TSX Today: What to Watch for in Stocks on Tuesday, May 28

Besides Scotiabank’s earnings, the important U.S. consumer confidence numbers will remain on TSX investors’ radar today.

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tsx today

Strengthening crude oil and precious metals prices helped Canadian stocks start the new week on a slightly bullish note, even as the U.S. markets remained closed for Memorial Day. The S&P/TSX Composite Index rose 53 points, or 0.2%, on Monday to settle at 22,373, which is not far away from its all-time closing high of 22,468.

Although some healthcare and technology stocks witnessed downward movement, strong gains in most other key sectors, including mining, consumer cyclicals, and real estate, took the TSX benchmark higher.

Top TSX Composite movers and active stocks

Solid intraday gains in gold and silver prices drove mining stocks like Osisko Mining, Pan American Silver, B2Gold, New Gold, and SilverCrest Metals up by at least 3.7% each, making them the top-performing TSX stocks for the day.

Shares of CAE (TSX:CAE) went sideways yesterday to end the session with a minor 0.9% gain at $25.71 per share before announcing earnings after the market closing bell. The Saint Laurent-headquartered firm’s financial results for its fiscal year 2024 (ended in March) remained unchanged from its preliminary disclosures.

CAE’s annual revenue climbed by 1.9% year-over-year in fiscal 2024 to $4.3 billion but missed Street analysts’ expectations of $4.5 billion. Even as its defence & security segment faced impairments and contract adjustments, the company’s civil aviation segment posted strong results with record margins and orders. The company’s adjusted annual earnings rose 27.3% from a year ago to $1.12 per share. On a year-to-date basis, CAE stock currently trades with 10% losses.

In contrast, Constellation Software and Bausch Health Companies were the worst performers on the Toronto Stock Exchange as they plunged by at least 2.3% each.

Based on their daily trade volume, Great-West Lifeco, Enbridge, Manulife Financial, Suncor Energy, and Pembina Pipeline were the five most active stocks on the exchange.

TSX today

Most commodity prices were mixed early Tuesday morning, pointing to a flat opening for the resource-heavy main TSX index today. While no major domestic economic releases are due, Canadian investors may want to closely monitor the important consumer confidence data from the United States this morning, which could give further direction to stocks.

On the corporate events front, the TSX-listed Bank of Nova Scotia is slated to announce its latest quarterly results on May 28. Street analysts expect the Canadian lender to post adjusted earnings of $1.56 per share for the April quarter with $8.3 billion in revenue.

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 B2Gold, Bank Of Nova Scotia, Constellation Software, Enbridge, and Pembina Pipeline. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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