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 prices lift mining stocks.

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tsx today

The Canadian equities market traded on a weak note for the third consecutive session following the release of higher-than-expected U.S. wholesale inflation numbers, which the Federal Reserve chair Jerome Powell called “quite mixed.” As uncertainties about the timing of future monetary policy moves in the United States and Canada continued, the S&P/TSX Composite Index slid by 16 points on Tuesday to settle at 22,243.

Even as strong gains in metals prices across the board took shares of mining companies higher, most other key sectors on the Toronto Stock Exchange remained bearish, with industrials, technology, and energy leading the market selloff.

Top TSX Composite movers and active stocks

GFL Environmental and Lightspeed Commerce were the worst-performing TSX stocks for the day, as they plunged by 3.6% each.

On the positive side, shares of Hudbay Minerals (TSX:HBM) inched up by more than 14% to $13.71 per share after its upbeat first-quarter results boosted investors’ confidence. For the quarter ended in March, the Toronto-based copper miner posted a consolidated copper production of 34,749 tonnes and a higher-than-expected gold production of 90,392 ounces.

These strong production numbers and higher commodity prices drove Hudbay’s quarterly revenue up by 77.8% year over year. Similarly, its adjusted net quarterly profit of US$57.6 million crushed Street analysts’ expectations of US$11.1 million by a huge margin. After the recent rally, HBM stock is now up 88% on a year-to-date basis.

BlackBerry, First Quantum Minerals, NovaGold Resources, and Ballard Power Systems were also among the day’s top-performing TSX stocks as they rallied by at least 6.6% each.

Based on their daily trade volume, Enbridge, BlackBerry, Suncor Energy, Cenovus Energy, and Manulife Financial were the most active TSX stocks on the exchange.

TSX today

Comex copper futures prices rallied to a fresh record high early Wednesday morning, which could lift most TSX mining stocks at the open today.

Although no major domestic economic releases are due, Canadian investors will closely monitor the important consumer inflation report, retail sales numbers, and weekly crude oil stockpile data from the United States this morning, which could give further direction to stocks.

On the corporate events front, many TSX-listed companies, including Birchcliff Energy, Africa Oil, Northland Power, SNC-Lavalin, Boyd Group Services, and Boralex, will release their latest quarterly earnings reports on May 15.

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 Boyd Group Services, Enbridge, and Lightspeed Commerce. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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