TSX Today: What to Watch for in Stocks on Thursday, March 14

The U.S. wholesale inflation and retail sales data will remain on TSX investors’ radar today.

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tsx today

Rising metals and crude oil prices propelled the Canadian stock market to its third straight day of gains, even as speculation continued about the U.S. Federal Reserve’s future monetary policy actions. The S&P/TSX Composite Index inched up by 139 points, or 0.6%, on Wednesday to settle at 21,970 — gradually approaching its all-time closing high level of 22087.

Despite weakness in some real estate and utility stocks, all other main TSX sectors, including mining, consumer cyclicals, and energy, added strong gains.

Top TSX Composite movers and active stocks

An intraday rally in gold, silver, and copper prices drove First Quantum Minerals, Lundin Mining, Teck Resources, and Capstone Copper up by at least 7.9% each, making them the day’s top-performing TSX stocks.

In contrast, shares of Wesdome Gold Mines (TSX:WDO) dived by 4.7% to $9.31 per share a day after its quarterly financial results were released. Higher gold production in the fourth quarter of 2023 led to a 36.2% year-over-year increase in the Toronto-headquartered gold producer’s quarterly revenue to $102.22 million.

Similarly, Wesdome reported adjusted quarterly earnings of two cents per share against analysts’ expectations of a one-cent loss per share. Despite its surprisingly strong fourth-quarter results, WDO stock declined, possibly due to investors’ expectations not being fully met. However, given its earnings beat, this dip could be seen as a buying opportunity for long-term investors. On a year-to-date basis, WDO stock is now up 20.8%.

Cameco, Labrador Iron Ore Royalty, and NexGen Energy were also among the session’s bottom performers on the Toronto Stock Exchange, as they slipped by at least 3.9% each.

According to the exchange’s daily trade volume data, TC Energy, Suncor Energy, Manulife Financial, Kinross Gold, and Canadian Natural Resources were the five most active stocks.

TSX today

Crude oil prices were trading on a slightly bullish note early Thursday morning, which could lift TSX energy stocks at the open today. While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the monthly wholesale inflation, retail sales, and weekly jobless claims data from the United States this morning, which could give further direction to stocks.

On the corporate events front, the TSX-listed NorthWest Healthcare Properties REIT, Wheaton Precious Metals, and Empire Company will announce their latest quarterly results on March 14.

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 Cameco, Canadian Natural Resources, and NorthWest Healthcare Properties Real Estate Investment Trust. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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