst performers on the Toronto Stock Exchange.

According to the exchange’s daily trade volume data, TD Bank, TC Energy, Manulife Financial, Cenovus Energy, and Crescent Point Energy were the five most active stocks on January 8.

TSX today

Prices of energy products and metals were largely mixed early Tuesday morning, pointing to a flat open for the resource-heavy main TSX index today. Even though no key economic releases are planned for release this morning, the stock market may continue to be volatile due to investors’ expectations about upcoming corporate earnings.

The TSX-listed cannabis giant Tilray Brands is set to announce its latest quarterly financial results on January 9. Street analysts expect the company to post a net loss of US$0.06 per share for the November 2023 quarter with US$195.1 million in revenue.