TSX Today: What to Watch for in Stocks on Monday, July 8

Overnight downward movement in oil and precious metals prices could pressure the main TSX index at the open today.

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tsx today

After rising for three consecutive sessions, the Canadian stock market turned negative on Friday as dismal domestic employment change data took a toll on investors’ sentiments. The S&P/TSX Composite Index slid by 185 points, or 0.8%, for the session to settle at 22,059.

Although continued strength in metals prices drove the shares of most mining companies higher, heavy losses in other key sectors, including energy, financials, and industrials, pressured the TSX benchmark during the day. Nevertheless, the market index still managed to start July with optimism, climbing by 183 points in the first week of the month.

Top TSX Composite movers and active stocks

Kelt Exploration (TSX:KEL) dived by 5.5% to $6.13 per share, making it the worst-performing TSX stock for the day. This selloff in KEL stock came after the Calgary-headquartered oil and gas firm announced the postponement of the start-up of new natural gas wells to the fourth quarter of 2024 due to weak gas prices.

In a press release, Kelt told investors that it plans to exit 2024 with production between 45,000 and 50,000 barrels of oil equivalent (BOE) per day. Despite unchanged capital expenditures of $325 million, the company adjusted its 2024 production forecast to an average of 34,000 to 36,000 BOE per day. On a year-to-date basis, KEL stock is still up 7.2%.

Brookfield Infrastructure Partners, Parex Resources, and Algoma Steel were also among the bottom performers on the Toronto Stock Exchange, declining by at least 4% each.

On the positive side, surging metals prices drove mining stocks like Equinox Gold, Calibre Mining, OceanaGold, and SilverCrest Metals up by at least 3.8% each, making them the day’s top-performing TSX stocks.

Based on their daily trade volume, TD Bank, TC Energy, Bank of Nova Scotia, Enbridge, and Power Corporation of Canada stood out as the five most active stocks on the exchange.

TSX today

Most commodity prices, especially crude oil and precious metals, were bearish early Monday morning, which could pressure the resource-heavy main TSX index at the open today.

While no major domestic economic releases are due today, TSX stocks may remain volatile as investors await the important U.S. consumer and wholesale inflation reports and Federal Reserve chair Jerome Powell’s testimony scheduled for later this week.

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 Bank Of Nova Scotia, Brookfield Infrastructure Partners, Enbridge, and Parex 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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