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.

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 November 11, 2024 9:00 am EST

Mixed labour market data and corporate earnings kept Canadian stocks choppy on Friday as investors grappled with uncertainty amid conflicting economic indicators. A day after reaching a fresh record high, the S&P/TSX Composite Index ended the volatile session with declines of 87 points, or 0.3%, at 24,759.

Despite continued buying in consumer cyclical and technology stocks, heavy losses in many other key sectors, including mining and industrials, pressured the TSX benchmark. Nevertheless, the market index ended the week on a strong note by surging 2.1%, delivering its best performance in eight weeks.

Top TSX Composite movers and active stocks

Sandstorm Gold, First Quantum Minerals, Ivanhoe Mines, and Trisura were the session’s worst-performing TSX stocks, with each tanking by over 5%.

On the flip side, shares of Mattr (TSX: MATR) jumped by 17.6% to $15.39 per share, making it the top-performing TSX stock for the day. This rally in MATR stock came after the Toronto-headquartered material technology firm revealed its intentions to acquire AmerCable in a deal worth US$280 million.

With this acquisition, Mattr expects to boost its engineered wire and cable portfolio in the U.S. market amid growing demand for its electrification infrastructure. The Mattr-AmerCable deal, which is expected to close by year-end after receiving regulatory approvals, will also help Mattr increase its U.S. manufacturing footprint with facilities in Arkansas and Texas. Despite this strong rally, however, MATR stock still trades with a minor 1.5% year-to-date gain.

Superior Plus, SSR Mining, and NuVista Energy also surged by at least 7.4% each, making them among the day’s top performers on the Toronto Stock Exchange.

Based on their daily trade volume, Primo Water, Enbridge, Telus, BCE, and Air Canada were the five most active stocks on the exchange.

TSX today

Metals prices extended their declines early Monday, suggesting a lower opening for metal and mining stocks on the TSX today.

While no major economic releases are due this morning, investors’ expectations from the upcoming U.S. inflation data could set the tone for market sentiment this week.

On the corporate events front, TSX-listed RioCan Real Estate Investment Trust and Sienna Senior Living will announce their latest quarterly financial results today after the market closing bell.