TSX Today: What to Watch for in Stocks on Friday, June 28

In addition to Canada’s GDP growth numbers, TSX investors will closely watch the important personal consumption expenditure data from the United States today.

| More on:
tsx today

The Canadian stock market rallied on Thursday as strengthening commodity prices and stronger-than-expected U.S. GDP (gross domestic product) growth data helped investors shrug off concerns about the short-term economic outlook. The S&P/TSX Composite Index climbed by 148 points, or 0.7%, yesterday to settle at 21,942, trimming its month-to-date losses to 1.5%.

While all key market sectors ended the session in positive territory, the TSX rally was mainly driven by solid gains in healthcare, real estate, and consumer cyclical stocks.

Top TSX Composite movers and active stocks

Shares of MDA Space (TSX:MDA) jumped by 13.5% to $13.64 per share after announcing a $1 billion contract from the Canadian Space Agency for the Canadarm3 program’s design and construction phases. The contract, running until March 2030, is expected to support the growth of more than 200 Canadian companies, bolster the nation’s space industry, and create high-quality jobs. On a year-to-date basis, MDA stock is now up 18.4%.

BlackBerry (TSX:BB) rallied by over 10% to $3.36 per share a day after releasing its better-than-expected quarterly earnings. In the quarter ended in May 2024, the Waterloo-based tech firm’s revenue slid 61.4% year over year to US$144 million but exceeded the company’s guidance and Street analyst expectations.

For the quarter, BlackBerry posted an adjusted net loss of US$15 million, much narrower compared to analysts’ expectations of a US$25.3 million loss. Despite the recent rally, however, BB stock is still down 28.5% year to date.

NovaGold Resources, Cargojet, and Kinross Gold were also among the top-performing TSX stocks for the day as they rose by at least 5.5% each.

On the flip side, International Petroleum and Ivanhoe Mines slipped by at least 2.5% each, making them the session’s bottom performers on the Toronto Stock Exchange.

Based on their daily trade volume, BlackBerry, Canadian Natural Resources, Canadian Imperial Bank of Commerce, Baytex Energy, and TC Energy were the five most active stocks on the exchange.

TSX today

Most commodity prices, especially crude oil, silver, and copper, were bullish early Friday morning, which could lift the resource-heavy main TSX index at the open today.

In addition to Canada’s monthly GDP growth numbers, investors will closely watch the important personal consumption expenditure data from the United States this morning, which could give further direction to stocks.

With this, the TSX Composite benchmark remains on track to end the week in green as it has already risen 1.8% week to date.

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 has positions in and recommends Cargojet. The Motley Fool recommends Canadian Natural Resources and International Petroleum. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Stock Market

stock analysis
Stock Market

Canadian Investors: Yes, You Should Buy U.S. Stocks

Canadian investors should consider increasing exposure to the U.S. markets due to the opportunity to benefit from higher returns.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, July 19

Sharp overnight declines in gold and silver prices could pressure the resource-heavy main TSX index at the open today.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, July 18

Despite yesterday’s negative reversal, the TSX Composite benchmark still trades with solid 4.5% month-to-date gains.

Read more »

Stock Market

Here Are My Top 3 TSX Stocks to Buy Right Now

Looking for some businesses that could have upside from here today? Check out these three top TSX stocks.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, July 17

Trading just below the key psychological level of 23,000, the TSX Composite has been posting fresh record highs for four…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, July 16

The TSX Composite Index has notched new record highs for three consecutive sessions, showcasing its upward momentum.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, July 15

The TSX Composite benchmark just posted its best weekly performance in over eight months, taking it to a fresh all-time…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, July 12

Strengthening commodity prices and growing rate cut hopes in the United States are helping the TSX Composite benchmark touch new…

Read more »