TSX Today: What to Watch for in Stocks on Thursday, February 29

TSX investors will closely watch the U.S. personal consumption expenditure and Canada’s GDP growth numbers today.

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tsx today

The Canadian equities market continued to decline for the third consecutive session on Wednesday as dismal U.S. GPD (gross domestic product) growth numbers kept investors worried about the near-term economic outlook. The S&P/TSX Composite Index slipped by 75 points, or 0.4%, yesterday to settle at 21,244 — erasing all gains it saw in the previous week.

While all key sectors, except consumer cyclicals, ended the session on a negative note, real estate, technology, and industrial stocks mainly led the selloff.

According to the Bureau of Economic Analysis’s latest estimate, the U.S. GDP in the final quarter of 2023 grew positively at an annual rate of 3.2%, slightly down from a 3.3% initial estimate. This adjustment reflects a minor decrease in private inventory investment, offset by increases in government and consumer spending.

Top TSX Composite movers and active stocks

Shares of SSR Mining (TSX:SSRM) plunged by nearly 8% to $5.82 per share, making it the worst-performing TSX stock for the day. This selloff in SSRM stock came a day after the gold miner announced its dismal fourth-quarter results.

For the quarter ended in December 2023, SSR posted a net loss of $217.8 million, largely due to a non-cash impairment at Çöpler mine, and adjusted net income was $127.1 million. Earlier this month, the company suspended operations at Çöpler following a significant incident, impacting the company’s 2024 guidance. The incident also prompted SSR’s management to suspend dividends and share-buyback plans. The stock has now lost 59.1% of its value on a year-to-date basis.

Parkland, IAMGOLD, and OceanaGold were also among the session’s bottom performers on the Toronto Stock Exchange as they plunged by at least 4.5% each.

On the flip side, Lithium Americas (Argentina) and New Gold surged by at least 4.6% each, making them the day’s top-performing TSX stocks.

According to the exchange’s daily trade volume data, Suncor Energy, Manulife Financial, Barrick Gold, Great-West Lifeco, and Cenovus Energy were the five most active stocks.

TSX today

Crude oil and base metals prices were largely bullish early Thursday morning, indicating a slightly higher open for the commodity-heavy main TSX index today. Besides domestic GDP growth data, Canadian investors will also closely monitor the latest U.S. personal consumption expenditure figures this morning, which could help investors set their expectations for the Fed’s upcoming policy decisions.

As TSX corporate earnings season continues in full swing, several companies, including Parex Resources, Badger Infrastructure, MEG Energy, Canadian Natural Resources, InterRent REIT, Atco, Canadian Imperial Bank of Commerce, Laurentian Bank of Canada, Toronto-Dominion Bank, Crescent Point Energy, NuVista Energy, and Stella-Jones are likely to announce their quarterly financial results on February 29.

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, Laurentian Bank Of Canada, Parex Resources, and Stella-Jones. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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