TSX Today: What to Watch for in Stocks on Friday, November 15

Currently trading at its record highs, the TSX Composite remains on track to end the second consecutive week in green territory.

| More on:
tsx today

An intraday recovery in commodity prices helped Canadian equities maintain positive momentum on Thursday, even as Federal Reserve chair Jerome Powell emphasized a cautious approach toward monetary policy adjustments. The S&P/TSX Composite Index advanced by 61 points, or 0.2%, to 25,050, settling above the key 25,000 level for the first time ever.

In his speech on the economic outlook, Powell highlighted that, despite the economy’s resilience, there is “no need to be in a hurry to lower rates,” signalling that the Fed remains focused on balancing inflation control with economic growth. These comments led to a selloff in tech stocks. Nevertheless, gains in other key sectors like energy, mining, and utilities propelled the TSX to a record close.

Top TSX Composite movers and active stocks

AtkinsRéalis Group (TSX:ATRL) soared by 15.7% to $74.24 per share, making it the top-performing TSX stock for the day. This sharp rally in ATRL stock started after the Montréal-headquartered professional services and project management firm announced its upbeat quarterly financial results.

In the quarter ended in September 2024, AtkinsRéalis posted an 11.4% YoY (year-over-year) increase in its total revenue to $2.4 billion. More importantly, strong profitability from its engineering services helped the company post a solid 65.8% YoY jump in its adjusted quarterly earnings to $0.63 per share, surpassing Street analysts’ expectations of $0.59 per share. On a year-to-date basis, ATRL stock now trades with strong 74% gains.

Paramount Resources also surged by more than 15% to $31.46 per share after announcing a $3.3 billion asset sale to Ovintiv, including its Karr, Wapiti, and Zama properties.

Vermilion Energy, Kelt Exploration, and NovaGold Resources were also among the day’s top performers on the Toronto Stock Exchange, with each inching up by at least 6%.

In contrast, Aya Gold & Silver stock crashed by 20% to $11.80 per share after releasing a mixed third-quarter report. In the September quarter, the company’s silver production dropped by 31% YoY to 355,927 ounces, with revenue decreasing 6% to $11 million due to lower grades and a delayed cement backfill issue.

Mattr, Shopify, and OpenText also slipped by at least 4.8% each, positioning them among the session’s worst-performing TSX stocks.

Based on their daily trade volume, Manulife Financial, Enbridge, Cenovus Energy, Suncor Energy, and BCE were the five most active stocks on the exchange.

TSX today

Natural gas and West Texas Intermediate crude oil futures prices were bearish early Friday morning, which could pressure TSX energy stocks at the open today.

While no major domestic economic releases are due, Canadian investors will monitor the monthly retail sales data from the United States this morning.

On the corporate events side, the TSX-listed MDA Space will announce its latest quarterly results today. Street analysts expect the company to report earnings of $0.15 per share for the September quarter with $277.3 million in revenue.

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 Bce, Enbridge, Open Text, and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Enbridge and Vermilion Energy. The Motley Fool has a disclosure policy.

More on Stock Market

Women's fashion boutique Aritzia is a top stock to buy in September 2022.
Stock Market

Is Aritzia Stock Poised to Become the Next Lululemon?

Lululemon and Aritzia are two retail companies that remain popular among shoppers in 2024. Are the two stocks a good…

Read more »

ways to boost income
Stock Market

The 3 Most Popular Stocks on The TSX Today: Do You Own Them?

The heavy trading volume of three TSX stocks indicate they are popular with Canadian investors.

Read more »

stock research, analyze data
Stock Market

My 2 Favourite Stocks to Buy Now With Just $1,000

Here's why reasonably priced companies such as Nu Holdings and Propel are top investments for Canadians in November 2024.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, November 14

The U.S. wholesale inflation data and Fed chair Jerome Powell’s remarks about the economy will remain on TSX investors’ radar…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, November 13

The over 20% rally in Shopify stock after its upbeat earnings helped the TSX cross the 25,000 level for the…

Read more »

calculate and analyze stock
Stock Market

Chewy vs. Pet Valu: Which Growth Stock Is a Better Buy?

Chewy and Pet Valu are two beaten-down pet stocks that trade at a reasonable valuation in November 2024.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, November 12

Sliding metals prices amid a strengthening U.S. dollar could continue to weigh on TSX mining stocks today.

Read more »

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 »