TSX Today: What to Watch for in Stocks on Friday, March 1

After ending February with 1.6% gains, the TSX Composite Index has risen for four consecutive months.

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tsx today

After falling in the previous three sessions, the Canadian stock market bounced back on Thursday as an intraday rally in commodity prices and mixed U.S. personal consumption expenditure data kept optimism alive. The S&P/TSX Composite Index climbed by 120 points, or 0.6%, yesterday to settle at 21,364.

On the one hand, consumer and real estate stocks witnessed weakness. On the other hand, solid gains in other market sectors, including mining, healthcare, and energy, drove the TSX benchmark upward. With this, the index ended February 2024 with 1.6% gains.

In January 2024, personal income in the U.S. increased by 1.0%, with disposable personal income rising 0.3% and personal consumption expenditures up 0.2%, the Bureau of Economic Analysis said in its latest report.

Top TSX Composite movers and active stocks

Lithium Americas, OceanaGold, Osisko Gold Royalties, NovaGold Resources, and Canadian Natural Resources jumped by over 5% each, making them the top-performing TSX stocks for the day.

On the flip side, EQB (TSX:EQB) stock tanked by 9.2% to $86.18 per share, a day after announcing its quarterly financial results. In the first quarter of its fiscal year 2024 (ended in January), the Toronto-headquartered lender’s assets under management and administration saw a notable rise from a year ago, climbing 16% to $119 billion.

Positive factors, including expansion in loans under management, improved margins, higher non-interest revenue, and an increase in EQ Bank customers, helped the financial services firm post a solid 12% year-over-year increase in its adjusted diluted earnings to $2.76 per share last quarter. However, EQB’s quarterly earnings figures missed Street analysts’ expectations, which could be the primary reason why its share prices fell after the earnings event. On a year-to-date basis, EQB stock is now down 1.2%.

Kinaxis, Baytex Energy, and Stella-Jones were also among the day’s bottom performers on the Toronto Stock Exchange, as they slipped by at least 7.4% each.

Based on their daily trade volume, Algonquin Power & Utilities, Suncor Energy, Manulife Financial, Canadian Natural Resources, and Baytex Energy were the five most active stocks on the exchange.

TSX today

Commodity prices were largely bullish early Friday morning, which could lift the resource-heavy main TSX index at the open today. While no major domestic economic releases are due, Canadian investors may want to watch the latest monthly manufacturing data from the United States this morning.

On the corporate events side, TSX-listed companies like SNC-Lavalin, Canadian Western Bank, and Boralex will announce their latest quarterly results on March 1.

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, Canadian Western Bank, EQB, Kinaxis, 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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