TSX Today: What to Watch for in Stocks on Wednesday, October 16

Cooling consumer inflation could give the Bank of Canada more room to lower rates in the coming months, which could act as a positive catalyst for TSX stocks in the near term.

| More on:
tsx today

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Despite the release of significantly cooler-than-expected domestic consumer inflation data, Canadian equities remained mixed on Tuesday as sliding crude oil and natural gas prices weighed on energy stocks. The S&P/TSX Composite Index ended the volatile session with a minor decline of 32 points, or 0.1%, at 24,439.

Despite solid intraday gains in the shares of healthcare, utility, and real estate companies, big declines in shares of commodity-linked market sectors dragged the TSX into the red for the day.

The growing possibility of more rate cuts in Canada

According to Statistics Canada’s latest report, the Consumer Price Index (CPI) climbed by 1.6% year-over-year in September 2024, slowing from the 2% increase seen in the previous month. Interestingly, this marked the smallest annual CPI increase since February 2021 due mainly to a sharp decline in gasoline prices. The latest CPI figures raise the possibility that the Bank of Canada may further ease its monetary policy stance in the coming months as inflation continues to cool.

Top TSX Composite movers and active stocks

Sharp declines in the prices of energy products drove Baytex Energy, International Petroleum, Kelt Exploration, Vermilion Energy, and Tamarack Valley Energy down by at least 5.9% each, making them the day’s worst-performing TSX stocks.

On the flip side, Orla Mining (TSX:OLA) surged by 4.4% to $6.46 per share after announcing that it has fully repaid its US$58.4 million revolving credit facility. This makes the company debt-free, with approximately US$120 million in cash on hand, while the US$150 million credit facility will remain available until August 2027.

Created with Highcharts 11.4.3Orla Mining PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

Besides strengthening gold prices, strong cash flow from Orla’s Camino Rojo Mine helped it with the repayment. It’s important to note that the Vancouver-based miner currently operates the Camino Rojo Oxide Gold Mine in Mexico and is advancing the South Railroad Project in Nevada, with a focus on its ongoing growth strategy. On a year-to-date basis, Orla stock is now up about 50%.

Bausch Health Companies, Brookfield Business Partners, and Emera also rose more than 4% each, ranking them as standout performers in an otherwise mixed session on the Toronto Stock Exchange.

Based on their daily trade volume, Toronto-Dominion Bank, Canadian Natural Resources, Enbridge, Royal Bank of Canada, and Bank of Nova Scotia were the five most active stocks on the exchange.

TSX today

Gold and silver prices were trading on a firm note early Wednesday morning but West Texas Intermediate crude oil futures prices continued to slide, pointing to a flat open for the resource-heavy TSX index today.

While no major economic releases are due this morning, the recently released CPI figures have strengthened hopes for further monetary easing, which could provide a positive catalyst for Canadian equities in the near term.

Market movers on the TSX today

Should you invest $1,000 in Enbridge right now?

Before you buy stock in Enbridge, consider this:

The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and Enbridge wasn’t one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $20,697.16!*

Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 29 percentage points since 2013*.

See the Top Stocks * Returns as of 3/20/25

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.

Fool contributor Jitendra Parashar has positions in Toronto-Dominion Bank. The Motley Fool recommends Bank Of Nova Scotia, Canadian Natural Resources, Emera, Enbridge, International Petroleum, and Vermilion Energy. The Motley Fool has a disclosure policy.

Confidently Navigate Market Volatility: Claim Your Free Report!

Feeling uneasy about the ups and downs of the stock market lately? You’re not alone. At The Motley Fool Canada, we get it — and we’re here to help. We’ve crafted an essential guide designed to help you through these uncertain times: "5-Step Checklist: How to Prepare Your Portfolio for Volatility."

Don't miss out on this opportunity for peace of mind. Just click below to learn how to receive your complimentary report today!

Get Our Free Report Today

More on Stock Market

tsx today
Stock Market

TSX Today: Why Canadian Stocks Could Fall on Thursday, April 3

TSX stocks may come under pressure today as sharp commodity declines and Trump’s sweeping new tariffs spark fresh concerns over…

Read more »

stock research, analyze data
Stock Market

Why I Keep Investing in Canadian Stocks Despite Market Fluctuations 

Market fluctuations are an opportune time to buy value stocks. Some good Canadian stocks are on sale, encouraging you to…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, April 2

Trump’s trade tariffs-related remarks could reintroduce volatility to TSX today, especially if he signals a hardline stance.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, April 1

Any updates related to trade policy will remain on TSX investors’ radar today as we come close to the implementation…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, March 31

TSX stocks may face increased volatility this week as Trump’s reciprocal tariffs are set to kick in.

Read more »

tsx today
Stock Market

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

Alongside any trade policy news, U.S. personal consumption expenditure data will stay in focus for TSX investors today.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, March 27

TSX stocks may remain volatile today as investors digest the implications of U.S. trade policy shifts and await fresh cues…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, March 26

Despite lingering macro concerns and trade uncertainties, the TSX Composite has climbed 4.5% over the past 10 sessions.

Read more »