TSX Today: What to Watch for in Stocks on Tuesday, January 16

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

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 16, 2024 9:00 am EST

The Canadian stock market trended upward for a second consecutive session on Monday, as investors continued to bet on rate cut expectations following the release of the recent softer-than-expected U.S. wholesale inflation numbers. Even as the markets in the United States remained closed for Martin Luther King Jr. Day, the S&P/TSX Composite Index inched up by 72 points, or 0.3%, to settle at 21,062.

While all main market sectors, except metal mining, ended the session in the green territory, notable gains in utility, consumer noncyclical, and healthcare stocks mainly guided the TSX benchmark higher.

Top TSX Composite movers and active stocks

Denison Mines, Badger Infrastructure Solutions, Athabasca Oil, and Energy Fuels were the top-performing TSX stocks yesterday, as they advanced by more than 4% each.

Shares of First Quantum Minerals (TSX: FM) rose nearly 2% to $13.40 per share after the company announced its preliminary 2023 production results, gave guidance for 2024 to 2026, and announced steps to strengthen its balance sheet.

In 2023, the Vancouver-headquartered company’s copper production fell 9% year over year to 708 thousand tonnes. First Quantum has also adjusted its gold and nickel production strategies to reflect current market conditions. Additionally, it announced the suspension of dividends and a reduction in capital expenditure to preserve financial strength as production at its Cobre Panama mine is halted. After witnessing 61.6% value erosion in 2023, FM stock has risen to 23.5% in January so far.

On the flip side, Filo, Wesdome Gold Mines, IAMGOLD, and Cargojet were yesterday’s worst performers on the Toronto Stock Exchange, as they slipped by at least 2.5% each.

According to the exchange’s daily trade volume data, TD Bank, Denison Mines, Athabasca Oil, TC Energy, and Bank of Montreal were the five most heavily traded stocks.

TSX today

Most commodity prices were largely mixed early Monday morning, pointing to a flat opening for the resource-heavy main TSX index today.

Statistics Canada’s monthly consumer inflation report will remain on investors’ radar today, which could give further direction to TSX stocks by shaping expectations for the Bank of Canada’s forthcoming policy decisions.