TSX Today: What to Watch for in Stocks on Friday, June 21

Overnight weakness in metals prices could pressure TSX mining stocks at the open today.

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tsx today

After closing at its lowest level since February, the Canadian stock market staged a minor recovery on Thursday with the help of strengthening commodity prices. The S&P/TSX Composite Index advanced by 64 points, or 0.3%, yesterday to settle at 21,581, trimming its month-to-date losses to 3.1%.

Even as rising Treasury bond yields led to a decline in utility and tech stocks, most other key sectors, including healthcare, mining, and industrials, ended the session in the green, driving the TSX benchmark higher.

Top TSX Composite movers and active stocks

SilverCrest Metals and Bausch Health Companies were the top-performing TSX stocks for the day as they inched up by at least 5.9% each.

Similarly, Empire Company (TSX:EMP.A) was also among the top gainers on the Toronto Stock Exchange as its share price climbed by more than 5% to $34.10 per share. This rally came after the Stellarton-headquartered food retailer announced its slightly better-than-expected quarterly financial results before the market opening bell.

In the quarter ended in April, Empire Company’s total sales remained nearly flat on a year-over-year basis at $7.4 billion, despite lower shipments affecting its retail revenue. Effective cost management and reduced inventory levels helped it deliver adjusted quarterly earnings of $0.63 per share, exceeding Street’s estimates. Empire Company stock currently trades with nearly 3% year-to-date losses and offers a 2.3% annualized dividend yield.

In contrast, Celestica, Brookfield Business Partners, Interfor, and Innergex Renewable Energy were the day’s worst-performing TSX stocks, diving by more than 3% each.

Based on their daily trade volume, Canadian Natural Resources, TC Energy, Suncor Energy, Manulife Financial, and Power Corporation of Canada were the five most active stocks on the exchange.

TSX today

Metals prices were largely bearish early Friday morning, which could pressure TSX mining stocks at the open today.

In addition to domestic monthly retail sales numbers, Canadian investors will also closely monitor the U.S. manufacturing PMI (purchasing managers index), services PMI, and existing home sales 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 Canadian Natural Resources. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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