TSX Today: What to Watch for in Stocks on Friday, October 18

Overnight gains in commodity prices could propel the TSX Composite benchmark to new heights today as it trades with about 18% year-to-date gains.

| More on:
tsx today

Canadian equities extended their gains on Thursday as bullish sentiment continued to dominate the market following the release of significantly better-than-expected U.S. retail sales and manufacturing numbers. The S&P/TSX Composite Index surged to a fresh all-time high, climbing 129 points, or 0.5%, to close at 24,690.

While nearly all key sectors ended the session in green, the market rally was mainly driven by solid gains in energy, mining, and financial stocks. With this, the TSX benchmark now trades with a solid 17.8% year-to-date gain.

Top TSX Composite movers and active stocks

Shares of K92 Mining (TSX:KNT) jumped by about 7% to $9.54 per share, making it the top-performing TSX stock for the day. This rally in KNT stock came after the Vancouver-based metals miner unveiled its updated integrated development plan for the Kainantu Gold Mine, reflecting a big boost in project economics.

K92 told investors that the Stage 3 expansion will double production capacity to 1.2 million tonnes per year, while Stage 4 could increase it even further to 1.8 million tonnes. The company’s updated plan is based on higher mineral resources and a new agreement that improves pay rates for the gold produced. KNT stock is now up 46.5% year-to-date.

Onex, GFL Environmental, and Denison Mines were also among the top performers on the Toronto Stock Exchange, with each climbing by at least 2.7%.

In contrast, Equinox Gold, Parkland, Ero Copper, and Capstone Copper dived by 2.5% each, positioning them as the session’s weakest performers.

According to the exchange’s daily trade volume data, Toronto-Dominion Bank, Enbridge, Royal Bank of Canada, TC Energy, and Canadian Natural Resources stood out as the five most active stocks.

TSX today

Commodity prices across the board were bullish early Friday morning, pointing to a higher open for the resource-heavy main TSX index today, with expectations of strong gains in mining and energy stocks.

Although no major economic releases are due this morning, stocks may still remain volatile as investors shift their focus to the upcoming corporate earnings season, with expectations that strong earnings could continue to propel stocks higher and extend the TSX’s impressive run.

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.

Fool contributor Jitendra Parashar has positions in Toronto-Dominion Bank. The Motley Fool recommends Canadian Natural Resources, Enbridge, and Parkland. The Motley Fool has a disclosure policy.

More on Stock Market

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, November 11

Weakening metals prices could pressure TSX mining stocks at the market open today.

Read more »

calculate and analyze stock
Stock Market

1 Undervalued TSX Stock I’d Buy Right Now

While TerraVest Industries trades at a record high, it remains an enticing investment for long-term shareholders.

Read more »

Happy golf player walks the course
Stock Market

CRA: How This Tax Break Can Help You Save $2,355.75 in 2025

The Basic Personal Amount is a universal tax break that can lower the tax liability of Canadian residents in 2025.

Read more »

Train cars pass over trestle bridge in the mountains
Stock Market

Is CNR Stock Undervalued Right Now?

Canadian National Railway is a blue-chip TSX stock that trades 17% from all-time highs, allowing you to buy the dip.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, November 8

The TSX Composite benchmark remains on track to end the week with strong optimism as it currently trades with 2.4%…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, November 7

After the rally driven by the U.S. presidential election results, TSX investors will shift their focus to the Fed’s interest…

Read more »

ETF stands for Exchange Traded Fund
Stock Market

Got $500 to Invest in Stocks? Put it in This Easy ETF

This small-cap index ETF has experienced wild swings at the dawn of Donald Trump's election victory in November.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, November 6

In addition to more corporate earnings, new updates related to the U.S. presidential election’s outcome could keep TSX stocks volatile…

Read more »