TSX Today: What to Watch for in Stocks on Wednesday, March 6

The Bank of Canada’s interest rate decision and the Fed chair Jerome Powell’s testimony will remain on TSX investors’ radar today.

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tsx today

The stock market in Canada traded on a mixed note for a second consecutive session as investors shifted their attention to the Bank of Canada’s upcoming interest rate decision. Even as gold prices continued to touch new heights, the S&P/TSX Composite Index ended the volatile session with a minor loss of five points at 21,526.

On the one hand, most commodity-linked TSX stocks trended upward during the session. On the other hand, big losses in other sectors like technology, real estate, and healthcare pressured the stock market index.

Top TSX Composite movers and active stocks

Lithium Americas, Kinaxis, Descartes Systems, and Ero Copper were the worst-performing TSX stocks as they plunged by more than 5% each.

In contrast, shares of Topaz Energy (TSX:TPZ) soared by 5.8% to $21.54 per share after its stronger-than-expected fourth-quarter financial results seemingly boosted investors’ confidence. In the December quarter, the Calgary-based, energy sector-focused royalty and infrastructure firm’s total revenue of $82.8 million exceeded Street analysts’ expectations of $79 million due mainly to strong growth in its royalty production revenue.

Although Topaz Energy’s quarterly adjusted earnings figure of $0.13 per share was flat on a year-over-year basis, it was significantly stronger than analysts’ estimates of six cents per share. With this, TPZ stock has risen more than 11% so far in 2024.

Torex Gold, Dundee Precious Metals, Eldorado Gold, and Osisko Mining were also among the day’s top performers on the Toronto Stock Exchange as they inched up by at least 4.2% each with the help of a recent rally in gold prices.

Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Great-West Lifeco, Manulife Financial, and Kinross Gold were the most heavily traded stocks on the exchange.

TSX today

Crude oil and base metals prices were trading on a bullish note early Wednesday morning, pointing to a slightly higher open for the commodity-heavy main TSX index today.

The Bank of Canada’s latest interest rate decision and press conference will remain on Canadian investors’ radar this morning, which could give further direction to stocks. Besides that, the Federal Reserve chair Jerome Powell’s testimony before the U.S. House Financial Services Committee and the release of non-farm employment change and job openings data could add to the market volatility.

On the corporate events side, several TSX-listed companies like Vermilion Energy, Fortuna Silver Mines, Linamar, Sleep Country Canada, Silvercrest Metals, and Descartes Systems will announce their latest quarterly results after the market closing bell on March 6.

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, Descartes Systems Group, Kinaxis, Linamar, Topaz Energy, and Vermilion Energy. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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