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.

| More on:
tsx today

The stock market in Canada turned positive again on Thursday after witnessing a selloff in the previous session as investors continued to digest the Federal Reserve’s latest interest rate decision and policy statement. The S&P/TSX Composite Index rose 97 points, or 0.5%, yesterday to settle at 21,119.

Despite continued weakness in tech stocks, healthy gains in most other key market sectors, primarily in healthcare, mining, and industrials, lifted the main TSX index.

Top TSX Composite movers and active stocks

Shares of Canada Goose (TSX:GOOS) surged nearly 8% to $70.39 per share after announcing its quarterly financial results. In the third quarter (ended in December) of its fiscal year 2024, the Toronto-based clothing company’s total revenue rose 5.8% YoY (year over year) to $609.9 million.

With the help of a strong 14% increase in direct-to-customer segment sales on a constant-currency basis, Canada Goose delivered adjusted quarterly earnings of $1.37 per share, reflecting 7.9% YoY growth. After losing roughly 35% of its value last year, GOOS stock has recovered by 10.5% so far in 2024.

IAMGOLD, Tilray Brands, and New Gold were also among the top gainers on the Toronto Stock Exchange yesterday, as they inched up by at least 7.4% each.

On the flip side, Allied Properties REIT (TSX:AP.UN) tanked by about 9% to $17.78 per share a day after its earnings came out. In the fourth quarter of 2023, the distinctive urban workspace-focused REIT’s (real estate investment trust) operating profit climbed by 6% YoY to $82 million. Despite this positive growth, Allied’s weak 2024 outlook, which is mainly due to no expected economic occupancy gains in the first half of the year, could be the primary reason why its share prices fell after its earnings event.

Shopify, MEG Energy, and Lithium Americas (Argentina) also plunged by at least 3.5% each, making them among the day’s worst-performing TSX stocks.

Based on their daily trade volume, Enbridge, B2Gold, Suncor Energy, Manulife Financial, and Baytex Energy were the five most heavily traded stocks on the exchange.

TSX today

Gold prices were trading on a firm note early Friday morning, while most other commodities showed little movement. With these mixed signals from the commodity market, the main TSX index may not change much at the open today.

While no major domestic economic releases are due, Canadian investors may want to closely monitor the monthly average hourly earnings, non-farm payrolls, and unemployment rate from the United States this morning. This economic data and corporate earnings could give further direction to stocks.

The TSX-listed companies like Brookfield Renewable Partners, Brookfield Business Partners, and Imperial Oil will announce their latest quarterly results on February 2.

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 has positions in and recommends Shopify. The Motley Fool recommends B2Gold, Brookfield Renewable Partners, Enbridge, and Tilray Brands. 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 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 »

Gold bars
Metals and Mining Stocks

Could IAMGOLD Stock Help You Retire a Millionaire?

IAMGOLD (IMG) stock could add more gains to a recent 15% rally. But its Côté Gold project's success may not…

Read more »