TSX Today: What to Watch for in Stocks on Friday, August 16

After rallying for six consecutive sessions, the TSX Composite closed above the important 23,000 level for the first time this month.

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 August 16, 2024 9:00 am EDT

Canadian stocks continued to rally for the sixth consecutive session on Thursday to post their longest winning streak in over a year as much stronger-than-expected U.S. retail sales data eased investors’ fears of a near-term recession. The S&P/TSX Composite Index advanced by 273 points, or 1.2%, for the day to settle at 23,033, closing above the key psychological level of 23,000 for the first time this month.

While all main sectors ended the session with notable advances, the TSX rally was mainly led by technology, healthcare, mining, and consumer cyclical stocks.

Top TSX Composite movers and active stocks

First Quantum Minerals, Celestica, Algoma Steel, Capstone Copper, and Ivanhoe Mines were the day’s top-performing TSX stocks, each surging by at least 5.5%.

On the flip side, shares of Wesdome Gold Mines (TSX: WDO) dived by 5% to $13.51 per share, making it the worst-performing TSX stock for the day. This weakness in WDO stock came a day after the Canadian gold producer announced its second-quarter financial results.

In the quarter ended in June, Wesdome’s total revenue rose 51.1% year over year to $127.8 million as it registered higher gold production. Although its adjusted quarterly earnings of $0.19 per share managed to beat Bay Street analysts’ expectations, an increase in its costs and lower output at Eagle River mine apparently still hurt investors’ sentiments. Nevertheless, WDO stock is currently up more than 75% year to date.

Enbridge and Africa Oil were also among the session’s bottom performers on the Toronto Stock Exchange, each slipping by 2.3%.

Based on their daily trade volume, Enbridge, Manulife Financial, Canadian Natural Resources, Algonquin Power & Utilities, and Telus were the five most active stocks on the exchange.

TSX today

After rallying for six straight days, the main TSX index is likely to open slightly higher today as most commodity prices, especially crude oil and gold, were trading on a bullish note early Friday morning.

While no major domestic economic releases are due this morning, investors’ reaction to recent economic data and corporate results could keep stocks volatile.