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 the latest domestic consumer inflation report.

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tsx today

The Canadian equities market edged up for the third session in a row before going into the long Victoria Day weekend, supported by ongoing strength in commodity prices across the board. The S&P/TSX Composite Index advanced by 166 points, or 0.7%, on Friday to settle at a fresh all-time high of 22,465. With this, the index traded positively for the second consecutive week.

Despite big intraday declines in some healthcare stocks, strong gains in sectors like metal and mining, energy, and financials drove the TSX benchmark upward.

Top TSX Composite movers and active stocks

Shares of New Gold (TSX:NGD) jumped by 13.3% to $2.90 per share, making it the top-performing TSX stock for the day. This rally in NGD stock came after the Toronto-headquartered gold miner completed a bought deal equity financing, raising US$172.7 million through the sale of nearly 100.4 common shares at $1.72 each.

The financing is expected to fund a strategic partnership with the Ontario Teachers’ Pension Plan Board, increasing New Gold’s free cash flow interest in the New Afton mine to 80.1%. This move could help the company strengthen its financial position and operational capabilities in its key mining assets, which could be the primary reason why NGD stock surged after the announcement, extending its year-to-date gains to 51%.

Mining stocks like Ero Copper, First Quantum Minerals, and Fortuna Silver Mines were also among the day’s top performers on the Toronto Stock Exchange as they climbed by at least 7.4% each.

On the flip side, Tilray Brands, Bausch Health, Quebecor, and CAE slipped by at least 2.8% each, making them the worst-performing TSX stock for the day.

According to the exchange’s daily trade volume data, Enbridge, Manulife Financial, Great-West Lifeco, Suncor Energy, and Cenovus Energy were the five most active stocks on May 17.

TSX today

Commodity prices were mixed early Tuesday morning, pointing to a flat opening for the main TSX index today, as investors monitored the latest geopolitical developments following the death of Iran’s president Ebrahim Raisi in a helicopter crash on Sunday.

While no major economic releases from the United States are due, Canadian investors may want to closely watch the domestic consumer inflation data this morning, which could give further direction to stocks.

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 Enbridge and Tilray Brands. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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