TSX Today: What to Watch for in Stocks on Monday, May 27

Rising commodity prices could lift the main TSX index today as the U.S. market remains shut for Memorial Day.

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tsx today

After sliding for two consecutive sessions, the Canadian stock market bounced back on Friday after significantly weaker-than-expected domestic retail sales numbers strengthened near-term rate cut hopes. The S&P/TSX Composite Index inched up by 120 points, or 0.5%, during the session to settle at 22,321.

While all key market sectors ended the day in green territory, the TSX rally was mainly driven by solid gains in mining, financials, and energy stocks.

Top TSX Composite movers and active stocks

Shares of Gildan Activewear (TSX:GIL) jumped by 5.3% to $51.41 per share, making it among the top-performing TSX stocks for the day. This rally in GIL stock started after the Montréal-based apparel company appointed Glenn J. Chamandy as president and chief executive officer (CEO) and Michael Kneeland as non-executive chair of the board, effective immediately.

This development came a day after Gildan Activewear announced the resignation of its full board of directors and the stepping down of Vince Tyra as president and CEO. Interestingly, the outgoing board also ceased discussions on the previously announced sale process, citing shareholders’ views ahead of the May 28 annual meeting. After the recent rally, GIL stock is up 7.3% on a year-to-date basis and offers a 2.2% annualized dividend yield.

Celestica, Bombardier, and OceanaGold were also among the session’s top performers on the Toronto Stock Exchange as they climbed by at least 5% each.

On the flip side, Canadian Tire and Filo slid by at least 1.8% each, making them the worst-performing TSX stocks for the day.

According to the exchange’s daily trade volume data, Suncor Energy, Manulife Financial, Enbridge, IAMGOLD, and Kinross Gold were the five most active stocks.

TSX today

Commodity prices across the board were largely bullish early Monday morning, pointing to a higher open for the resource-heavy main TSX index today. Overall, Canadian equities may witness low volatility today as the U.S. market remains shut for Memorial Day.

On the corporate events side, the TSX-listed tech manufacturer CAE will announce its latest quarterly results after the market closing bell on May 27.

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 Gildan Activewear. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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