TSX Today: What to Watch for in Stocks on Tuesday, April 16

Canada’s latest consumer inflation report and the ongoing geopolitical tensions in the West Asia region could keep TSX stocks volatile today.

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tsx today

Canadian stocks started the new week on a weak note, falling for the fourth consecutive session, despite the release of significantly better-than-expected U.S. retail sales data as dimming prospects of near-term interest rate cuts worried investors. The S&P/TSX Composite Index slipped by 160 points, or 0.7%, on Monday to settle at 21,740.

Although most main TSX sectors trended downward yesterday, big losses in real estate, energy, and technology stocks pressured the index the most.

Top TSX Composite movers and active stocks

BlackBerry, B2Gold, Ballard Power Systems, and Athabasca Oil were the worst-performing TSX stocks yesterday as they plunged by at least 4.3% each.

Similarly, Granite REIT (TSX:GRT.UN) also fell nearly 3% to $71.84 per share, making it among the Toronto Stock Exchange’s bottom performers for the day. This weakness came after the Toronto-headquartered REIT (real estate investment trust) announced intentions to simplify its capital structure by transitioning from a Stapled Unit structure to a conventional REIT trust unit structure.

Granite REIT expects this change to enhance its investment flexibility and comparability with other REITs. The proposed reorganization is scheduled for approval during its joint annual meetings on June 6 and requires approval from two-thirds of the votes cast by its respective unitholders. After rising by more than 10% in 2023, Granite’s shares have seen 5.8% value erosion in 2024 so far.

On the flip side, Parkland and Ivanhoe Mines inched up by at least 3.2% each yesterday, making them the session’s top-performing TSX stocks.

Based on their daily trade volume, TC Energy, Enbridge, Toronto-Dominion Bank, Royal Bank of Canada, and Cenovus Energy were the five most heavily traded stocks on the exchange.

TSX today

Most commodity prices were mixed early Tuesday morning amid the ongoing geopolitical tensions in the West Asia region, pointing to a flat opening for the resource-heavy main TSX index today.

Canadian investors will keep a close eye on the domestic consumer inflation report this morning, which could give further direction to stocks. In the afternoon, the Federal Reserve chair Jerome Powell’s discussion with the Bank of Canada governor Tiff Macklem at the Washington Forum on the Canadian Economy will also remain on investors’ radar.

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 B2Gold, Enbridge, and Granite 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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