TSX Today: What to Watch for in Stocks on Monday, April 15

TSX investors may want to remain cautious, as any major update related to the ongoing Iran-Israel conflict could increase market volatility.

| More on:
tsx today

The Canadian stock market continued to decline for the third consecutive session on Friday as rising treasury bond yields and uncertainty about the timing of upcoming interest rate cuts kept investors on their toes. The S&P/TSX Composite Index plunged by 210 points, or 1%, in the last session to settle at 21,900.

While all key sectors ended the session in the red territory, heavy losses in healthcare, technology, and consumer cyclical stocks weighed most on the market index. With this, the TSX benchmark fell 1.6% during the week — ending its eight-week winning streak.

Top TSX Composite movers and active stocks

MTY Food Group (TSX:MTY) stock tanked by nearly 10% to $45.16 per share, making it the worst-performing TSX stock for the day. This selloff in MTY stock came after the Saint Laurent-headquartered firm announced its weaker-than-expected quarterly earnings due mainly to reduced consumer spending and extreme weather conditions.

In the February 2024 quarter, MTY’s revenue slipped by 2.6% from a year ago to $278.6 million with fewer recurring revenue streams. Lower system sales also drove the company’s quarterly earnings down by 5.3% year over year to $0.71 per share, worse than Bay Street analysts’ expectations of $0.85 per share. After the recent selloff, MTY stock is now down 30% on a year-to-date basis and offers a 2.5% annualized dividend yield.

First Majestic Silver, Orla Mining, and Brookfield Infrastructure Partners were also among the session’s bottom performers on the Toronto Stock Exchange as they dived by at least 4.7% each.

On the flip side, Labrador Iron Ore Royalty and Whitecap Resources stood out as the top-performing TSX stocks for the day, rising by at least 1.5% each.

According to the exchange’s daily trade volume data, TC Energy, TD Bank, B2Gold, Enbridge, and Canadian Natural Resources were the five most active stocks.

TSX today

Commodity prices across the board were volatile early Monday morning as geopolitical tensions in West Asia escalated during the weekend after Iran launched an aerial attack on Israel. TSX investors may want to remain cautious today as any major update related to these conflicts could lead to a wild movement in commodity-linked stocks.

While no major domestic economic releases are due, Canadian investors will keep an eye on the monthly retail sales numbers from the United States this morning.

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 MTY Food Group. The Motley Fool recommends B2Gold, Brookfield Infrastructure Partners, Canadian Natural Resources, Enbridge, and Whitecap Resources. 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, May 24

The main TSX index seems on track to end the week in the red as it currently trades with 1.2%…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, May 23

Weakening commodity prices could pressure the main TSX index at the open today as investors await more economic releases from…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, May 22

Overnight declines in commodity prices could pressure the TSX index at the open today as investors await the Federal Reserve’s…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, May 21

After surging to a fresh all-time high on Friday, the main TSX index may remain volatile today as investors access…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, May 17

TSX investors may remain cautious today ahead of the long Victoria Day weekend.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, May 16

TSX stocks may remain volatile as investors speculate about the Fed’s future monetary policy moves in response to the recently…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, May 15

The important U.S. consumer inflation report and retail sales data will remain on TSX investors’ radar today as rallying copper…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, May 14

Besides more corporate earnings, TSX investors will watch the U.S. wholesale inflation report and Fed chair Jerome Powell’s comments about…

Read more »