TSX Today: What to Watch for in Stocks on Friday, January 19

Canada’s retail sales report, and the U.S. existing home sales data will remain on TSX investors’ radar today.

| More on:
tsx today

The Canadian stock market bounced back from its lowest level of 2024 on Thursday with the help of an intraday recovery in crude oil and precious metals prices. The S&P/TSX Composite Index rose 62 points, or 0.3%, yesterday to settle at 20,757.

Even as healthcare and utility stocks plunged further, strong gains in other sectors like consumer noncyclicals, industrials, and financials led the TSX benchmark’s recovery.

Top TSX Composite movers and active stocks

Orla Mining (TSX:OLA), GFL Environmental, Onex, Stella-Jones, and Badger Infrastructure were the top-performing TSX stocks in the last session as they inched up by at least 3.5% each.

The rally in Orla’s share prices started after the Vancouver-headquartered gold firm announced positive results from its 2023 exploration activities at the Camino Rojo Oxide Mine in Mexico. Orla’s exploration activity, which included 6,500 metres of drilling, confirmed and expanded oxide gold mineralization near the open pit, especially in the adjacent Layback Area. After sliding by 21% in 2023, OLA stock has recovered by 3.5% in January so far.

In contrast, shares of Fortuna Silver Mines (TSX:FVI) tanked by 11.7% to $4.24 per share after announcing its 2023 production and 2024 guidance. Last year, the Canadian mining company’s gold equivalent production jumped 13% from a year ago to 452,389 ounces with the help of high outputs from its Latin America and West Africa operations.

Fortuna expects its production levels to rise further in 2024, giving a guidance range of 457,000 to 497,000 gold equivalent ounces. On a year-to-date basis, FVI stock has lost nearly 17% of its value.

Birchcliff Energy and Lithium Americas (Argentina) were also among the bottom performers on the Toronto Stock Exchange, as they dived by at least 6.4% each in the last session.

Based on their daily trade volume, Enbridge, Birchcliff Energy, Royal Bank of Canada, Cenovus Energy, and Manulife Financial were the most active stocks on the exchange.

TSX today

Gold, silver, and copper prices were trading on a firm note early Friday morning, which could lift TSX metal and mining stocks at the open today.

Besides the existing home sales data from the United States, Canadian investors will also closely monitor the domestic retail sales report this morning, which could give further direction to stocks.

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 Enbridge and Stella-Jones. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Metals and Mining Stocks

bulb idea thinking
Stocks for Beginners

Cameco Stock Could Pop After Earnings: Is It a Buy Beforehand?

Cameco stock (TSX:CCO) has seen shares increase substantially in the last year, but is it all due to higher spot…

Read more »

value for money
Metals and Mining Stocks

1 Growth Stock Down 57% to Buy Right Now

Growth stock FM (TSX:FM) is a strong option for those wanting in after a major fall during the last year,…

Read more »

gold stocks gold mining
Metals and Mining Stocks

Want to Invest in Gold? Here’s the Best Way to Do it in 2024

Agnico Eagle Mines (TSX:AEM) and another gold stock are worth adding to your watchlist this winter.

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Friday, February 2

Labour market data from the United States and corporate results will remain on TSX investors’ radar today.

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Thursday, February 1

Weak metals prices could drive TSX mining stocks lower at the open today, as investors continue to digest the Fed’s…

Read more »

A miner down a mine shaft
Metals and Mining Stocks

2 Top TSX Mining and Materials Stocks to Buy for February 2024

Here are two of the best dividend-paying TSX mining and materials stocks you can buy in February 2024.

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Monday, January 29

TSX stocks may remain volatile, as investors shift their attention to the latest corporate earnings.

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Friday, January 26

As the market continues to fluctuate between ups and downs, the TSX Composite benchmark just reached its highest closing level…

Read more »