TSX Today: What to Watch for in Stocks on Monday, September 23

After surging for two consecutive weeks, the TSX Composite Index has risen over 9% so far in the third quarter.

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 September 23, 2024 9:00 am EDT

Canadian stocks remained choppy on Friday as investors continued to assess the potential impact of the Federal Reserve’s recent rate cut on the economy and corporate earnings. Despite economic uncertainties, firm commodity prices supported the S&P/TSX Composite Index to close at a fresh all-time high of 23,867, though this marked only a slight increase from its previous closing.

While healthcare and industrial stocks traded on a weak note, strong gains in other sectors, including consumer noncyclicals, mining, and utilities, helped the TSX benchmark edge higher.

Top TSX Composite movers and active stocks

Cameco (TSX: CCO) jumped by more than 8% to $60.23 per share, making it the top-performing TSX stock for the day. This rally in CCO stock came after the American energy giant Constellation Energy signed its largest-ever power-purchase agreement with Microsoft to supply clean energy for its data centres.

This deal will support the launch of the Crane Clean Energy Center and the restart of Three Mile Island Unit 1. This news fueled optimism in the uranium sector, as the deal highlights the growing demand for nuclear power as a clean energy source. This could be the main reason why other uranium stocks, like Energy Fuels, Denison Mines, and NexGen Energy, also saw strong upside movement following the announcement. On a year-to-date basis, Cameco stock now trades with 5.4% gains.

On the flip side, Ballard Power Systems, Tilray Brands, Africa Oil, and AltaGas were the session’s worst-performing stocks on the Toronto Stock Exchange, with each sliding by more than 4%.

Based on their daily trade volume, TC Energy, Canadian Natural Resources, Cenovus Energy, Algonquin Power & Utilities, and Calibre Mining were the five most active stocks on the exchange.

TSX today

Commodity prices across the board were mixed early Monday morning, pointing to a flat opening for the resource-heavy TSX index today.

While no major domestic economic releases are due this morning, Canadian investors will keep an eye on the latest monthly manufacturing purchasing managers index (PMI) and services PMI data from the United States. Overall, investors remain optimistic that firm commodity prices, combined with potential economic growth spurred by declining interest rates, could keep driving TSX higher in the near future.