TSX Today: What to Watch for in Stocks on Monday, March 4

Rising commodity prices could help the TSX index to open on a firm note today.

| More on:
tsx today

Surging commodity prices and largely stronger-than-expected corporate earnings helped the Canadian stock market start the new month on a bullish note as investors eagerly awaited the Bank of Canada’s upcoming monetary policy event, which is scheduled for March 6. The S&P/TSX Composite Index climbed by 189 points, or 0.9%, on Friday to 21,552 — its highest closing level in over 22 months.

Even as some consumer cyclical stocks witnessed negative movement, solid intraday gains in other market sectors like mining, healthcare, real estate, and energy pushed the TSX benchmark higher.

Top TSX Composite movers and active stocks

Shares of SNC-Lavalin Group (TSX:ATRL) jumped by 11.4% to $51.08 per share, making it the top-performing TSX stock for the day. This rally in ATRL stock came after the Montréal-based professional services and project management firm announced its better-than-expected fourth-quarter results.

In the quarter ended in December 2023, SNC’s total revenue jumped by 19.7% from a year ago to $2.2 billion, helping it post a record yearly revenue figure of over $8 billion. More importantly, the company’s adjusted quarterly earnings of $0.45 per share exceeded Street analysts’ expectations of $0.40 per share, giving investors a reason to cheer. After delivering 79% positive returns in 2023, ATRL stock has gone up by nearly 20% so far in 2024.

New Gold, NexGen Energy, and OceanaGold were also among the session’s top gainers on the Toronto Stock Exchange as they inched up by more than 8% each.

Conversely, Parex Resources, Stella-Jones, Badger Infrastructure Solutions, and Algoma Steel slipped by at least 2.9% each, making them the day’s worst-performing TSX stocks.

Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Baytex Energy, Enbridge, and Athabasca Oil were the five most active stocks on the exchange.

TSX today

Commodity prices across the board were trading on a firm note early Monday morning, pointing to a slightly higher open for the resource-heavy TSX index today.

While no major economic releases are due this morning, Canadian stocks may still remain volatile as investors continue to adjust their open positions before Wednesday’s interest rate decision.

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, Enbridge, 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.

More on Stock Market

Canadian Red maple leaves seamless wallpaper pattern
Stock Market

2 Canadian Stocks That Could Skyrocket in 2025 and Beyond

Are you looking for Canadian stock ideas that could skyrocket in 2025 and beyond. These two stocks could really soar…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, February 13

The latest U.S. wholesale inflation numbers will be closely watched by TSX investors today as the fourth-quarter earnings season continues…

Read more »

Piggy bank with word TFSA for tax-free savings accounts.
Stock Market

3 Canadian Stocks to Consider Adding to Your TFSA in 2025

Here's why Canadian investors can consider holding quality growth stocks such as Magellan Aerospace and Sylogist in a TFSA.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, February 12

TSX investors will keep a close watch on the U.S. inflation report and corporate earnings as today’s trading session unfolds.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, February 11

More corporate earnings, U.S. Fed chair Jerome Powell’s remarks about interest rates, and new developments related to escalating trade tensions…

Read more »

ETF chart stocks
Stock Market

The Best Canadian ETFs $1,000 Can Buy on the TSX Today

Investing in these Canadian ETFs can help you benefit from inflation-beating returns in the next decade. Here's why.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, February 10

Fed Chair Jerome Powell’s testimony before Congress will remain on TSX investors’ radar today as investors await more details on…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, February 7

The important labour market reports from the United States and Canada will remain on TSX investors’ radar today.

Read more »