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.

Jitendra Parashar

Published October 18, 2024 8:27 am EDT

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.