TSX Today: What to Watch for in Stocks on Wednesday, March 20

The U.S. Fed’s interest rate decision, economic projections, and press conference will remain on TSX investors’ radar today.

| More on:
tsx today

Canadian stocks traded on a mixed note for the third consecutive session on Tuesday as investors looked forward to the outcome of the U.S. Federal Reserve’s ongoing monetary policy meeting. The S&P/TSX Composite Index posted minor gains of 23 points, or 0.1%, yesterday to settle at 21,861.

Despite handsome gains in healthcare, consumer cyclical, and technology stocks after the release of notably softer-than-expected domestic consumer inflation numbers, weak metals prices drove the shares of mining companies lower — limiting the commodity-heavy TSX benchmark’s upward movement.

Consumer inflation is easing in Canada

According to Statistics Canada’s latest report, Canada’s Consumer Price Index saw a slight decrease in its year-over-year growth rate last month to 2.8% from January’s 2.9%. Even as gasoline prices climbed up last month, factors like lower prices for cellular services, store-bought food, and internet services contributed to this inflation slowdown in February.

Top TSX Composite movers and active stocks

Shares of Gildan Activewear (TSX:GIL) jumped by nearly 11% to $50.71 per share, making it the top-performing TSX stock for the day. This rally in GIL stock came after the Montréal-based apparel maker responded to speculative media reports about a potential acquisition by forming a special committee to evaluate the proposal and other strategic alternatives.

Gildan told investors while it’s in discussions with some interested parties, there’s no assurance a transaction will occur as it aims to maximize shareholder value. After the recent rally, GIL stock is now up 15.7% year to date and offers an annualized dividend yield of 2.4%.

Africa Oil, Brookfield Business Partners, and West Fraser Timber were also among the session’s top gainers on the Toronto Stock Exchange as they inched up by at least 3.2% each.

Conversely, BlackBerry, First Majestic Silver, K92 Mining, and Capstone Copper dived by at least 3.6% each, making them the day’s worst-performing TSX stocks.

Based on their daily trade volume, TC Energy, Canadian Imperial Bank of Commerce, Suncor Energy, TD Bank, and Manulife Financial were the five most active stocks on the exchange.

TSX today

Most commodity prices were trading on a firm note early Wednesday morning, pointing to a slightly higher open for the TSX Composite benchmark today.

While no major economic releases are due this morning, Canadian investors will closely monitor the U.S. Fed’s interest rate decision, economic projections, and press conference in the afternoon, which is likely to give further direction to stocks.

On the corporate events side, TSX-listed companies like Power Corporation of Canada, Alimentation Couche-Tard, and Boyd Group Services will announce their latest quarterly results on March 20.

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 has positions in and recommends Alimentation Couche-Tard. The Motley Fool recommends Boyd Group Services, Gildan Activewear, and West Fraser Timber. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Stock Market

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, March 22

The TSX index hit a new closing peak as expectations of multiple rate hikes in the near term seem to…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, March 21

Rallying gold prices could take TSX higher at the open today as it trades close to its record highs.

Read more »

financial freedom sign
Stock Market

Want to Get Richer? Here Are the 3 Best Stocks to Buy Now and Hold Forever

The secret to becoming rich from stock market is to buy stocks of companies shaping the future and hold them…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, March 19

Canada’s consumer inflation data could keep TSX stocks volatile today as investors await the Fed’s interest rate decision.

Read more »

Paper airplanes flying on blue sky with form of growing graph
Dividend Stocks

2 Soaring Stocks I’d Buy Now With No Hesitation

These two stocks may be the most expensive on the market, but they're high for a reason! And I'm still…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, March 18

The TSX Composite benchmark has now been rising for five consecutive weeks.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, March 15

An overnight rally in metals prices could lift TSX mining stocks at the open today.

Read more »

tsx today
Stock Market

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.

Read more »