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.

| More on:

The Canadian stock market inched closer to its record highs on Wednesday after the U.S. Federal Reserve announced its decision to hold key policy rates steady, but its latest economic projections still hinted toward multiple rate cuts in the ongoing year. The S&P/TSX Composite Index surged by 185 points, or 0.8%, yesterday to settle at 22,046 — slightly lower than its all-time closing high of 22,087.

Even as intraday losses in crude oil and natural gas prices drove the shares of energy companies lower, solid gains in other key market sectors, including metal mining, technology, and consumer cyclicals, guided the TSX benchmark upward.

Top TSX Composite movers and active stocks

Fortuna Silver Mines, NovaGold Resources, SilverCrest Metals, and Interfor were the top-performing TSX stocks for the day as they inched up by over 6% each.

In contrast, shares of Boyd Group Services (TSX:BYD) tanked by 8.5% to $288.03 per share, making it the day’s worst-performing TSX stock. This selloff in BYD stock came after the Winnipeg-headquartered company announced its weaker-than-expected fourth-quarter results.

Boyd’s total revenue in the December quarter advanced by 16.2% year over year to US$740 million, helping the company post a record annual sales figure of US$2.9 billion in 2023. While its adjusted quarterly earnings of US$0.93 per share also reflected strong 36.8% positive growth from a year ago, it missed Bay Street analysts’ expectations of US$1.10 per share by a wide margin. After the recent selloff, BYD stock now trades with 3.4% year-to-date gains.

Definity Financial and Fairfax Financial were also among the bottom performers on the Toronto Stock Exchange as they slipped by at least 1.9% each.

Based on their daily trade volume, TC Energy, Canadian Natural Resources, Toronto-Dominion Bank, Suncor Energy, and Bank of Nova Scotia were the five most active stocks on the exchange.

TSX today

Gold prices soared by over 1% to record highs early Thursday morning after resuming their upward trend in the last session. Despite minor weakness in oil prices, strengthening gold could take the commodity-heavy main TSX index higher at the open today.

While no major domestic economic releases are due, Canadian investors will closely monitor the latest monthly home sales, manufacturing, and services data from the United States this morning. Overall, stocks may remain volatile as investors continue to assess the Fed’s latest economic projections.

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.

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 »

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 Wednesday, March 20

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

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 »