TSX Today: What to Watch for in Stocks on Friday, April 19

The main TSX index seems on track to post another losing week as it currently trades with 0.9% week-to-date losses.

Jitendra Parashar

Author Bio Jitendra Parashar is a financial journalist who has been writing for The Motley Fool Canada since June 2020. With more than 13 years of experience in financial journalism, equity research, and market analysis, he helps investors understand market developments and identify long-term investment opportunities. Before joining The Motley Fool Canada, Jitendra spent several years at Market Realist covering U.S. equities, major economic developments, and developments in the automotive and technology industries. He also worked in commodity and currency research at brokerage firms, gaining insight into how economic trends, central bank decisions, and geopolitical events influence financial markets. Jitendra writes for beginner investors, dividend seekers, and Canadians looking to build wealth over the long term. He also contributes to the daily TSX Today series, explaining key Canadian market developments and highlighting news investors should watch. Based in India, Jitendra follows Canadian and U.S. markets closely. Outside of work, he enjoys travelling in the Himalayas, street and nature photography, and exploring programming and artificial intelligence. Education MBA in Finance and International Business Bachelor's degree in Journalism Areas of Expertise Canadian and U.S. financial markets, long-term equity investing, dividend investing, macroeconomic and geopolitical trends, automotive stocks, emerging technologies, and artificial intelligence. Social Media Profiles LinkedIn Muck Rack Favorite Investment Quote “Simplicity is the master key to financial success.” — John C. Bogle

Published April 19, 2024 9:00 am EDT

Strengthening metals prices and significantly stronger-than-expected U.S. manufacturing data helped Canadian equities end the second consecutive session in the green territory. The S&P/TSX Composite Index rose by 52 points, or 0.2%, yesterday to settle at 21,708.

Despite continued weakness in industrial and consumer cyclical stocks, handsome gains in other market sectors like mining and utilities guided the TSX benchmark upward.

Top TSX Composite movers and active stocks

First Quantum Minerals (TSX: FM) jumped by about 9% to $16.09 per share, making it the top-performing TSX stock for the day. Earlier during the day, a Reuters report highlighted that the Vancouver-based copper miner’s prospects of reinstating its concession for the Cobre Panama mine are slim following Panama’s presidential elections.

The report noted that the local resistance remains strong against reopening First Quantum’s Cobre Panama mine, with major protest groups vowing to actively oppose any such moves. Despite this negative news, the recent big gains in copper prices, which prompted several notable Street analysts to raise their target prices on FM stock, could be the primary reason for yesterday’s sharp gains in its shares.

Silvercrest Metals, ATS, and Hudbay Minerals were also among the top gainers on the Toronto Stock Exchange for the day, climbing up by at least 3.5% each.

In contrast, Aritzia and International Petroleum fell at least 3% each, making them the day’s worst-performing TSX stocks.

Based on their daily trade volume, Enbridge, Barrick Gold, Royal Bank of Canada, TC Energy, and First Quantum Minerals were the five most active stocks on the exchange.

TSX today

Commodity prices across the board spiked sharply in overnight trading on reports of Israel launching retaliatory aerial attacks against Iran. While most commodities, including crude oil, gold, and silver, trimmed most of these gains early Friday morning, they were still bullish. Given that, TSX mining and energy stocks could open slightly higher today.

While no major economic releases are due this morning, Canadian investors may want to remain cautious as the ongoing geopolitical tensions could keep stocks highly volatile.