TSX Today: What to Watch for in Stocks on Friday, July 5

Overnight bullish movement in commodity prices could extend the ongoing rally in the TSX benchmark at the open today.

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 July 5, 2024 9:00 am EDT

The continued rise in commodity prices across the board helped Canadian equities trade positively for the third consecutive session on Thursday even as the U.S. market remained closed for Independence Day. The S&P/TSX Composite Index climbed by 20 points to settle at 22,244 — its highest closing level in over a month.

Despite steep intraday losses in financial stocks, solid gains in other market sectors like metal mining and energy drove the TSX benchmark upward.

Top TSX Composite movers and active stocks

Filo, NovaGold Resources, Innergex Renewable Energy, and Algoma Steel were the top-performing TSX stocks for the day, rising by more than 2% each.

On the flip side, goeasy (TSX: GSY) stock tanked by around 10% to $184.70 per share, making it the day’s worst-performing TSX stock. These big losses in GSY stock came after the Mississauga-headquartered non-prime consumer credit firm announced a leadership transition plan.

According to its transition plan, goeasy’s chief executive officer (CEO), Jason Mullins, will step down at the end of the year but remain a director on the board. Mullins, who has been with the company for 14 years, will assist in selecting and transitioning to a new CEO. Despite yesterday’s sharp declines, GSY stock is still up 17% on a year-to-date basis and offers a 2.3% annualized dividend yield.

Canfor and Air Canada were also among the bottom performers on the Toronto Stock Exchange, sliding by at least 1.3% each.

According to the exchange’s daily trade volume data, TC Energy, TD Bank, Power Corporation of Canada, Canadian Natural Resources, and Scotiabank were the five most active stocks.

TSX today

Commodity prices were largely bullish early Friday morning, which could extend the ongoing rally in the main TSX benchmark at the open today.

Besides domestic labour market data, Canadian investors will also keep a close eye on the latest average hourly earnings, non-farm payrolls, and unemployment rate figures from the United States this morning, which could give further direction to stocks.