TSX Today: What to Watch for in Stocks on Wednesday, June 26

TSX stocks could remain volatile as Canada’s latest consumer inflation data raises questions about the Bank of Canada’s future monetary policy actions.

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 26, 2024 9:00 am EDT

A day after posting its best single-day gains, the Canadian stock market turned bearish again on Tuesday as surprisingly hotter-than-expected domestic consumer inflation data reignited concerns about the Bank of Canada’s future monetary policy actions. The S&P/TSX Composite Index slipped by 60 points, or 0.3%, to settle at 21,788.

Despite a minor recovery in some tech stocks, heavy losses in other key market sectors, including consumer cyclicals, healthcare, and mining, pressured the TSX benchmark.

Top TSX Composite movers and active stocks

Capstone Copper (TSX: CS) tanked by more than 6% to $9.33 per share, trimming its year-to-date gains to around 45% and making it among the worst-performing TSX Composite components for the day. Notably, after the market closing bell on Tuesday, the Vancouver-headquartered copper miner announced achieving its first saleable copper concentrate production at the Mantoverde development project in Chile.

This marks a significant milestone for Capstone as its project gradually ramps up to full production, with nameplate operating rates expected by the third quarter. While yesterday’s bearish movement in CS stock could be attributed to a sharp intraday decline in copper prices, this production-related development could help its share prices trade positively in the next few sessions.

Ballard Power Systems, Africa Oil, and BRP were also among the day’s bottom performers on the Toronto Stock Exchange, slipping by at least 3.6% each.

On the flip side, Celestica, goeasy, and Richelieu Hardware climbed by at least 2.3% each, making them the session’s top-performing TSX stocks.

Based on their daily trade volume, TC Energy, Canadian Natural Resources, Manulife Financial, Baytex Energy, and Cenovus Energy were the most active stocks on the exchange.

TSX today

West Texas Intermediate crude oil futures prices were trading positively early Wednesday morning, pointing to a slightly higher opening for most TSX energy stocks today.

While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest monthly new home sales and weekly crude oil stockpile data from the United States this morning.

On the corporate events side, TSX-listed companies NovaGold Resources and BlackBerry will announce their latest quarterly results after the market closing bell on June 26.