TSX Today: What to Watch for in Stocks on Tuesday, May 7

Besides the latest purchasing managers index data, more corporate results will remain on TSX investors’ radar today.

| More on:

The ongoing recovery in Canadian equities gained steam on Monday as strengthening commodity prices, weakening treasury bond yields, and growing interest rate cut possibilities boosted investors’ confidence. The S&P/TSX Composite Index jumped by 312 points, or 1.4%, on the first day of the new week to settle at 22,259, marking its fourth consecutive winning session.

Despite continued weakness in the shares of healthcare companies, most other main sectors, primarily technology, mining, and industrials, helped the main TSX index inch up.

tsx today

Top TSX Composite movers and active stocks

Aritzia, Capstone Copper, First Majestic Silver, Baytex Energy, and Fortuna Silver Mines were the top-performing TSX stocks yesterday, as they climbed by at least 5.6% each.

On the flip side, shares of Westshore Terminals Investment (TSX: WTE) plunged by 6.7% to $24.62 per share, making it the worst-performing TSX stock for the day. This selloff in WTE stock came a session after the Vancouver-based coal export company announced its significantly weaker-than-expected first-quarter earnings.

In the quarter ended in March, Westshore’s revenue fell 12.4% year over year to $84.8 million due to a 13% decline in its tonnage shipments. Moreover, an 11.9% increase in its operating and administrative expenses drove its adjusted quarterly earnings down by 54.7% from a year ago to $0.24 per share, missing Street analysts’ expectation of $0.43 per share. WTE stock is now down 9% on a year-to-date basis and offers an annualized dividend yield of around 5.7%.

Bausch Health, Tilray, and Pason Systems were also among the day’s bottom performers on the Toronto Stock Exchange, slipping by at least 1.7% each.

Based on their daily trade volume, Toronto-Dominion Bank, Enbridge, Baytex Energy, Manulife Financial, and Suncor Energy were the five most active stocks on the exchange.

TSX today

Commodity prices were largely mixed early Tuesday morning, pointing to a flat open for the resource-heavy main TSX index today. Canadian investors may want to keep an eye on the latest purchasing managers index data this morning, which could give further direction to stocks.

As the first-quarter earnings season continues in full swing, several TSX-listed companies, including Fortuna Silver Mines, Exchange Income, Spin Master, goeasy, George Weston, International Petroleum, Pet Valu, Ballard Power Systems, B2Gold, Killam Apartment REIT, Boardwalk REIT, RioCan REIT, Dream Industrial REIT, Suncor Energy, Ero Copper, Intact Financial, Nuvei, Dundee Precious Metals, and Sleep Country, are likely to release their latest quarterly earnings reports on May 7.

Market movers on the TSX today

The Motley Fool has positions in and recommends Aritzia, Killam Apartment REIT, and Pason Systems. The Motley Fool recommends B2Gold, Dream Industrial Real Estate Investment Trust, Enbridge, Intact Financial, International Petroleum, Nuvei, Pet Valu, Spin Master, Tilray Brands, and Westshore Terminals Investment Corporation. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Stock Market

man looks worried about something on his phone
Stock Market

700 U.S. Products Just Got More Expensive in Canada: Which TSX Stocks Win?

Find out how retaliatory tariffs may affect stocks and what this means for Canadian consumers and businesses moving forward.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, September 9

The TSX could rebound at the open today as surging crude oil, gold, and silver prices support resource stocks, although…

Read more »

man touches brain to show a good idea
Dividend Stocks

The Smartest Stocks to Buy With $1,000

These three smartest stocks to buy offer durable businesses, long-term growth potential, and a compelling way to invest $1,000 today.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, September 8

The TSX could see a stronger start today as crude oil, natural gas, and copper prices rally, while investors assess…

Read more »

holding coins in hand for the future
Dividend Stocks

3 Dividend Stocks Built to Keep Paying Through Any Market Condition

These three dividend stocks offer reliable cash flow, and strong records of rewarding shareholders through changing markets.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, September 4

TSX investors will closely watch Canadian and U.S. jobs data today for fresh economic signals, while developments in the U.S.-Iran…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, September 3

Rising crude oil and metals prices could lift the TSX at the open today, while investors monitor U.S. economic data,…

Read more »

Canada national flag waving in wind on clear day
Top TSX Stocks

3 Top Canadian Defence Stocks to Buy Right Now

Geopolitical tensions and NATO commitments are fueling growth for these top Canadian defense stocks insulated from U.S. trade barriers.

Read more »