TSX Today: What to Watch for in Stocks on Friday, June 14

The main TSX benchmark seems on track to end the fourth consecutive week in the red territory as it currently trades with 1.4% week-to-date losses.

Jitendra Parashar

Author Bio Jitendra Parashar is a financial journalist who has been writing for The Motley Fool Canada since June 2020. With more than 13 years of experience in financial journalism, equity research, and market analysis, he helps investors understand market developments and identify long-term investment opportunities. Before joining The Motley Fool Canada, Jitendra spent several years at Market Realist covering U.S. equities, major economic developments, and developments in the automotive and technology industries. He also worked in commodity and currency research at brokerage firms, gaining insight into how economic trends, central bank decisions, and geopolitical events influence financial markets. Jitendra writes for beginner investors, dividend seekers, and Canadians looking to build wealth over the long term. He also contributes to the daily TSX Today series, explaining key Canadian market developments and highlighting news investors should watch. Based in India, Jitendra follows Canadian and U.S. markets closely. Outside of work, he enjoys travelling in the Himalayas, street and nature photography, and exploring programming and artificial intelligence. Education MBA in Finance and International Business Bachelor's degree in Journalism Areas of Expertise Canadian and U.S. financial markets, long-term equity investing, dividend investing, macroeconomic and geopolitical trends, automotive stocks, emerging technologies, and artificial intelligence. Social Media Profiles LinkedIn Muck Rack Favorite Investment Quote “Simplicity is the master key to financial success.” — John C. Bogle

Published June 14, 2024 9:00 am EDT

Canadian stocks tanked sharply on Thursday despite the release of much cooler-than-expected U.S. wholesale inflation data and easing Treasury bond yields as investors continued to closely assess the Federal Reserve’s latest economic projections. The S&P/TSX Composite Index dived by 263 points, or 1.2%, yesterday to settle at 21,698 — its lowest closing level since April 17.

While all key TSX sectors ended the session with losses, the market selloff was mainly driven by heavy losses in the shares of energy, mining, financials, and technology companies.

Top TSX Composite movers and active stocks

BlackBerry, Alamos Gold, SSR Mining, and MAG Silver were the worst-performing TSX stocks for the day, plunging by over 4% each.

On the flipside, AtkinsRéalis (TSX: ATRL) inched up by 5.8% to $57.99 per share, making it the top-performing TSX stock for the day. This rally in the Montréal-based construction and project management company, which was previously known as SNC-Lavalin, came as it unveiled its 2025-2027 strategic plan.

Under this strategic plan, AtkinsRéalis is targeting to achieve over 8% organic revenue CAGR (compound annual growth rate) in the engineering services segment and $1.8-$2.0 billion annual revenue in the nuclear segment by 2027. The company’s plan mainly focuses on optimizing business operations, accelerating value creation, and exploring untapped potential. On a year-to-date basis, ATRL stock is now up around 36%.

Celestica, NexGen Energy, and Energy Fuels were also among the session’s top gainers on the Toronto Stock Exchange, climbing by at least 3.1% each.

Based on daily trade volume, Canadian Natural Resources, Suncor Energy, TD Bank, Manulife Financial, and TC Energy were the most heavily traded stocks on the exchange.

TSX today

Commodity prices across the board were mixed early Friday morning, pointing to a flat opening for the resource-heavy main TSX index today.

While no major economic or corporate events are due this morning, the TSX benchmark seems on track to end the fourth consecutive week in the red territory as it currently trades with 1.4% week-to-date losses. Speculation about the Federal Reserve’s upcoming monetary policy actions and their impact on the economy is likely to continue driving the market in the near term.